2021-03-31-accounts - The Francis Crick Institute Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Chairman's letter
Director's introduction
Trustees' report (incorporating	the strategic report and
directors' report)
Independent auditor's report		50
Consolidated statement of6nancial activities (incorporating		55
the income and expenditure account)
Consolidated and Parent entity	balance sheets	56
Consolidated cash. Row statement		57
Notes to the 6nancial statements		58

ree reserves under this definition are:
		2021	2020
		f:m	Em
Net current assets (excluding endowment	funds)	30.4	21.5
Restricted funds held within net current	assets	(3.2)	(0.5)
Funds carried forward against future deficit budget Unexpended building project funds Capital commitments		(6.0) (0.3) ~13	(1.2) ~23
Underlying free reserve position		19.6	17.5
Restricted endowment —Grant from MRC		32.5	27.3
Reserves including MRC endowment

Auditor	BDO LLP	55 Baker Street,	London W1U 7EU
Bankers	HSBC Bank pic	60 Queen Victoria Street, London EC4N 4TR
Solicitors	Bristows LLP	100Victoria Embankment, London EC4Y ODH
	DLA Piper	160Aldersgate	St,Barbican, London EC1A4HT
	Mills and Reeve LLP	24 King William	Street, London EC4R 9AT
	Town Legal LLP	10Throgmorton	Ave, London EC2N 2DL
Internal	RSM UK	170Midsummer	Boulevard, Milton Keynes MK9
auditor		1BP

2020/21 except where indic	ated, were:
	Appointed	Resigned	Appointment type
Lord Browne of Madingley			Independent
(Chair)
Dame Kate Bingham			Independent
Sir Adrian Bird	11January 2021		Independent
Isabelle Ealet			Independent
Dr Brian Gilvary			Independent
Sir Mene Pangalos			Independent
Dr Iain Foulkes			Founder nominated
			(Cancer Research
			UK)
Professor Fiona Watt			Founder nominated
			(UKRI formerly
			known as MRC)
Paul Schreier			Founder nominated
			(Wellcome)
Professor Margaret			Founder nominated
Dallman			(Imperial College
			London)
Professor Richard Charles	1 September		Founder nominated
Trernbath	2020		(King's College
			London)
Professor David Lomas			Founder nominated
			(University College
			London)
Professor Dame Ottoline		29June 2020	Independent
Leyser
Professor Sir Robert		31August 2020	Founder nominated
Lechler			(King's College
			London)

is		is s			Management o ns
Category
un	ing	ong-term		nancia	ore un ing an university
		sustainability		is not	overhead contributions are agreed
		secured beyond 2022			until the end ofthe financial year
		—A crisis (as shown by the COVID-19 outbreak) affects Founders from delivering planned Core funding.			2021/2022, but the COVID crisis has had a direct impact on core funding levels in 2020/21. The impact on core funding has continued into 2021/22, but the Crick is hugely grateful that the reduced levels offunding from
					one ofour founders have been fully
					compensated by other core funders.
					-Longer-term sustainability plans
					have been developed and are
					continuing to be evolved in line
					with the forthcoming Quinquennial
					Review, through which the long-term
					funding will be ultimately agreed.
					These plans include clear strategies to
					diversify income by increasing levels
					of strategic grant funding, commercial
					income and funds raised from both
					philanthropy and investments.
eat	an	—Fai ure to		emonstrate	iven t e nature o t e nc 's
safety		compliance		with	activities, this area is a key priority.
		statutory	health and		Over the last 12-18months, there has
		safety obligations.			inevitably been a strong focus on the
		—Physical and ITBreaches oflaboratories used for high-risk activity			management of COVID-related risks by the Health gc Safety team, and there is therefore now an increased focus on our core activities. Whilst
					management are generally satisfied
					that the Crick operates to the highest
					levels ofHealth gc Safety standards,
					we are initiating a programme to
					review processes, compliance and
					culture, and to ensure any operational
					improvements are identified and
					implemented.

rustees' repo	rt (incorporating the strategic report	rt (incorporating the strategic report	rt (incorporating the strategic report	rt (incorporating the strategic report	and directors' report) continued
n rastructure	upp y c ain issues an resilience				e nc continues to momtor the resilience of its supply chain,
					unavoidably impacted by both
					COVID and Brexit.
					Although Brexit does not appear
					to have had any major impact so
					far, the Crick has been experiencing
					disruptions to supply ofcertain
					consumables such as gloves, pipette
					tips and tissue culture plastics due
					to a global shortage. An action
					plan, including working closely
					with strategic suppliers and the
					identification and use of alternative
					suppliers, is implemented to
					anticipate and prevent any further
					supply disruption and ensure the
					uninterrupted delivery of critical
					scientific supplies.
	- Disruption		to science	from noise,	—Whilst the potential disruption
	vibrations and electro-magnetic				from CrossRail 2 would be greater,
	interference		from the construction		the impact is increasingly likely to
	and operation of CrossRail 2,the				be many years away. The more
	Brill Tower	as well as the British			immediate focus in 2020/21 was
	Library development				on the nearby development known
					as Brill Tower, whose construction
					started in August 2020.The building
					basement is now completed, with
					no major issues noted. The British
					Library development has now entered
					the public consultation period, and
					this needs some focus as it is a more
					extensive construction. Mitigation
					efforts include ongoing engagement,
					technical analysis and discussion
					ofrisk mitigating actions with all
					relevant stakeholders.
Reputation	xterna Institute	reviews or orms reviews with founders			rocesses are in p ace to ensure regular coinmunication about
	are critical ofperformance				Crick research, strong stakeholder
	resulting	in funding		cuts or loss of	management and effective crisis
	reputation.				response. Management are satisfied
					with the current processes, but
					their importance means that this
					risk will probably always remain
					above appetite and need ongoing
					management attention.
eop e	—Brexit re uces avai a e ta ent and the ability to deliver the				e rtc as not een negative impacted by Brexit so far but	y
	Crick's strategy.				continues to participate in external
					committees and forums to understand
					impact and to influence policy in the
					post-Brexit environment.

		I	I I	I
Total emissions (market based)*	tCOae	12,614	11,086	1$,341
Total emissions (location based)"'	tCOae	18,731	18,464	19,341
Change year-on-year		14%	43%
Scope 1 emissions	tCOse	12,614	11,086	10,961
Scope 2(electric - market based)	tCOse	0	0	8,379
Scope2(electric-locationbased)	tCOze	6,116	7,379	8,379
Carbon intensity	tCOre/m'	0.171	0.150	0,262
Total Energy***	kWh	91,680,839	88,950,154	88,869,443
Change year-on-year		3 Os«ft	0.1'Ye
Scope 1 energy	kWh	65,272,877	59,988,823	59,125,987
Scope 2 energy	kWh	26,387,961	28,961,331	29,743,456
Energy intensity	kWh/m'	1,242	1,205	1,204
Energy from Renewables	kWh	26,387,961	28,$61,331	142,000
Energy from Renewables		29%	33%	0.16%

			Unrestricted	Restricted		Endowment		Total	Total
			funds	funds		funds		2021	2020
			f000	f000		f000		f000	f000
Income from
Donations and legacies			129,175	36,527				165,702	160,730
Charitable activities			4,307		1			4,308	1,735
Trading activities			3,454					3,454	1,303
Investment income			489				789	1,278	150
Other income			175		24			199	606
			137,600	36,552			789	174,941	164,524
Expenditure on
Raising Funds			245					245	42
Charitable activities		7	162,497	25,179			79	187,755	189,021
Total Expenditure			162,742	25,179			79	188,000	189,063
Net gains/(losses) investments	on		1,152			5,054		6,206	(2,656)
Net (expenditure)/income before transfers			(23,990)	11,373		5,764		(6,853)	(27,195)
Transfers between	funds	17	(95)		95
Net movement in	funds		(24,085)	11,468		5,764		(6,853)	(27,195)
Reconciliation of	funds
Total funds at 1April 20			546239	8	667	27	344	582,250	609445
Total funds at 31	March 21	17	522,154	20,135		33,108		575,397	582,250

			Unrestricted	Restricted	Endowment	Total
			funds	funds	funds	2020
			f000	f000	f000	f000
Total Income			135,375	29,149		164,524
Total expenditure Net (losses)/gain		on investments	(161,466)	(27,597)	~2656	(189,063) ~2656
Net expenditure	before transfers		(26,091)	1,552	(2,656)	(27,195)
Transfers between		funds	(85)	85
Net movement	in	funds	(26,176)	1,637	(2,656)	(27,195)

	Notes	Group	Group	Charity	Charity
		2021	2020	2021	2020
		6000	6000	6000	6000
Fixed assets
Intangible assets	11	73	88	73	88
Tangible assets	12	510,260	532,495	510,538	532,795
Programme related investments	13	2 113	800	2.113	800
Investments	13	32.535 ~T9HI	27,344 5ttf727	32 535 ~5(5',~5	27 344 ~27
Current assets
Debtors Cash and cash equivalents Liabilities Creditors falling due within one year Net current assets	15 14	(48,704) 31' 40,056 39064 ~Am	26,544 30.328 ~I72 (35,349) ~23	40,241 25,593 38,237 30,282 78,478~yII75 (47,946) (34,373) 555532~
Net assets		5'75 397	582 250	575 791	582.529
Funds
Called up share capital	16	629,566	629,566	629,566	629,566
Share premium	16	12,751	12,751	12,751	12,751
Unrestricted Funds
General funds	17	(120,163)	(96,078)	(119,769)	(95,799)
Restricted Funds
Endowment Funds	17	33,108	27,344	33,108	27,344
Restricted Funds	17	20,135	8,667	20,135	8,667
		575,397	582 258	575 792	582 529

		Notes	2021	2020
			fi000	f000
Cash flows generated by operating activities		21	24,369	40,034
Cash flows from investing activities:
Interest received			489	150
Proceeds from sale ofequipment			75
Investment additions				(30,000)
Purchase ofprogramme related	investments		(160)	(400)
Purchase oftangible fixed assets			(16,037)	(12,926)
Net cash flows used in investing	activities		(15,633)	(43,176)
Cash flows from financing activities:
Lease finance repayments				482
Net cash flows used in financing	activities			( )
Net increase/ (decrease) in cash	and cash equivalents		8,736	(3,624)
Cash and cash equivalents at beginning ofyear Cash and cash equivalents at the end ofthe year			30,328 33,952 ~F4~~
Reconciliation to cash at bank and in hand:
Cash at bank and in hand			39,064	30,328
Cash equivalents
Cash and cash equivalents			39.064	30 328
Analysis ofchanges in net cash/(debt):
Net Cash at 1April			30,328	33,952
Net Cash inflow/(oatflow)			8,736	(3,624)
Net Cash at 31March			39,064	30,328

		Unrestricted	Restricted	Endowment	2021
		funds	funds	funds	Total
Core funding	from founding	f000	f000	6000	6000
shareholders		120,361			120,361
Research grant funding		16	25,046		25,062
Other grants		1,880	7,748		9,628
Total grant income		122,257	32,794		155,051
Donated services and facilities		6,271			6,271
Donations		647	3,733		4,380
		129,175	36,527		165,702

The tota	l donated service	s and facilities	off;6,271k repr	esent gifts in kind	.
		Unrestricted	Restricted	Endowment	2020
		funds	funds	funds	Total
Core funding	from founding	6000	6000	6000	6000
shareholders		124,067			124,067
Research grant funding		29	25,420		25,449
Other grants		883	1 718		2601
Total grant income		124,979	27,138		152,117
Donated services and facilities		6,029			6,029
Donations		584	2 000		2 584
		131592	29 138		160730

.Analysis of g	ran	t income	by funder ty	pe
			Unrestricted	Restricted	Endowment	2021
			funds	funds	funds	Total
			6000	6000	6000	6000
Research Councils			49,026	9,260		58,286
UK-based charities			67,079	12,105		79,184
UK-based higher education institutions			4,737	2,061		6,798
UK-based government		bodies	1,393	(2)		1,391
UK-based industry, public corporations	commerce and			1,334		1,336
EU government bodies				5,746		5,746
Other overseas grants			1	2,196		2,197
Other grants			19	94		113
			122257	32,794		155,051

Analysis ofgrant	income by f	under type (c	ontinued)
		Unrestricted	Restricted	Endowment	2020
		funds	funds	funds	Total
		f000	f000	f000	f000
Research Councils		48,531	4,908		53,439
UK-based charities		71,357	10,637		81,994
UK-based higher education institutions		4,959	1,786		6,745
UK-based industry, public corporations	commerce and	18	1,688		1,706
EU government bodies			6,956		6,956
Other overseas grants		51	1,154		1,205
Other grants		63	9		72
		124,979	27,138		152,117

		Unrestricted	Restricted		Endowment	2021
		funds	funds		funds	Total
		f000	f000		f000	f000
Research	conferences	19				20
Staff restaurant		382				382
Building	letting	215				215
COVID	testing	3 691				3691
		4307		1		4308
		Unrestricted	Restncted		Endowment	2020
		funds	funds		funds	Total
		f000	f000		f000	f000
Research	conferences	713				718
Staff restaurant		786				786
Building	letting	231				231
		1730				1735

Analysis of groMp income fro	m trading activ	ities
	Unrestricted	Restricted	Endowment	2021
	funds	funds	funds	Total
	f000	f000	f000	f000
Premises licence and service charges	3,211			3,211
ITservice contracts	243			243
	3,454			3,454
	Unrestricted	Restricted	Endowment	2020
	funds	funds	funds	Total
	f000	f000	f000	f000
Premises licence and service charges	1303			1303
	1,303			1,303

			Direct	Support	2021
			costs	costs	Total
			f000	f000	f000
Crick Lab	set-up		1,341	822	2,163
Scientific research and translation			114,556	70,224	184,780
Developing	and training	scientists	503	309	812
			116,400	71,355	187,755
			Direct	Support	2020
			costs	costs	Total
			f000	f000	f000
Crick Lab	set-up		1,048	637	1,685
Scientific research and translation			115,883	70,228	186,111
Developing	and training	scientists	762	463	3 223
			117,693	71,328	189,021

						Scientific
						research	Developing
					Crick Lab	and	and training	2021
					set-up	translation	scientists	Total
					f000	f000	f000	f000
Governance					7	593	3	603
Finance					35	2,969	13	3,017
Information		Technology		gc Services	140	11,973	53	12,166
Human	Resources				50	4,305	19	4,374
Building	Services				562	47,961	210	48,733
Communications Engagement			and Public		28	2,423	11	2,462
					222	74224	309	71,355
						Scientific
						research	Developing
					Crick Lab	and	and training	2020
					set-up	translation	scientists	Total
					f000	f000	f000	f000
Governance					5	514	3	522
Finance Information		Technology		gt Services	23 110	2,569 12,121	17 80	2,609 12,311
Human	Resources				42	4,597	30	4,669
Building	Services				427	47,117	311	47,855
Communications Engagement			and Public		30	3,310	22	3,362
					637	70,228	463	71328

9.Net expenditure for th		yea	r
						2021	2020
						f000	6000
Net expenditure is stated after charging			(crediting):
.Depreciation ofowned assets						38,605	38,617
.Amortisation of intangible fixed		assets				15	22
.Operating lease rentals						414	595
.Foreign exchange losses/(gains)						51	(71)
.Profit on disposal offixed assets						42
Auditor's remuneration:
.Fees for the audit ofthe charity's		annual		financial	statements	71	54
.Fees for taxation services to the		group				11	10
.Fees for the audit ofsubsidiary	companies					8	8

		2021	2020
		Total	Total
		No.	No.
Charitable	activities	1,220	1,219
Support activities		217	191
		1,437	1,410

		2021	2020
		Total	Total
		6000	f000
Wages and salaries		71,897	66,964
Redundancy	and termination	564	943
Social security costs		6,787	6,418
Pension costs		6508	6075
		85,556	80,400

	2021	2020
	Total	Total
	No.	No.
f60,000 - 669,999	62	48
570,000 - 679,999	39	41
680,000 - f89,999	29	23
690,000 - f99,999	16	12
6100,000 - 6109,999	14	13
6110,000 —8119,999	7	6
6120,000 - 6129,999	7	6
6130,000 - f139,999	4	3
6140,000 - 6149,999	10	8
6150,000 - 6159,999	2	1
6160,000 - 6169,999	2	1
8170,000 - f179,999		2
f180,000 - 8189,999		3
f190,000 - f199,999
6200,000 - f209,999
f210,000 - F219,999
r220,000 - F229,999
8230,000 - F239,999
f240,000 - 6249,999
6250,000 - 6259,999
6260,001 - 6269,999
6270,000 - 6279,999
6280,000 - 6289,999
8310,000 -8319,999
6410,000 —rA19,999
6420,000 - f429,999
	206	177

11.Intanftibte fixed assets
Group and charity	Intellectual
	property
	6000
Cost
At I April 2020 and 31March	281
2021
Accumulated amortisation
At 1April 2020	193
Charge for the year	15
At 31March 2021	208
Net book value
At 31March 2021	73
At 1April 2020	88

		IT
	Fixtures,	equipment
	fittings,	and	Scientific		Assets under	Total
Group	furniture 6000	software f000	equipment 6000	Buildings 6000	Construction 6000	6000
Cost
At 1April 2020	12,115	20,326	73,246	572,086	6,076	683,849
Additions	4,834	1,777	6,749	131	2,921	16,412
Transfers	3,261	234	1,463		(4,958)
Disposals						75
At 31March 2021	20,210	22,337	81,383	572,217	4,039	700,186
Accumulated
Depreciation
At 1April 2020	6,618	17,048	47,253	80,435		151,354
Charge for the year	3,140	1,566	11,566	22,333		38,605
Disposals			(33)			(33)
At 31March 2021	9,758	18,614	58,786	102,768		189,926
Net book value
At 31March 2021	10452	3,723	22 597	469449	4039	510260
At 1April 2020	5,497	3,278	25,993	491,651	6,076	532,495

Charity	Fixtures, fittings, furniture 6000	IT equipment and software 6000	Scientific equipment 6000	Buildings f000	Assets under Construction 6000	Total f000
Cost
At 1April 2020	12,115	20,326	73,246	572,394	6,076	684,157
Additions	4,834	1,777	6,749	131	2,921	16,412
Transfers	3,261	234	1,463		(4,958)
Disposals			(75)			(75)
At 31March 2021	20,210	22,337	81,383	572,525	4,039	700,494
Accumulated
Depreciation
At 1 April 2020	6,618	17,048	47,253	80,444		151,363
Charge for the year	3,140	1,566	11,566	22,354		38,626
Disposals			33			33
At 31March 2021	9,758	18,614	58,786	102,798		189,956
Net book value
At 31March 2021	10,452	3,723	22,597	469,727	4,039	510,538
At 1April 2020	5,497	3,278	25,993	491,950	6,076	532,794

13.Fixed asset inve	13.Fixed asset inve	stments (	continued	)
A summary ofUKCMRI		Construction	Limited's	results	is shown below.	2021 Total	2020 Total
						f000	f000
Profit ()closs account
Operating costs Operating loss						(5)	(6)
Other interest receivable		and similar	income
							W
Tax
Distribution payable (Gift Aid) Retained loss for the year Opening shareholder's deficit funds Closing shareholder's deficit						(5) ~46	(6) ~40 ~46
Balance sheet
Current assets						71	139
Current liabilities						(122)	(185)
Total net liabilities							(46)
A summary ofFrancis Crick Trading			Limited's	results is shown below.		2021	2020
						Total	Total
						f000	f000
Profit gc loss account Turnover						6,394	1327
Cost of sales						(6,458)	(1,262)
Gross (loss)/profit Operating costs Operating (loss)/profit Tax						(64) (12) (76) (76)	65 (13) 52 ~( 51
Distribution payable	(Gift Aid)					(46)
Retained (loss)/profit	for	the year				(122)	51
Opening shareholder's	funds					60	9
Closing shareholder's	funds					(62)	60
Balance sheet
Current assets						6,242	1,354
Current liabilities						(6,304)	(1,294)
Total net (liabilities)/assets							60

					2021	2020
				Holding	Proportion	Proportion
					held %	held %
Gammadelta	Therapeutics		Ltd	157,667	229%	239%
Achilles Therapeutics		Ltd		36,697	0.09%	0.3%
Metacognis	Limited			470	19.03%	1903%
Adaptate Biotherapeutics			Ltd	2,282	0.09%	0.2%
Mendelian Ltd				7,766	0.62%	0.7%
Myricx Ltd				26,750	0.52%	0.45%
Okulo Ltd				16,730	0.99%
Pexxi				922	0.40%
My Personal	Therapeutics			1213	0.85%
Quin Technology				9,132	0.65%
Cortirio				12,894	1.12%
Sano Genetics				7,672	0.43%
Pharmenable				20,000	1.04%
Enara Bio				150,000	Warrants	Warrants

value and with no indicators ofimpairment, at cost.	value and with no indicators ofimpairment, at cost.	all other shareholdings are curre	ntly held
Group gc Charity		2021	2020
		Total	Total
		f000	6000
Convertible	Loans	640	800
Quoted investments		482
Unquoted	investments	991
		2,113	800

' '
c) v
Group gc Charity				2021	2020
				Total	Total
Investments —Endowment:				f000	f000
i) Investments at market	value
Conventional gilts				833	743
Corporate bonds				2,547	1,996
Overseas fixed interest				585
UK equities				10,715	8,641
Overseas equities				13,116	8,169
prop any Alternative assets Cash				1,257 2,339 1 143 ~au	1,217 1,381 3197 ~44
ii) Investments over 5%	of	the portfolio			2020
					Total
Goldman Sachs Stirling	Liquid Reserves				f000 ~4
There were no investments		over 5%of	the portfolio at 31March 2021.
iii) Movements				2021	2020
				Total	Total
				f000	f000
At 1April 2020				27,344
Additions				6,822	46,215
Disposal proceeds				(6,384)	(16,829)
Net movements in cash	and short-term		deposits	(301)	614
Net realised investment	(losses)/gains			(394)	29
Net unrealised investment		gains/(losses)		5,448	(2,685)
At 31March 2021				32,535	27,344

		Group	Group	Charity	Charity
		2021	2020	2021	2020
		f000	f000	f000	f000
Trade debtors		6,016	2,565	1,986	1,616
Prepayments	and accrued income	10,679	9,770	10,148	9,402
Amounts owed by group undertakings (note 22b)				5,603	570
Amounts owed by related parties (note 22b)		23,124	13,520	22,267	13,520
Other debtors		237	689	237	485
		40,056	26,544	40,241	25,593

15.Cr	editors: amounts falling du	e within one	year
		Group	Group	Charity	Charity
		2021	2020	2021	2020
		f000	f000	f000	f000
Trade creditors		5,335	6,673	5,332	6,254
Accruals		9,284	4,028	9,157	3,865
Deferred	Income	10,955	9,586	10,002	9,251
Other creditors		3,995	3,263	3,924	3,195
Amounts 22b)	owed to related parties (note	19,135	11,799	19,135	11,799
Amounts owed to group undertakings (note 22h)				396
		48,704	35,349	47,946	34,373

	Group	Charity
	Total	Total
	f000	f000
At 1April 2020	9,586	9,251
Recognised as income in year	(3,741)	(3,406)
Deferred in year	5,110	4,157
At 31March 2021	10955	10002

			2021	2020
			Total	Total
			f000	f000
Allotted, Ordinary	called shares	up and fully paid offl each	629,566	629,566
Share premium		account	12 751	12751
			642,317	642,317

17.Moveme	nts in funtfs
					Transfers
	1April			Gains On	between	31March
	2020	Income	Expenditure	Investments	funds	2021
Group	f000	f000	f000	f000	f000	f000
Unrestricted funds General funds	(96078)	1376tltl	~162742	I 152	~95	~120163
Restricted funds
Crick Lab set-up	339		(97)			242
Research	6,875	32,742	(24,214)		95	15,498
Other Endowment Funds Permanent Funds	1,453 8 667 27344	3,810 (868) 36 552~25 179 7119~79		5 054	95	4,395 20135 33108
Share capital —par	629,566					629,566
Share premium	12751					12751
	642,317					642,317
Total funds	582,250	174,941	(188,000)	6,206		575,397
					rans ers
	1April			Gain On	between	31March
Charity	2020 f000	Income f000	Expenditure f000	Investments f000	funds f000	2021 f000
Unrestricted funds General funds	(95799)	137731	~16275(l	1152	~95	~119769
Restricted funds
Crick Lab set-up	339		(97)			242
Research	6,875	32,742	(24,214)		95	15,498
Other	1,453 8 667	3,810 36552	(868) ~25 179		95	4 395 20 135
Endowment Funds Permanent Funds	27344	789~79		5014		33 108
Share capital —par	629,566					629,566
Share premium	12,751 ~642,31					12,751 642,317
Total funds	582,529	175,072	(188,016)	6,206		575,791

					Transfers
	I April			Losses On	between	31March
Group	2019 f000	Income f000	Expenditure f000	Investments f000	funds f000	2020 f000
Unrestricted funds General funds	~69902	135 375	~161466		~85	~96078
Restricted funds
Crick Lab set-up	435		(96)			339
Research Other	5,801 794 7tl3tl	28,426 723 29149	(27,341) ~560 ~27597		(11) 96 85	6,875 1453 0667
Endowment Funds Permanent Funds	30 000		—~2 656			27344
Share capital —par	629,566					629,566
Share premium	12,751					12,751
	642,317					642,317
Total funds	609,445	164,524	(189,063)	(2,656)		582,250
					Transfers
	1 April			Losses On	between	31March
Charity	2019 f000	Income f000	Expenditure f000	Investments f000	funds f000	2020 f000
Unrestricted funds
General funds	(69,577)	135,291	(161,428)		(85)	(95,799)
Restricted funds
Crick Lab set-up	435		(96)			339
Research	5,801	28,426	(27,341)		(11)	6,875
Other	794	723	(160)		96	1,453
	7030	29149	~t27597		85	8,667
Endowment Funds Permanent Funds	30 tltl0		—~2656			27344
Share capital —par	629,566					629,566
Share premium	12,751					12,751
	642,317					642,317
Total funds	609,770	164,440	(189,025)	(2,656)		582,529

		Unrestricted
		funds, non-
		charitable
		trading funds
		and share	Restricted	Endowment	31March 2021
Group		capital	funds	funds	f000
		f000	f000	f000
Intangible fixed assets		73			73
Tangible	fixed assets	494,287	15,973		510,260
Investments Current assets Current liabilities Total Net Assets		1,153 57,300 )3D 659) 522 154	960 21,220 (18018) 20 135	32,535 600 ~27 33 108	34,648 79,120 ~48,704 575 397
		Unrestricted
		funds and share
		capital	Restricted	Endowment	31March 2021
		f000	funds	funds	f000
Charity			f000	f000
Intangible fixed assets		73			73
Tangible	fixed assets	494,565	15,973		510,538
Investments Current assets Current liabilities		1,153 56,658 ~29 9111	960 21,220 ~38018	32,535 600 ~27	34,648 78,478 ~47946
Total Net Assets		522548	20135	33108	575 791
		Unrestricted
		funds, non-
		charitable
		trading funds
		and share	Restricted	Endowment	31March 2020
Group		capital	funds	funds	f000
		f000	f000	f000
Intangible fixed assets		88			88
Tangible	fixed assets	525,166	7,329		532,495
Investments Current assets Current liabilities Total Net Assets		38,780 ~)7795 546239	800 18,092 ~)7554 8667	27,344 27344	28,144 56,872 ~35349 58225D

	Unrestricted
	funds and share
	capital	Restncted	Endowment	31March 2020
	f000	funds	funds	f000
Charity		f000	f000
Intangible fixed assets	88			88
Tangible fixed assets Investments Current assets Current liabilities Total Net Assets	525,466 37,783 ~)6819	7,329 800 18,092 ~)7554	27,344	532,795 28,144 55,875 ~34373

MRCP	S was	31December 2019.
			2019	2016
			valuation	valuation
			fm	6m
Market	value of	assets	1,647	1,406
Actuarial	scheme	liabilities	(1,416)	(1,246)
Surplus			231	160
Scheme funding		level	116%	113%

The current financial assumptions used to calculat	e scheme liabilities are:
	2021	2020
Rate ofincrease ofsalaries	3.40	3.00
Rate ofincrease ofpension payments	2.40	2.00
Discount rate	2.00	2.30
lnfiation rate	2.40	2.00
Expected return on equities	2.00	2.30
Expected return on bonds	2.00	2.30
Expected return on overall fund	2.00	2.30

each ofthe following periods a	re:
		2021		2020
	an	an	ef	an	t er
	buildings		fi000	buildings	6000
		6000		6000
Group and charity
Within one year		213	49	206	200
Between one and five years		814		844	7
itlter five years				161
		1 027	49	1211	207

21.Reconciliation o activities	f n	et	(expenditurej to cas	h generated by operatin	g
				Group	Group
				2021	2020
				f000	$000
Net (expenditure) for the Depreciation and disposal	year adjustments			(6,853) 38,647	(27,195) 38,619
Amortisation ofintangible	fixed		assets	15	22
Funding received for programme investments			related	580	400
Interest receivable				(1,278)	(150)
Investments (gains)/losses				(6,206)	2,656
Interest payable				1	11
				24,906	14,363
(Increase)/Decrease in debtors				(13,512)	19,512
Increase in creditors				12975	6 159
Cash generated by operating		activities		24,369	40 034

					Year ended 31	March 2021
					Income
				Purchases	and
				from	recharges	Amounts	Amounts
				related	from and	due from	due to
				parties	to related	related	related
				6000	parties	parties	parties
					6000	6000	6000
UKRI (formerly known Research Council)			as Medical	1,112	56,695	15,628	(11,668)
Cancer Research		UK		361	55,893	1,290	(5,882)
Wellcome	Trust			47	21,947	2,134	(302)
University	College London			(980)	2,826	2,505	(471)
Imperial College London King's College London				(1,013) ~825 ~1298	1,707 1 912 140980	556 1 011 23 124	(327) ~485 ~19135
					Year ended 31	March 2020
					Income
				Purchases	and
				from	recharges	Amounts	Amounts
				related	from and	due from	due to
				parties	to related	related	related
				$000	parties	parties	parties
					6000	6000	6000
UKRI (formerly known Research Council)			as Medical	(1,412)	53,617	4,041	(4,430)
Cancer Research		UK		462	57,180	913	(7,164)
Wellcome	Trust			(81)	23,322	3,402	(63)
University	College London			(1,496)	2,394	1,914	(95)
Imperial College London King's College London				(854) ~8tl6)	2,072 2,054	1,227 2 023	(10) (14)
				(4,187)	140,639	13,520	(11,776)

			Income
		Purchases	and
		from	recharges	Amounts	Amounts
		related	from and	due from	due to
		parties	to related	related	related
		6000	parties	parties	parties
			6000	6000	6000
Francis Crick Trading	Limited		6,473	5,603	(328)
UKCMRI Construction	Limited	(17	6		~68
		(17)	6,479	5,603	(396)

22.Related party t	ransactions (	continued)
			Year ended 31	March 2020
			Income
		Purchases	and
		from	recharges	Amounts	Amounts
		related	from and	due from	due to
		parties	to related	related	related
		6000	parties	parties	parties
			6000	6000	6000
Francis Crick Trading	Limited		1,267	921	(9)
UKCMRI Construction	Limited			58
			1,267	979	(9)

c.Don ted services and facilities
	2021	2020
	Total	Total
	6000	6000
Services	4,746	4,505
Land	1,525	1,525
	6,271	6,030