THE FRANCIS CRICK INSTITUTE THE FRANCIS CRICK INSTITUTE LIMITED A COMPANY LIMITED BY SHARES ANNUAL REPORT AND FINANCIAL STATEMENTS 31 March 2022 Charity registration numbeTr. Company re9islration numb 1140062 06885462 Chairnian's letter Dirertor's introduction Trustees, report {incorporating the strategic report and directors, report) Independent auditor's report 51 Consolidated statement of financial activities (incorporating the income and expenditure account) 56 Consolidated and P2rent entity balance sheets 57 Consolidated cash flow statement 58 Notes to the financial statements 59 2 "fhe Francis Crick Institute Limited annual report and financi31 slalements 2022 Jt is five years 5inr¢ rese2rrh¢r5 from the Medical Research Council's National Institute for Medical Research and Cancer Research UK'S London Research Instirute came together and became 'the Crick,. This first challenging phase of the Crick's development is now complete and it is impret&sive how far the Crick has come, rapidly èscablishing itself as one of the world's most exciting ¢¢ntr¢s for biomedical research. The panel of international experts who convened in the autumn to evaluate the Crick's activities to dat¢ and its plans for the fu¢ure shared this assessrnent. Their report of th¢ Crick's first quinquennial review highlighted world class research taking place in the Institute, and also identified some areas for further development. With irs basic financial position secured for the coming seven years including a Lore funding award of over £lbn, thc Institute can move forward with confidence into irs next phase and build upon its solid foundations. Over the last year, the Board has been reminded of the important influence the CriLk wields, both in the UK and globally. Crick leaders have been influential in shaping Governmenr commitment.s in relation to increasing R&D investment, the benefits of aligning closely with Europe and internationally on valuable funding programmes. Closer to home, ir is encouraging to see the strengthening relationship between the Crick and its surrounding community in Camden. This year also marks five years of the Living Centre, a community centre based in the Crick. From physical health and mental wellbeing? to professional training and volunteering opportunities, thv Lentre provide5 valued support and resources for local re.sidents. As we emerge from the shadow of the pandemic, it is exciting to look forward ro new scientifiL projeLts and initiatives. I have had the pleasur¢ of meeting some of the CriLk's newcr group leaders who, having joined during extremely unusual circum.sranLes, have rapidly become part of the Crick cornmunity? growing their research groups and establishing rollaborations ALross the building. L look forward to seeing what they aLhieve in the comin8 years. This year, we welcomed a new Bogrd member, John Iredale, who joined MRC in January 2022 as Interim Executive Chair. He replaces Fiona Watt, who left the MRC to join EMBO at the end of 2021. 1 thank Fiona for her important contributiuns and I look forward to working with John and the whole Board to help the c.rick fulfil its ambitions outlined in the refreshed Discovery Without Boundaries strategy. On behalf of the Board, I would like to congratulate Steve Gamblin, the Crick's Director of kientific Technology Platforms ISTPS) who received a CBE in the New Year Honours, and Paul Nurse who has been made 2 member of the Order of the Companions OE Honour, a special award granted to thase who have made a rnajor, long-lasring contribution to the arts, science, medicine or government. I would also like to take this opportuniry to thank the Crick's leadership team and its scientists and staff for their ongoing dedication to scientific and operational excellence, As we look forward to the next year 2nd beyond, I have no doubt that the Institute will Lontinue on its journey to becoming one of rhe world's greatest centres for biomedical discovery and innovation. Lord Browne of Madiogley Chairnian 3 The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 As we celebrate five years of the Crick being fully open and operational, we are pleased to be Able to reflect on what we've achieved since rnoving into the building) and Shape our plans for the years ahead. Since opening> we have recruited 32 new early-career group leaders from 15 countries and integrated more than 50 collaborating groups from our partner universities. More than 300 students and 600 postdoctoral training fellows have joined us, and the education programme now engages almost 20,000 students per year from local schouls. Our sraff have also been recognised through many major scientific prize$. There were oyer 3,300 Crick research papers published between April 2015 and March 2022 and ten companies have now been launchcd to cornrnercialise and apply our research. We have collaborated widely: 55 /0 of C.rick-led papers had une or more UK co-authors: of these 45 /. had ¢o-authors from Continental Europe J 21 /. from the US and 21 Y. from thc Re%t of the World. We have formed nation21 and international partnerships to support us in the d¢liYcry of our strategy, including with the Alan Turing Institute. the UK Dernenria Research Institute IUKDRII, the Crick African Network, the Worldwide Influenza Centre and the European Molecular Biulogy Laboratory IEMBLI. This year has been another where the agility and enthusiasm of Crick scientisty and staff has enabled us to adapt to the challenges of the ongoing COVID-19 pandemic while ¢ontinuing high-quality researLh aLross disciplines. Many staff balanLed their time between the lab and volunteering in the NHS mass vaLLination centre in our gallery space, in total vaccinating over 80,OUO people, including the Primc Minister and Leader of the Opposition. Our scientist& also continued to interrogate changes to the SARS-LoV-2 virus and levels of immunity in diff¢r¢nt groups of people, providing re8ular updates to policy makers and organisations inLluding the JCVI and NERvfAG. As we move on from the pandemic, we have welcomed the reintroduction of in-person events and also the launch of Outwit¢ing Cancer, an immersive public exhibition exploring the latest cancer research taking place at the Crick. Public ensagement 1$ priority and objeLtive for the Institute as we aim to create a diverse community which has a voice in conversations about biomediLal research, increasing the societal benefits of scientific research. We have also continued to engage with policy makers and Parliamcnt, lobbying for sustainable R&D funding in the UK, and participating in a Loordinated sector wide push to raise awareness of the harmful delays to full association to valuable F.uropean funding schemes. Our focus for the coming years will be on consolidating the Crick's Status as a world- Llass biomedical research institute, strengthening our multidisciplinary science, colliborating globally with world-leading research partners, expanding our support for the wider UK biomedical research endeavour and working with and our founders to ensure a sustainable future for the Institute, allowing it to achieve its full potential. Paul Nurse Director of th¢ Franas Crick Institute 4 The Francis Crick Inslilule Limited annual reoorl and Financial statements 2022 incor oratin the strate icre ort and directors. re What we do The Francis Crick Institute is a biomedical research insriture which breaks down barriers between disciplines to creare a space whcre talented and ambitious scientlsr¥ Lan pursue big and bold ideas. We support them in an environment whiLh fosters ex¢ellen¢e with state-of-the.art infrastruccure and a creative 2nd curious uulture. The Crick is a place for collaboration, innovation and exploration. We are prepared to take risks on unusual? piuneering research that answery fundamental qucstiOTbS about human health and disease and, with the help of our partncrs, we aim to bridge the gap bctwcen research and application so that our discoveries are able to changc lives for the betier. Charitable objectives The Crick's objecrives, as Set aut in its Articles of Association, are to advance human health and eduLation for the benefit OE the publi¢ through all aspects of biomedical rcscarch and innovation by: operating a rentre for medical researLh and innovation, carrying out and supporting research into any of the bioscienccs, discovering and developing preventions, treatmenrs and diagnostics for illness and di.%ease, and dcveloping and training s¢ientist$ and supporcing biomedical research endeavours. Activities The Crick's Discovery Without Boundaries IDWBI strategyy agreed by the Board and Founders in 2013, was renewed in 2021, after consultation wirh Cri& re5earchcrs and staff aLross the Institute. It identifies five strategic priorities: ALcelerace discovery rhrough a culture of scientific excellence Support thc biomedical research endeavour aLross the UK and beyond Drive benefits for human heal¢h Engage and inspire with discovery science Build capability for outstanding science support Our key achievements for 2021122 are presented in the strategic report. 5 The Francis Crick Inslilule Limited annJal report and financial statements 20?2 Trustees, report (incorporating the strategic report and directors. report) continued Th• Crick's r•spons• to COVID-19 During the first phase of rhe pandemic, the Crick rapidly transforrned parts of its building into testing 2nd vaccination facilities, and many of our scienti5t5 refocussed their researLh efforts to answer fundamental questions about rhe virus that causes COVID-19, SARS-CoV-2. Vaccinatio The vaccination Lentre at the Crick closed on 13 August 2021, having delivered over 80,000 vaLLines to key workers and the IoLal population in its seven mon¢hs of operacion. Ovcr 350 Crick ¢olleagues volunteered in rhe centre, alongside Llinical staff from UCLH and volunteers from local organisations. CriLk volunteers made up over 79 /0 of staff for every shift, taking on roles including administrators, vaccinators. marshals and healthcare professionals. In March 2020, ¢he CriLk opcncd a diagnostic facility for SARS-CoV-2 PCR testing which supported 18 London hospitals and 186 local care homcs and community entre% until the end of June 2021. The facility continue5 to assist Llinical studies Isce below) and has worked with orher our8id¢ organisations SULh as WellLome and the Wellcomc Sanger Institute. To support the Lrick's COVID-yafe environment, internal testing of CriLk staff lincluding Lontractors and visitors) has been Londucted weekly land sametirnes twice-weeklyl throughout the pandemic, allowing the CriLk to remain open and oftcn close to maximum capacity. By the end of March 2022, total test numbers carried out were in exLess of 676,000, The LegaLy .Study was established in January 2021, arising frorn the partnership built between the CriLk and University College London Hospitals NHS Foundacion Trust to develop the PC.R testins pipeline in March 2020. The overriding objeLtive of the study is to use data from the testing pipeline to investigate SARS-CoV-2 susCCPtibility, transmission and vacLine response. Legacy is active in three main areas of SARS-CoV-2 research: Viral genomics, evolution and transmission Immune response to vaccine5 and mild infection in healthy adults Patient-facing research on immunity against SARS-CoV-2 in immun(Komprornised adults LegaLy also interacts with ¢he UKRI funded (ienotype to Phenotype IG2P-UKI consortium, COVID-19 GenomiLS UK ICOG-UKI Consortium and the mathematical modelling department of rhe London School of Hygiene and Tropical Medicine. 6 The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 Trustees, report lincorporating the strategic report and directors. reportl continued Legacy has reported data on neutralising antibody titres in study p2rticipants against all emerging SARS-CoV-2 variants aLf05s 2021 and 2022 in near-real time. These data have had imporcant imparts on policy. The reports on relative antibody titres against Delta in recipients of both the Pfi7kr and Oxford-AstraZeneca vaccines were shared with UK government scientific advisory boards, and contributed to continuing UK pandemic restrictions to allow more people to receive a second vaccine dose. Our data provided a benchmark against antibody titres in srudies focused on both ancer patient5 (CAPTURE study) and kidney dialysis patients (NAOMI scudyl, proyiding important data on which patients to prioritisc for third and subsequent vaccine doses. More recentlyj we have shown that a third V2Lcine dose provides good prDteLtion against OrniLron infection in healthy adults, with sirnilar ¢omparison5 again in the C,APTURE and NAOMI studie5. Our data on in vitro neutralising efficacy uf the synthetlL monoLlonal antibody, Sorrovimab, shared with NHS England and the Chief Medical Officer, has supportcd ongoing use uf this drug for vulnerable patients inEcLtcd with Omicron BA.1 and Omicron BA.2. Antibody levels vary according to vaccine type and previous infeciion with COVID-19: Wall et al12021al LAocet 398.207-209 and Wall et •112021bl Lancet 397.2331-2333 The LegaLy &4tudy team found that two d05es of th¢ Oxford-AstraZeneLa vaLcine generated lower levels of antibodies able to rccognise che Delta variant, in comparison with the pfiT￿r-Bj￿NTCch vaccine. Their results also showLd that antibody levels vary Lonsiderably depending on likely prior infection with SARS- Cov-2. COVID-19 vaccine booster provides good ￿tIbodY protection a8ainst Omicron.. Wu et al12022I Lancet 399.715-717 As part of the Legacy study, rcsearchers in collaborarion with the National Institute for Health Research INIHRI UCLH Biomedi¢al Research Centre found thar antibodies senerated in people who had reLeived only two doses of either the Oxfordl A.straZeneca vaLcine or the PfizerlBioTrrrech va¢¢ine w¢re less able to neutrali.se the OmiLrun variant as Lvmpared to the Alpha and Delta variants. Antibody levels dropped off in the first three month5 following the second dose but a third 'booster' dose raised levels of antibodies that effectively neutralise the Omicron variant. Immunocompromi$ed dialysis patients could bcnefit from MRNA COVID-19 vaccine third doses: Carr et al120211 Laocct 398..1038-1041. As part of the NAOMI study, Crick and Imperial College London researchers showed that patients receiving in-hospital dialysis treatment for kidney disease produced a larger neutraligins antibody response when given the Pfizer-BioNfech COVID-19 vaccine, compared to the Oxford-AstraZeneca vaccine. The findings suggested that patients who had not yet been infected with SARS-CoV-2 would likely benefit from an early third dose of an mRNA-based vaccine. 7 The Francis Crick Inslilule Limited annual report and financial slatÈmenls 2022 Trustees. report lincorporating the strategic report and directors, reportl continued Patients with cancer. especially blood cancer. have low proteclion against th¢ Delta variant: Feodler ct al120211 Nat Canc¢r 2.1305-1320. The ongoing CAPTURE study) run jointly by res¢Archers at the Crick and the Royal Marsden NHS Foundation Trust. published data showing that while some immune responses were d¢t¢rted after two COVID-19 vaccine doses in most patients wich cancer, neutralising responses against variants of concern IVOCS) were reduied. This reduced response was most evident in PAtients with blood cancers, especially in those receiving B cell-depleting therapies. Therefore, a ¢hird dose of the COVID-19 vaccine ould increase prot¢ction from COVID-I g for people with canLer. Immune responses following a third COVID-19 vaccination are reduced in patieots with blood cancer compared to patients with solid cancer: Fcndl¢r et al120221 Cancer Cell 40.114-116. In a follow-up to the previous study, th¢ CAPTURE con80rtium also showed that the proportion of patients with solid cancer who had detectablc response5 aft¢r third vaccination is high and comparabl¢ ta individuals without Lancer. In concrast, a significant number of patients with blood LanLers still had undetectable neutralising respontbe5 following a third vaccine dose, and remained at risk of breakthrough infections. Crick science The Crick al￿￿ to make discoveries that have the potential to Lhange lives. Our SLientists investigate the biology underlying human health to advance understanding and to improve the treatment, diognosis and prevention of disease. CliniLal engagemcnt has also been a key foLus for the Crick. The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued In 2021122, Crick scientists published 596 papers, the highest annual numbcr since the c.rick was established in 20151 As well as those papers listed above, hishlight5 included: Fast changing smells can tcach mice about space: Ackels ct al12021) Nature 593:558- 563 ResearLh from the Schaefcr lab found thai mice can sense extremely fast and subtle hanges in the struLtllre of odours and use this to guide their behkiviour. The findings alter the current view on how odours are processed in the mammalian brain. Calling for greater awareness surrounding CRISPR gene editin8: Alanis-Lobato e¢ al 120211 Proc Nat A¢Ad Sci USA 118:e2004832J17 Crick rc.4carLhcr.$, including Kathy Niakan and James Turncr, showed that CRISPR- Cas9 genome editing Lan Icad ¢0 unintended mutations at the targctcd section of DNA in early human embryos. The work highlights the need for &reatcr awareness of and further research into the cffccts of CRISPR-C4s9 genome editing, cspecially when us¢d to cdit human DNA in laboratory research. Virus $pike mutations aid greater infectivity: Benton ¢¢ al120211 Proc NAt Acad Sci USA 118:e2022586118 Rescarch frrjm the Gamblin lab iomparcd the original SAR,S-CoV-2 spikc protein to a Tnutated version which arose in spring 2021. They found %tructural differenLes that Lould help ro explain why the mutated version rcmained rhe dominant form circulating in all variants of concern. 'Patchwork' tumours across multiple cancer5: D¢ntro et ai120211 Cell 184:2239- 2254 RcsearLh led by Peter Van Lon, as part of the Pan-cancer Analy?*iS of Whole Cienumes C,onsortium, analysed rhe whole gcnomes of tumour sample5 from ovcr 2,600 patients with diffcrent type5 of cancer. They identified a high prevalenc¢ of genetic diversity within individual tumours, whiih they further characterised. l The detailed breakdown is.. 403 primary research papers. 125 reviews. 26 commentaries. 17 methods papers. 16 editorials. 8 letters. I case report. 9 Ihe Franc15 Crick Inslilule Limi12d annual report and financial 51atemenls 2022 Trustees. report (incorporating the strategic report and directors. reportl continued Gene-editing used to create single sex mouse litter&. Dougla$ ¢t al120211 Nat Commun 12.6926 Researchers in the Turner lab, with collaborator5 from the University of Kent, used gene editing technology to create female-only and male-only mouse litters with 100 /. efficiency. This proof of principle study demonstrates how the technology could be used to improve animal welfare in scientific research and perhaps also asriculturc. A way to improv¢ ¢anc¢r therapy: Fugscr et al120211 Science 372.156-165 A study led by rhe West lab found that blocking a $￿cIfiC protein could increase tumour sensitivity ro treacment with PARP inhibitors. Their work suggests that rnbining rrcxmients could lead to improvcd therapy for cancer patienrs. Cell divisAon at bi8h resolution: Greiw¢ et al120221 Nat Strnct Mol Biol 29.10-20 As a preludc to cell division, the genome must be dupliLated, and rcplicative helica8cs play a fundamental part in this. Researcher.s in the c.osta and Diffley labs characteriscd the role of the key enzymes invulved in selectively activating the repliLative heliLases ac the righr time and in the right places on DNA, an important step forward in understanding exactly how DNA replication works in both health and disease. New iosights into Htv inf¢ction: Guedan et al120211 PLOS Pathog 17:e1009484 A study from the Bishop lab looked into HIV-I uncoating? the proLess by which the viral Lore breaks down during infection. Their works suggests that unLOating or remodelling of the HIV-I capsid lattiLe OCLuf5 at the nuclear pore, and that this step 1$ essential for a productive inEectiOn. New insights into proteio mutation causin8 ALS: Halle8gcr ct al120211 Cell 184.4680-4696 A new study led by postdoc Martina Hallegg¢r and the Ule lab described what happens when the RNA binding protein TDP-4.3 is mutated and its iondensation propertics ¢hange. The protein is often mutated in the rare neurological disease, amyotrophiL lateral sclerosis (Atsi. Finding cAocer's vulnerabilities: Monserrat et al120211 Nat C¢ll Biol 23.401412 Rcsearch from the SL'affidi lab devcloped a new strategy to identify cancer-specifi vulnerabilities. Thcy identified a group of proteins, Lalled the male-speLifiL lethal IMSLI aretyltransferase complex, which could be used to increase chromosomal instability in Lancer cells without induLing severe adverse effects in normal tissues. Acting on sensory information: Orsolic et al120211 Neuron 109.1861-1875 A study from the Znamenskiy lab looked at how sensory information is transformed across multipl¢ brain regions and influences behaviour. By training mice in a visual deteLtion task, based on changing sensory information, the team found different timescales between deliberation and action across different regions of th¢ brain. 10 rhe Francis Crick Institute Limited annLJal report and financi81 statements 2022 Trustees. report lincorporating the strategic report and directors. report) continued Stem cells can use the same method as plants and insects to protert against viruses: Poirier e¢ al120211 Science 373.231-236 Research from the Rels e Sousa lab found a mechanism) previously thought to have disappeared as mammals evolved, that helps proteLt mammalian stem cells from RNA viruses such as SARS-CoV-2 and Zika virus. This finding could potentially be exploited to develop new antiviral treatments. How mutations change the sense of smell: Priet(FGodino et al120211 eLife 10:e69732 A study led by Lucia Prieto-CFodino investigated evolutionary changes in ligand preference that occur in a family of olfacrory receptors. The work f()und that different receptors. odour preferences are linked to particular protein murarions. Some of thesc mutations appear at the same position over cvolutionary distances. highlighting a 'hot.spot' that has a major role in determining ligand preferencc. Glial cells are crucial ¢0 maintaiDing healthy gut immunity: Progatzky et al120211 Nature 599.125-130 Res¢arLhers from thc Pachnis lab unLovered a fundamental role of glial Lelli> in the gut nervous system in maintaining a healthy intestine. These cells havc been found to coordinate the immunc responyes of the gut following pathogen invasion and could be key targets when exploring new treatments for inflammarory bowel conditions. A therrdpeutic target for two dis¢a&cs: Ramachthndran et al120211 EMBO J 40:e106317 Research from the Hilllob identified the underlying molecular mechanism for two diseases that share a Lommon causal tnutation and currently have no effective treatments. The team used optogenetics and live-imaging approa¢hes to show rhc link between genetic mutation and disrupted signalling that causes rhese diseases. New insi8hts into red blood cell d¢5tru¢tion by the malaria parasit¢: Tan et al120211 EMBO J 40:e107226 A study led by the Blackman lab shed new light on a key pathway that allows the malaria parasite to c.scape from the host'5 red blood cells. Their finding5 identified a target that fjould be used to develop a new class of antimalarial drug designed ¢0 prevent disease progression. Cells from the centre of tumours are most likely to spread around the body: Zhao et al120211 Nat Ecol Evol 5.1033-1045 Research from a collaborative team at the Crick, Royal M'arsden, UCL and Cruces University Hospital found that cells from different parts of kidney tumours behave differently, and surprisingly) Lells within the centre of a tumour are the most aggressive and have the highest chance of spreading around the body. 11 The Francis Crick Inslilutp Limited annual report and financial slalèmenls 2022 Trustees. report lincorporating the strategic report and directors. report) continued Scientific events Hybrid events are now well established at the CriLk and we continue to deliver all our major symposio on this basis, ensuring th¢y are open to a wider global audience. In 2021122 we hosted more than 25,000 artendees from over 40 countries at a combination of online and in person events. Our Mcdicinc at the Crick Series for biomedical researchers and clinicians welcomed over 1,500 attendees to its thrce evcntq in 2021 and we have jus¢ hostcd the ninth scminar of the series, 'Huw Lan therapeutiL% target LallLer stem cells?, In April 2021, we marked World Immunology Day with an expert unlinc panel disLUSSton un 'VaLLine&, COVIt)-19 and beyond. hosted by the BBC.'s c.laudia Hammond and artended by more ¢han 700 people from 38 countries. n-person cvcnrs began again in Junc 2021 and since then we have hosted a number of symposia and events, inLluding the C.riLk Pcjsrdoc Symposium, the 4th International CanLer Conference, the 5rh Autumn 5Lience meeting, and a variety of lectures and talks from C,rick sLicntists, alongside guest speakers SULh as Chris Stringer from the Natural History Museum, RiLhard Cvilbertson from the CRUK Cambridge Ccntrc, and MiLhcllc Ryan from thc Universicy of F.xeter, who joined us for a SLiLnLe and SoLiety leLture hosted by equality? diversity and inLlusion groups within rhc Crick cntirlcd 'Why womcn don't Ican in,. To rnark the fifth anniversary of the Cri¢k becomin& fully opcrational, we launched the refreshed strategy in January and have delivercd a series of studenr and staff ¢vent5 in collaboration wi¢h our partner universiries. The anniversary is an opportunity to Lelcbratc thc CriLk's aLhievemcnts over the last five year5 through a varied programme of evenr$ that started with a keynote Iv¢ture from Demis Hassabis in February 2022 cncitlcd 'Using Al to aLcclcrate .scientifiL ditpcovery'> and also inLluded staff interviews, a student yympvsium 2nd a staff celebration in June. Awards and Prizes The quality and ground-breaking nature of Lrick SLienLe ity demonstrated by the reLognition we reLeive from the broader scientifiL Lommunity. In 202112022, Crick scientist5 rcceiycd thc following prizcs and awards.. Erik .Sahai and Jamcs Turncr wcrc clcLted as fellows of rhe Academy of Medical -ien¢¢y for th¢ir rontributiuns to raniet res¢ar¢h and development biology. Steve West was elected to the American Academy of Arts and Sciences as an international honorary member. Sreve joins Paul Nurs¢, Karen Vou&den and Peter Ratcliffe who have prevtously been elected to the aLademy. In June, Ilaria Malanchi and Markus Ralser, as well as satellite group leadcr Corinne Houart, were elccted as ncw mcmbers of the F.urope2n Molccular Biology Organisation IEMBOI. Charlie Swanton was awarded the Memorial Sloan Kettering IMSKI Cancer Center's 2021 Paul Marks Prize for c.ancer Research, in recognition of hls signifiLanr contributions to the understanding of cancer, cspecially his work on cancer evolution and tumour growth) spread and drug resistance. 12 Tne kranc15 Crick Institute Limited annual report and Iinanc al slalemenis 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Sccondee group leader Jeremy Carlton has been awarded the Hooke Medal by the Brirish Society for Cell Biology in rccognition of his work investigating the function of cell organelles. The New Year Honours list includcd Paul Nurse, who bccame a Companion of Honour, and Steve Gamblin, awarded a CBE in recognition of his outstanding leadership and world-leading research. The list of awardees also included Abdul Sesay? former NIMR and Crick colleague, who received an MBE. Derek Davies l¢he Crick's STP Training Lead) received this year's Royal Microscopic Sociery President's Award for his dedica¢ion to the promotion of cytometry at all levels. Crick scienti5t5 We have developed an approach to biomedical scienrific trainins and recruitment that refleLts oui Lommitrnent to research excellenLe, dynamism and multidisciplinary activity. Our faLulty reLruitment has an emphasis on early-Lareer researLhers, most of whom are taking up rheir first independent post. They develop their programrnes for up to 12 years and then reLeive assistance to find a position elsewhere. This, along wich our comprchensive training programme5 for students and postdoctoral fellows, mean$ we are expanding the talent pool for biomedical sLienLe aLfos5 the UK and internationally) helping to create the science leaders of the future. RcLruitment Calls April 2U21 March 2022: Computational and theoretical early career group leaders In March 2022 a computational and theoretiLal early career group leader call ¢losed to applications. 118 applications were received. The .%earch committee held the shortlisting meetins in May 2022, and shortlisted applicants were interviewed in June 2022. New group leaders joining between April 2021 and March 2022: In 2021122 the Crick made one senior group leader appointment: Carola Vinuesa Carola Vinuesa obtained a medical degree at the Universidad Autonoma de Madrid in 1993. She undertook specialist clinical training in the UK and was awarded a PhD by the University of Birmingham in 2000. As a Wellcome Trust International Travelling Prize Research Fellow, She did p05tdoctoral work ar the Australian National University IANUI, whcre she was appointed Group Leader in 2006. Professor of Immunology in 2010, and Head of the Emerging Pathogens and Imtnunity Department in 2011. Carola established and directed the NHMRC Centre of Research Excellence in Per50nalised Immunology from 2014 to 2021. Carola joined the c.rick in 2021 as Senior Group Leader and was awarded a Royal Society Wolf50n Fellowship. Her lab aims to idenrify factors that contribute to the development of autoimmunity. 13 The Francis Crick Institute Limited annual report and Iinanc18151alements 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Clinician sc enti The 2019 and 2020 c211 for clinician scient15t group leaders resulted in four new apw)intments. who juined the Crick between April 2021 and March 2022. They are.. Mike Devine (Clinical call 2019) Mike studied pre-clinical medicine at King's College, Cambridge, and then cornpleted his cliniLal studiLs at UCL. Afcer a period of postgraduate clinical training in Li)ndon, he joined John Hardy's lab at UC,L, to develop human stem Lell models of Parkinson's disease. This included a year spent in Tilo Kunarh's lab at the In.stitute of Srem Cell Re5earLh Inow the MRC Centre for Ilegenerative MediLinel in Edinburgh. Following completion of speLialisr Llinical training in neurology in London. hc Larried out postdoLtoral work in .losef Kittler's lab at UCL, re8earLhing mitochondrial and synaptlL dysfunction in Parkinson's discase. He joined the Francis Crick Institute as a clinical group leader in 2021. His lab examincs the interaLtion betwccn mitochondria and ncuronal synapses, and hi)w this can be disrupted in neurologiLal and psychiatric disc25e. Jam¢s Lee (Clinical call 20201 James ¢ompleted m¢dical training at the Univer51ty of Oxford120041 and undertook his PhD at the Univer51ty of c.ambridge as part of the inaugural WellLome Trust c.linical PhD Programme120U8-20111. Following his PhD in Ken Smith's lab, James completed clinical training in gastroenterulogy as a cliniLal lecturvr (University of Larnbridgcl, before being awardcd a WellLome Trust IntLrmcdiate C,'liniLal Fellowship in 201.5. James spent two ycars of this award at Harvard University E)efore returning to the uniyer.sity of Cambridge in 2018 to establish a researLh group at rhe newly- opcned Lambridge In.8titute for TherapcuriL Immunology and InfeLtious DitTreasc. Hc joined the FranLiS Crick Insticute as a clinical sroup Icader in 2Q21. His lab studies how riny difF¢ren¢es in our DNA predisposc us to autoimrnune discases suLh as Crohn's disease, rheumataid arthritis and psoriasis. Katharinrd Schmack Iclioical call 20201 Katharina received her MD/PhD equivalcnt in 2009 from Charitc, Berlin wherc she a150 completed her postdoctoral training? Llinical scienttst fellowship and psyLhiatry speciali7.ation. In 2018, she received a research fellowship from rhe Cterman Academy of SLienLC.s Lcopoldina, and joined Adam KepeLS'S group at Cold Spring Harbor Laboratory? New York as a researLh investigator. She joined the Francis CriLk In5titutc as a clinical group leadcr in 2021. Hcr lab studies the biological mechanisms underlying P5yLhosis. to find new ways to treat brain disorders SULh as schizophrenia. Philippa Matthews (Clinical call 20201 Philippa obtained a Bsc and then completed medical training ar Nottingharn University in 2000. She trained in postgraduate medicine at the Koyal Brompton Hospital, Harnmersmith Hospital, UCL and King's Collegc Hospital, before moving to Liverpool to Study for a diploma in Tropical Mcdicine and Hygiene. 14 1 he Francis Cr ck l?slilule Limited annual reporl and financial 51alemen+s 2022 Trustees. report (incorporating the strategic report and directors. reportl continued After spending time gaining clinical experience in Malawi, Philippa returned to the UK to take up a training posc in infectious diseases and microbiology in Oxfnrd. Supported by an MKC. fellowship award. she undertook a DPhil studying the immunology of chrnnic HIV infecrion, working closely with collaborator5 in South Africa. While completing SPCLialist training, shc re-focused her research on hepatitis B Yirus IHB Vl infection with funding from a NIHR LeL¢ureshipy and took up a consultant post in cliniLal infection in 2015. A year larer, she was awarded a Wellcome Trust Intermediate Clinical Fellowship, and established her group in Oxford, working in partnership with clinical research team5 in South Africa and Uganda. She joined the FranLis Crick Instirute as a clinical group leader in 2021. Her lab works to improvc insighty into the biology of HBV infection. In addition to Charlie McTernan, who joined in February 2021, thr¢¢ further appointments resulted from ¢he 2019 call for early career physical SLienLes group Icadcrs, run join¢ly wirh our partner universities. Thcse appointces joined rhe Crick b¢tween April 2021 and MarLh 2022: Alberto EIos¢gui-Artola Iwith King's COlle￿e London) Alberto obtained a PhD in Binmedical Engineering from the University of Navarra 15painl in 2012. After graduation, he moved ro BarLel()na to the laboratory of Pcrc 11(ILa-CusaLhs at Intltitutc for Bioengineering of Catalonia IIBELI to pursue his postdoctoral ytudies. During this time, he contribuc¢d to the identification of novel molcLular meLhanismt& that Cxplain how Lells sense and respond to m¢Lhanical properties. In 2017, he was funded wirh a Marie Skl()dowska-Curie fellow.ship to continue his retlearch training in David J. Mooney's laboratory at Harvard Univer.$icy. Here, he examined the influenLe of the cxtraLellular matrix visL()elasticiry in Lell and tissue response. In 2020, he wa5 awarded an ERC. Starting Grant and joined the FranLiS Crick Institute in 2021 in a joint appointment with the PhysiLs Department at King's CJollege Londun. His lab will integrate physics, engincering and biology to study the role of m¢chaniLS in living tissucs. Zena Hadjivasiliou Iwith UCLI Zcna has an undergraduate degree in Mathcmatics from the University of Lambridge and an M.5c in StatlStlC5 from stanford University. She moved to London to do a PhD in MathematiLal Biology at UCL with Andrew Pomiankowski and Nick Lanc, working on the evolution of mating typcs and sexual dimorphism. After reieiving an F,nginccring and Physical Sciences Research Council IF.PSRCI Fellow8hip she ontinued to work on evolutionary biology) the ¢volution of mating rypes, mating type switLhing, gcrmline evolution and the role Df mironuclear L02dapt2tion An pcciation. Funded by an Human Frontier S¢ience Prosram IHFSPI fcllowshipy she then studied growth control? patterning? and the .%caling of morphosen gradients during dcvelopment with MarLOS Gonzalez-Gairan at the University of Gcneva and Frank JuliLher at thc Max Planck Institute for the Physics of Complex Systems. She joined the Francis Crick Institute in 2021 in a joint appointment with the Department of PhysiLS and Astronomy a¢ UCL. 15 The fjranciJ Crick Inslilule Limilod annual ￿￿Ort and IinaDcial slalemenls 2022 Trustees. report (incorporating Ihe strategic report and directors. reportl continued Jcanine Hess Iwith King's College London) Jeannine obtained her PhD in 2016 from the University of Zurich under the supcrvision of Gilles Gasser, wherc she designed, synthesised and evaluated a range of metal-bayed molecules tu find Lures for various parasitii worm infeLtions that are an immersive threat to humans and livestock. She then sccurcd a Swiss National Science Foundation15NSFI Early Postd()L Mobility Fellowship to work with c.hris Abell ar rhe Universiry of C:ambridge, where she fuLused on scructural guided drug design tu find cures for tuberculosis. In 2018, Jeanninc was awarded a Marie Sklodowska- Curie Individu21 Fellowship to Lontinue her projects but also ¢0 f()cus on alternative antimiLrobial agents using fragment-based drug disLovery approaLhes. In 2021 she joincd the Francis Lri¢k InyritutL and King's College London as a Group Leader and LeLturcr. Hcr group will work on thc dcvelopment of rationally designed metal-bascd antimicrobials. We Lontinue co support our juninr researLhery through the ongoing chall¢nses of the panderni¢, whiLh inLludcs delivering che training elements of their programmes via rcmore or hybrid seilsions, We agrced extension% for final year PhD stud¢nts whose research was signifiLantly disrupted by the COVID-19 pandemiL. and Crick group Icadcrs were invited to apply to cxrend the Lontract of any affecrcd postdoLy for up t() six months. In September 2021, 42 new PhD studcnts Ifour wirh jDint CriLk and university co-primary supcrvisorsl and six doLtoral Llinical fellows jaincd our PhD programme. Uur PhD induLtion programme introduLed them to the LriLk and the opportunities availablc to PhD 5tudentSy prnyiding them with some v¥sential skills and information. and plenry of opportunities for them to get to know eaLh orher. For the 2022 PhD studcnt reLruitment round, we made a number of Lhanges to the online appliLatiDn forrn and recruitment .Sy8tem, to minimise the potential for bias during thL shortlisting proccss. These included anonymising the lisr of appliLants that sroup leaders yee while they carry out their initial review of the candidates and restruLturing che personal scatemenr seition to inLlude dirccted quetTrrions. Around 1,.500 2pplication5 were received, and 125 Landidates w¢re invited for panel interviews and I:1 interviews with spccific Group Lcaders. We made .52 offcrs 136 female, 15 malc, one neither/prefer not to say), 4.31.30 femal¢, 12 malc, one ncitherlprefer not tu say) of which were aL¢eptcd. We also intcryiewed 16 LliniLians Iseven female, eight rnale, one neithcrlprefer not to say) for C,ri¢k doctoral cliniLal fellowships, and Six (three female, three malel will join our three-ycar clinical PhD programme in .Septcrnber 2022. In 2021122 we rcccived 1,647 applications for the postdoctoral fell(Jwshtp positions that we advertised and filled 58 posts. 16 -h.e I rancis Cri,-k 11151ilulp l.Imiled anfjiial r.porl and Iinan-ial slalcmenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued The 2022 Crick Postdoc to PI Programme, which provides training and support for P05tdoLS preparing to apply for independent research p051tions, started in January. About 60 postdocs at(ended The introductory session. and 20 signed up for the programme of praLtiLal sessions. through which rhey receive advice and feedback on different stages OE the process. Twelve Crick postdocs joined the 2022 rohort of the CriLk Postdoc TeaLhing Programme at King's College London, through which they receive training and participare in tea¢hing activities within speLifiL Kins's departments. Another 27 po8tdocs ran turorials aimed ar bringing biomedical research to life for first year UCL Medical and Biomedical Sciences Students. Our Science Council's TeLhniLian Commitment ITCI Steering group continues to meet monthly) oversc¢ing our TC action plan. The Crick's work in this area was reLognised via a TC. Impact Award from the Science Council ar th¢ TechniLian Commitment signatory event in November, in recognition of our commitment to ensuring visibility, reLognition, career development and sustainability of teLhnical skills and rolcs. In Novernber, seven Lrick laboratory research scientists attended the 2021 Research Institutes Technician Symposium focussed on 'Owning your Technical Career,. Eight Crick te¢hnicians have been aLcepted onto the FIerschel Prosramme for Women in TeLhniLal Leadership - a new national init14tive designed to elevace and advance opportunities for women who are Lurrent or aspiring leadcrs in techniLal roles. Our first ever Technicians, Week was hcld at the end ()f MarLh 2022, inLreasing awareness of thc TechniLian Commitment, and the support and development opportunities available to teLhniLal staff across the CriLk. In July, 16 students joined the 2021 Crick-calleya summer studcnt programme, which provides ¥¢cund year undergraduate students with nine weeks of research experienLe, supervised by CriLk postdocs. The programrne ¢ulminated in a symposium at which the stud¢nts presented their work. We received 538 applications fr)r the 16 pr)sitions on the 2022 programtne. Ten undergraduate 'sandwich students. finished thcir year-long placements with the Crick in sumtner 2U21. We had 317 applicants Eor the 2022 programmc, and the 10 successful student5 will be joining our research groups and STPS for 12 months in July 2022. We are commirted to supporting the training and development of our students, postdocs, laboratory research scientl8ts and other teLhni¢al 5¢aff, including via our re8ular careers talks and Crickconnect - our online platform for currenr and former Lrick students and staff, which now has more than 1,400 tnembcrs. 17 The Francis Crick Institute Limited annual report and financial statements 2022 Trustees. report (incorporating the strategic report and directors. reportl continued Crick academic collatsoralions Collaboration is an important part of the Crick's strategy. We partner with our founders and the broader scientific community? both in the UK and internationally) to recruit and train the best scientists, ro share knowledge and expertise in order to deliver multidisciplinary research, and to ensure our science benefits socie¢y. Many of these partnership5 are described elsewhere in this report, but below are some additional examples of Lollaborarions that the Crick contributed to in 2021122. Th¢ Cri¢k's thrcc university partners- Imperial College London, King's College London and UCL - bring specialist knowledge, skills and resources to help us ¢*rry out ground-breaking research across a range of scientific disciplines. Our attachments programme allows researchers from our parmer universities to apply to temporarily move all or part of their research prograrnme to the Lrick. W¢ made four appointments via our 2020 attachment Call, all of whom joined in 2021: MiLhele's laboratory study T-cells, a central part of the immune system which identify foreign partiLley in the body. At the Lrick, his team will investigate how T-Lells idenrify a Set of poorly understood, unconventional particles and how the immune System responds when these particles are spotted. His team will investigate the rolc of the unconventional partilles in Lancer, infeLtion and autoimmunityy Wlth the lun8- term aim to improve the effiLacy of immunotherapy and vaccine development. Members of Cristina'5 lab will work with Ilaria MalanLhi's group at the Crick to investigate how stem Lells in the bone marrow maintain blood cell production, and what happens when the regulAtiun of this process 8oes wrong in leukaemia. The team will use advanLed imag7ing teLhniqu¢s to analyse the meLhanisms regulating stem cell proliferation and Malignant growth in rhe bone marrow, which will ultimately lead to improved (herapeutic strategies. A collaborative team led by Eatnonn Reading, Argyris Politis and Antoni Borysik will work with the Crick ProteomiLS STP to develop the tcchnology used for mass spectrometry-led structural biology of proteins. The team will cotnbine its expertise in Lhemistry and biology to acLelerate development of protein structural mass spectrornetry at th¢ Crick, in order to better understand proteins important for human health, SULh as those involved in antibiotic resistance and treatment. Marco Di Antonio Marco Di Antonio's team will work with Paola Scaffidi's group at the Crick to investigate how unusual DNA modifications can lead to chemotherapy resi5tanLe in ovarian cancer. The project brings together Marco's expertise in chemistry with Paola's expertise in canLer biology and has the potential to identify novel rargets for therapeutic intervention in a number of cancers. In the 2021 attachment call we approved five new attachments from Imperial College London, which all commenLed in early 2022. 18 The Franc15 Crick Institute Limiled annual reporl and financial slatefflenls 2022 Trustees. report (incorporating the strategic report and directors. reportl continued Partners in the Crick Three of our partners have moved existing labs into the Crick or established new labs in our building. Co-IoLating with our partners in the Crick building allows uty to more easily share expertise, equipment and resources, and establish collaborarive res¢&rch projects. The prcsence of partners in the Institute also strengthens the culture of translation that we aim to foster at the Crick. The Na(ional DireL¢or of the UK Dementia Research Institute IDRII, Bart De Stroope4 moved his laboratory to the Crick as a UCL attachment group. The Crick also provides IT services connccting the DRI rescarch cenrres, and we are exploring how we Lan build on these activities ro develop 2 re%earch partnership wirh the DRI. Lif¥ArL (formerly MRC Technologyl is an independent medical research charity that helps to turn promising SLicnce into benefits for patients. The Crick and LifeArc have a well-developed partnership. with LifeArL supporting rnany of the Crick's translational activities. In MarLh 2021, LifeArc opcned a lab at the Crick, which will fvcus on building their capability to deliver fully human anribodies, using their transgeniL miLe platform, and the CriLk's Biological ResearLh FaLility IBRFI and Flow Cytometry STPS. riz C,anLcr Rcscarch Horizuns ICRHI. formerly Lalled UK Therapeutic DisLovery Laboratories, is CRUK'S in-house drug discovery operation and aims to acLeleratc the translation of novel academic findings into next-seneration cancer therapeutics that benefit patients. Thcir laboratory in thc CriLk will .support rheir translational Activities and will house a major part of their alliance disLovery team aLross protein science, crystallography, and targer biolosy. Through their presence in the Cri¢k, CRH aims to develop new collaborations centred on novel area.% of cancer biology. ThL (.riLk has dcvclnpcd J nurnbcr of in$titutional level partnerships, som¢ of which are international, that offer the porential for enga8ernent through collaborative research, rranslatinn, training PAnd operAtions. Some of our partnership activity, particularly our international artnerships, wa.4 somewhat muted this year due to the pandemiL. however, the fo owing inter-in8titutional aLtivity continued or was es¢ablished in 2021122: The CRUK City of London Centre is a joint initiative between UCL, BartslQMU King's Health Partners and the Crirk. It is supported by a £14rn award from CRUK and focu5es on the development, manufaLrure and precision appliLation of biological therapies for cancer. The Crick coordinates junior rescarcher training for the centre and this year saw the second intake of trainees to the programme. This Lohort included 10 PhD students, three MBIPhD students and four clinical fellows. 19 The Francis Crick Institute Limited annual reporl and financial slalemenls 2022 Trustees. report lincorporating the strategic report and directors, reportl continued In August 2020 we entered inro a partnership with our neighbour, the Alan Turing nscitute, to facilitate data-centric biorncdical science research collaborations and ireare a new Lulrure of integrating big data analytics with biology. Crick- Turing Biomedical Data Science Awards allow Turing data scientists to work with biomedical data generated by CriLk scientists. Participating Turing staff are seLonded from universities including Imperial College London, the Universiry of Birmingham, the Univ¢rsity of Bristol and the University of Manchester. This year we joined the Leap Health Breakthrough Network, a global group of leading a¢ademi¢ and rescarLh institutions Lommitted ro solving the world's most serious health challenges, such as cancer and infe¢tiOUS diseases. The Leap Health Breakthrough Network hAS been established by Wellcome Leapj a non-profit organisation founded by WellLome, to accelerate innovations and Lollaborations that benefit global hcalth. The network is madc up of 21 world-clas5 institutions representing over l.50,000 rescarchers acrusy six ¢ontinents. Max Cjutierrez was recently awarded funds as Icad invcstigatar to support his project 'Lung engineers: stem cell-derived bioengineered alveolar models in human health and disease, James Briscoe is involved in a consortium lcd by the WellLome Sanser Institute, with other collaborators from F.MBL in Heidclberg? the Universiry of Lambridge Medical khool, and the CRUK Cambridge Centre, to study rhe regulation of glioblastorna multiEorme, the most aggressive brain tumour. Our parrnerships with industry are outlined in the following seLtion. Crick impacl C.riLk dis¥ov¢ries are intended co benefit soLiety and imprDYe people'& lives. We have a number of prosramrnes in place to make sure our scienLe has an impaLt beyond a¢4demia. The C,rick is developing divcrse links with the clinical medicine community in ordcr to extend tEie s¢ope of it5 discovery research, train a cadre of clinician scientists, develop an awareness of cliniLal medicine amongst scientists ar the Crick and, ultimately? facilitate the application of Crick research for patient benefit. We are developing A concept to introduce 'Clinical Cyrand Rounds,, including a LliniLal case presentation, wichin the Crick's current intercst group programmcs. Wc have buy-in from the partner universities to ensure access to patients and their particular cases. This will be a useful complement to the 'Medicine at the Crick. events in providing patient-based illustratiuns of medical advances and tnedical need5 to Crick investigators. We are also developing medical experience prograrnmes, including Crickmed where Group Leader5 ¢aD spend a week in a clinical environment ar our partner univer51ty hospitals, being exposed to different types of cliniLal activity and practiLe. The long term goal of this Scheme is for Crick scientist.s to interact with clinically active rcscarchers to further promote collaboration and translational science. 20 The Franc15 Crick Inslilule Limited annual report and Iinar,cial slalemen15 202Z Trustees. report lincorporating the strategic report and directors. reportl continued In addition we are planning to build a partnership with the Royal College of Surgeons of England IRCS) to engage praLticing surgeons with fundamental lab-based research, enabling them to gain insight inco Crick science and caralyse thinking that may lead to research collaboratiuns and support the testing of scientific hypo¢hcses on human samples. In addition to our group leader programm¢ for clinician scientists, we also provide training for researLh-aLtive Llinicians at the doLtoral and postdoctor21 levels. These LliniLal fellowy are embedded in CriLk research groups and benefit from all the facilities and collaborations that rhe Crick has to offer. .Six doLtoral LliniLal fellows joined the crick as par¢ of thc 2021 PhD programme intake. We received 96 appIl￿tIOnS for our 2022 Crick doLioral clinical fellows PhD prugramme. Intervicws were held in January 2022 and six offers were rnade, all of whiLh have been accepted. These fellows will join the Crick as par¢ of the broader 2022 PhD Lohort in Scptember. In 2021, three cliniLians were intcryiewed for fully-funded postdoctoral LliniLal f¢llow positlODS at the Lri¢k. All three clinicians were offered a fellowship and ¢hey all acLepted. Two of these fellows havc now joined che C.riLk and the third will join in summer 2022. This period also saw two clinicians joining the Crick as externally funded postdoLtoral LliniLal fcllows. In partnership with industry* thc Crick's Translation team provides our researLhers with easy access to the expertise and mcLhanisms needed to Lonvert discoveries into applications, The (:riik's Ide2 to Innovation li2il scheme it• funded by external grants and supporcs early stagc translational projects. In 2021122, 17 projects were awarded funding, whiLh means that, to date, over £6.5m has been invested in a portfolio of 69 projects. Lore funds have been used 10 create a parallel Crick 121 technulogy funding initiative, which has SUPPOrted five new technologies. The CriLk Luntinued to build on its disLovery partnerships with industry in 2021122. Two ncw projects storted in a.ssociation with the Crick's pre-competirive partnership5 with GSK, AstraZ¢neca and MSD. In total, the Crick now has 72 active proj¢ct5 Wlth over 20 industry collaborators. These involve 27 industry scientists embedded and working in close proximity with CriLk researLhers, and 18 Crick postdoc5 spending time in the industry environment as part of their projects. These partnerships add value to the Crick's discovery scienLe by capicali5ing on complementary expertise and technic21 capabiliry. Many lead ro publicariont&, skills development and additional funding. 21 The Francis Crick Inslilule Limited annual report and Financial statements 2022 Trustees. report lincorporating the strategic report and directors, reportl conlinued in- To datL, ten spin-out companies have been developed from Crick science) progressing discoveries from across cell therapy, vaccines, rnediLal t¢chnology and small molecule therapeutics. These companics employ over 500 people and have raised more than $lbn in follow-on investment. In 2021 Adendra Ther2peurics Ltd was launched, a t>pin.out of immunology research from the lab of Caetano Reis e Sousa. Adendra will di.Kovcr 2nd develop treatment.s for cancers and auroimmune diseases by applying new insights into how dendritic cells rcgulate the body's adaptive immune response. In April 2022, Takeda exercised its righr to buy GammaDelta Therapcutics Ltd, one of the Crick's first spin-outs, and Adaptate BiotherapcutiC5, a spin out from GammaDelta Therapeutic.s Ltd. GammaDelta TherapeutiLs Ltd is currently rrialling the use of gamma delta T lells to treat patients with acute myeloid leukaemia. An impi)rtant aspeit of trartslation at the Crick is providing s¢i¢ntl8ts with training And mentorship to translace researLh into real world solutions. Our entrepreneurship curriculum is bcncfitting both our scientific community and the broader UK CCOSyStem. This year thc curriculum involved.. Translational leLtures and workshops for Crick 5tudent$ and staff, dclivered by rnernbers uf the Crick's Translation team, Translation Advisory Group and industry partners. The fourth cohort uf the Crick's KQ Labs accelerator, whirh aims to build a world ¢IAss eLosyscem of dara-driyen healrh companies basLd in I.ondon's Knowledge Quarter around Kins's Cross. The programme is funded by LifeArL and partiLipating Lompanies arc provided with 8 £40,OUO Lunvcrtible loan, training and mentorship a% well as introduLtions to investors and corporates over five months. The .30 start-ups supported in the previous three Lohorts have LolleLtivcly raised more than £45m in funding, reflccring the quality of the programme and the growing ecosystem. A three-part serie$ of virtual masterLlasses with participants from the Crick's university partners, other affiliated aLadcmic institutions and the Crick. Due to the pandcmi¢, this took the place of an inceraLtive in-person event for the sccond Data x BiumediLal SLi¢nce Summer School, developed jointly by the Crick, the Alan Turing In.sritute And Entrepreneur Firt>t. The fifth round of PULSE - Programme for Up and coming Life kience Entrepreneurs. Devcloped by the Crick and the Bioindustry Association IBIAI, PULSE is a three-day leadership and entrepreneurship training programme for early Larcer srage entrcprcneurs and new CEOS, mostly coming from an academic setting. Our VC breakfasts con¢inue to bring investors Lloser to the Crick? giving them an insight into current discovery scienLe and promoting an informal network for our group leaders. Our most recent talk was delivcred by Dr James Lee, a Clinical CFroup Leader at the Crick and honorary conbultant ga5troenterologisr at the Royal Free Hospital, who gave a presentation on 'unlocking the potential of genetlcs for drug disLovery'. 22 The francis Crick In51ilule Limited annual reporl aid financial slalemenls 2022 Trustees. report (incorporating the strategic report and directors. reportl continued In April 2022, a £50million plcdge was secured from the Chris Banton Foundation which will be used to support commercial activities and scientific translAtion, dedicated to accelerating the translation of Lrick discoveries and ideas into societal benefit, including thc prevention, diagnosis and trearmenr of hutnan disease. Crick operations World-class researLh needs an exLellent supportins infrastructure to enable its success. At the Crick we continuously review and irnprove our facilities and processes ta ensurc they provide the best support Possible for our SLience and our scaff. tr In April 2021, the 'A Drop of Hope, puetry display was inscalled outside the vaccination centrc at the Crick, showca.sing 12 poems inspired by the refl¢Ltion8 of more than .3,000 volunteers and people who received vaLcinaticJns at the Crick. This partiiipatory arts project has sinLc become a Lase study for the WHO and won a prestigious national design award. While the publiL gallery and Weston Disiov¢ry Lab Luntinued to be used as a vaccination centre, the CriLk reintroduced faLe-to-face publiL engagement activities as restrictions eased. increasing numbers of visit8 to local schools and holding a series of outdoor events in July and August reaching over 3.50 people. Despite considerable disruption, our education outreach programme reached a total of 6,81.5 Camden students in the 2020121 academic year, supporting the science education of Camden students during another Lhallenging year. Augtsst saw the return of on-site work experience plaLem¢nts, and the Weston Discovery Lab re¥umed normal delivery of workshops from early Seprember. In September, we wclcomed visitors baLk to the Manby Gallery with the launch of our larest exhibition OMtwi¢ting C4n¢er.. Making sense of nathre's enigm4. From September 2021 to March 2022 more than 6,.5 00 visitors engaged with this exhibition, exploring cancer research through an immersivc art installation and a series of films featuring conversations betwcen CriLk researchers and those with personal experienLe of cancer. The reopening of the gallery also enablcd us ro resume on 51te events, with regular Meet a Scientist sessions running twiLe weekly in the gallery134 event5 from September 2021 to March 20221. We launched a new series of Super Science family events, a morning of hands-on 5cicnce activities durins school holidays. These have been very popular, with 147 people attending the first two events. A new Crick Night series launched in March with two events foLusing on genome editing and cancer research. 23 The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 Trustees. report lincorporating Ihe strategic report and directors. reportl continued It was another challenging year for our local community. In November, we had the highest number of applications to our Lornmunity Chest grants SLherne Since it launched in 2010, and we supported 15 vital local projects over the year including a weekly drop-in service providing a safe space for those who are rough sleeping? and cycling maintenance workshops for young people. The Community Ensagernenr team have also been working with Speak Street la language café for refugees and asylum seekersl to develop and deliver a codeveloped science learning resource fearuring Crick scientists. The Living CeDtre Lontinues to Larry out essential work supporting the loLal community in its fifth year, and has logged l 0,714 interactions through ity services. The centre is a key pArtncr in two new major grant funded projeLts. Somcrs Town Furure Neighbourhoods 20.30 Isvmers Town is one of two London neighbourhoods re¢eivins £1.4m funding from the CJreat¢r London Assembly IGI.Al to dcvclop and implement visionary strategies for a green recovery from the pandemicl and the Somcrs Town Climate ALtion programme Ifunded by The National Lottery Community Fund). The Crick extended the LonrraLt with Somers Town Community As$ociation to run thc Living Centre for another five years, pcnding a satisfactory review ar rwo years. In line with this rcview, rhe Crick cummissioned an external cvaluation of th¢ Living Centre and its impact locally, with thc rcport due in November 2022. The Crick continues to srow our digital ensagement, continuing our succcssful Instagvram Meet a Scientist sessions, upluading new Lontent to our Family Zone, and for the fir%t time developing a full online exhibition cxpcrienLe for Outwitting CanLer featuring videas, imagcry* animarion and text in 4 Vl5ually engaging format. In January 2022, we started a new philanthropy funded projcLt to expand our digital engagement programme in a stratcgic and sustainable way. The pandemic continucd to dorninate media storics and public affairs activity throughout 2021 and into 2022. As the vaccination centre Lontinue(i operatlng until August 2021, we shared stories from Crick volunteers and also supportcd thc installation of 'A Drop of Hope,, highlighting the unique cros.sover of science and art. We coordinated Primc Ministcr Boris Johnson's second varcine, working closely with No.10 Downing Street and the police. There was an enormous amount of media intercst and it was a unique opportunity for Paul Nurse and Sam Barrell to introduce the Prime Minister to the Crick model, the nature of our research and our agile ret>ponse to the pandemiL. We reported regular research updates from the Crick Legacy study. dctailing changes in immuniry to COVID-19 after vaccination and with the emergence of new variants of concern. Thi5 was alsu our first experience of dealing with the mass spread of misinformation online. In collaboration with fact-checking organisations and journalists, we worked to correLt sturiet& featuring misrepresented Crick researLh that was being spread by anti-vaxxer5 on Social media. 24 The Francis Crick Inslilule Limited annual report and linanc ai slalemen;5 2022 Trustees. report lincorporaling the strategic report and directors. report) continued This year there was renewed media interest in flu rcsearch in lighr of reduced social contacts and changcs in global travel. W¢ worked with the flu lab and John Mccauley to answer many questions from journ21ists about the next flu season and also secur¢d a IoDg-r¢ad feature in the Guardian Magazine. In September, the 'Outwitting Cancer, exhibition was accompanied by a variery of articles in the rnedia. We also highlighted the work of the Crick education team via rhc Nature podcast and a submission to the House of Commons Science and TcLhnology S¢lect Committee investigation into diversity in STF.M. Bcyond COVID-19, there were opportunities to re-engage journalists with other areas of science. We hosted reporrcrs from BBC Radio 4 Today. the i, Times, Sunday Timey, T¢lcgraph and Observer, talking to them about new projccts in the fields of neurobiology) regenerative medicine, cancer and immunology. There was also considerable press ¢overage for a paper from the Sex Chrotnosume Biology Laboratory* derailing the first time single-sex mou%e litters had bcen tnade with 100 per cent efficiency. Additional parliamentary engagement activity included Paul Nurse and Peter RatLliffe providing evidenLY to rhc House of Commons ScienLe and Technology Select C'omrnittee as part of their exploration of Government Lornmitments in relation to increasing R&D investment ahead of the Autumn Budget 2022. We also hosted Secretary of State for Health and Social Care .Sajid Javid, leaders in the field of cancer Lare and health journalists, for the Department of Health and Social Care's announLernent of a 'war on LanLer'. As negoriations with the EU ¢ontintse it is still uncertain whether researchers in the UK will be ablc to benefit from valuable European funding schemes. In December 2021, Paul Nurse was intcrviewed on BBC Radio 4 as part of a coordinated Sector wide push to raise awareness of the delays to full association. He is also vne of the hiRh-profile supporters and signatories to thc pan-F.uropean Stick To Science Lampaign to unlock the policiial stalemate on Horizon assoLiacion between the F.uropean Commission and the UK and Swiss governments. At the end of.lanuary 2022, Jane Hughes stepped down as Director of Communications and Public Engagement, after four years in the job. In April 2022, t+he was suc¢¢eded by Ali Bailey, formerly Director of Lommunicatlons and Engagement ac Cambridge University Hospit418 NHS Foundation Trust. acilities The Facilities ceam implemented a number of changes in the building du¢ to the pand¢mi¢, in¢luding enhanced Lleaning regime5, s￿urity and aLLess procedures, signage, and increased ventilation rAtes, which are regularly reviewed and adjusted. The team a150 facilitated the Lonversion of our exhibition space into a vaccination centre and managed the operation over several months in conjunction with University College London Hospitals NHS Foundation Trust. Following the closure of the vaccination centre in August 2021, the space was converted back to its normal function, in time to host the 'Outwitting Lancer, exhibition. 25 Ihe Francis Crick InJlilule Limited annual report and financial slalefflents 2022 Trustees. report (incorporating the strategic report and directors, reportl conlinued Progress on projects to improve th¢ resilience of the building infrascructure ontinues. A project to install more resilient reverse osmosis water %upply units to the laboraiories has been completed, and connection to the Camden district CHP electricity supply is now live and Supplying approximately 15 /0 of our electricity demand at a slightly reduced market rate. Orders have now been placed to install Ihc voltage Londitioning equipment to mitigate the effects of 'brown-outs' with Lompletion expccted later in 2022. Detailed planning for the firsr phase of the three- year prugramme to upsrade the Building DAanagement System has been completed, and in5¢8llarion work began in April 2022. We have launched a new initiative to develop the Crick's carbon reduction strateBY, and to support ¢he drive to beLome a net Lero carbon operation. A number of cnergy saving projects have already b¢¢n implemented. and longer term options for potential deLarbonisation of the Crick have been developed. IT fun¢tion5 at the Crick have undergone a signifi¢2nt restruLturc, with the 5Lientific c.omputing team merging with the wider Information Technology & 5erviLes IIT&SI team to form the Inforrnation TeLhnology Office Irroi, with the new combined function forming part of the ScientifiL TeLhnvlogy Platforms organisation. Given thc rapidly expanding reliance on IT skills and infrastru¢turc within science. this mov¥ was integral to cnnrinuing tri dcvLI()p the IT offLr to our rc5earLhLrs. allowing for a step Lhan81 in the Lumplexity and sophisticatian of projeLts that Lan bc dLlivered. A new mid-rerm str4tLgy has been developed to leverage thc nLW organisarion most effectivelyy and the first results have been seen in a 187 /0 gri)wrh in projeLt demand, 8nd Llose to a rhrce-fold growth in the usage of high-pcrformanLC Lompurin8. Signifiiant work will iontinue during che coming fiscal year to complL&tely replace the high-perfi)rmanLe Lomputing and data infrasrrucfure, and we foresce A further growth in dcmand fi)r project services, especially in machine learning and artificial intelligence. Applications to the 2021122 MIIC. StrategiL Equiprnent Fund have been SULLcssful, with a £3. Im award bringing new capability and capality in Light Microscopy? l)roteomii.%, Flow Cytomerry and Hiscuparholosy. We were also owarded £2m for the CriLk data Analysis and Management Platforrn ICAMPI upgrade, takins this year's total award to £5.1m. A po%itive culture that ensures fair treatment of everyone and supports staff wcllbeing is paramount for attracting and retaining the best talent. The CriLk iti Lommitted to ensuring that the right policies and measures are in place to achicve this. In recognition of the irnpaLt that the COVID pandemic, lockdowns and enforced changes to working patterns have had on our s¢aff's wellbeingtr we have Lonsciously developed a support and engagcment approach to enable people to return to the Crick, We have set up new areas of foLUS on wellness to look at the dimensions of physical, incellectual, ernotional, environmental, and Social expcrience while at work and how wc can Adapt our environment to promote staff wellbeing and engagemcnt. Wellbeins activities have continued, with topics covered including World Mental Health Day and alLohol awareness. So far this year we have promoted and supported the following national campatgns: Dry January? Blue Monday? Obesity Awareness Week, Cervical Cancer Prevention Week, Time to Talk Dayi National Heart Month and Eating Disorder Awareness Week. 26 The Francis Crick In51ilulo Limited annual report and financial slalemenls 2022 Trustees. report (incorporating the stralegic report and directors. reportl continued We have recently provided refresher training for our 17 Mental Health First Aiders IMHFAS) and have also trained 16 colleagues to bccome accredited MHFA5 to strengthen agency in this area, and importantly to fill some gaps in diversiry. We ran our first highly successful Menopause Café, creating a safe space for members of the Crick communiry to share experiences and find .support through colleagues, and to destigmatise the discussion on menopause. A Menopause Cafe working group ha5 been formed, whiLh will meet regularly to deliver a wide prograTnrne of group activiries and talk$. In a year wher¢ we have faced unprecedented Lhallenges. it is importanr to rccognise ourstanding pcrformance, In October, we hosted the annual Crick Awards ¢¢remony? relcbratins and recogni5ing some of our ourstanding colleagues aLross both science and operations. Awards wcre made in six categories linked to the Crick stratcgy, drawing on over 170 nominations, with five further awards for scientific achievement. Our 2020121 gender pay gap is currently 11.5P/o Imeanl, lower than the UK average of 14.1 and signifiLantly lowcr than the average for most HEIS Icirca 17 /.1. A refreshed Equality J Diversity and Inclusion IEDII stratcgy was endorsed by the executive rommittee in 2021 for the period 2021-25. The strategy has three aims: To be an employer of ¢hoi¢e for people regardless of their ethnicitytr disabilityj sexual orientation and socio-economic backgrounds. To provide an inLlusive working environment that allows people to be comfortable and confident to be rhemselves at work. To demonstrate sood practice internally and ¢ollaborate externally with research insritu¢ions. We have appointed a new full-time permanent EDI manager who will drive our aLtivity and progress to deliver the EDI ambitions and priorities derived from the Athena Swan. and RaLC Equality Charter, EDI and Stonewall acti()n plans. Itnmediate priorities are: Focus on ethnicity: analy8ing our data, aiming to increase diversity in recruitment of operational support staff. Recruitment: Review of reLruitment processes with aim of improving diversity balance in 5hortlistins? Starting with PhD student and Group Leader recruitrnent. Ensuring we have reiruitment policies and approaches that attract candidates from diverse backsrounds. Dialogue: Leading and enLouraging dialogue abour ethnicity and equity at all levels within the'crick comrnunity. Enable: Initiating an EDI training programme which is appropriate and relevant to our .sector. Engagement with all our colleagues and addressing issues where they are 'dentified. 27 The Francis Crick Institute Limited annual report and financial statements 2022 Trustees. report (incorporatin9 the strategic report and directors. reportl continued evi Following the Institute's quinquennial review visit on 16-18 November 2021, the CriLk was awarded an overall SLore of 10110 for both past and planned future activities. Thc Crick rcceived the full report from the r¢viewing panel in December 2021, which confirmed the sucLessful outcome, highlighted excellent research raking place in the Institute, and identified areas for further development. The financial review. whiLh ran separately from the scientifiL review) produced a report that was extremely positive. The final funder recommendation5 and financial package for the next funding period have now been finalised. Future plans With the pandemic and the quinquennial review now behind us, the Crick 15 now firmly focused on the future. Having Successfully navigated our way through the firsr rwn phases of the Crick's development - launching the Institute (phase 1: 2015-20161 and optimising operations Iphase 2: 2017-21)211- we are now moving to phase .3: consolidating the Crick's position as a world-class biomcdical research institute. The C.rick's strategic plans for rhe nexr funding period are artiLulated in our n¥w strategy) Di8c()very Without Boundaries 2021. Our mission - world class discovery research to undersrand how living things work and ¢0 drive bcnefits for human health- is .%LientifiLally ambitious and requires a long-term perspeLtive. Our srrategic priorities are Llear, and in the coming year we will develop a tactical approaLh to ensure that the CriLk has the resources, structure and processes in place to allow it to achieve its full potential. 28 The Francis Crick Institute Limited anr7ual reporl and financial s;alemenls 2022 Trustees. report lincorporating the strategic report and directors. report) continued Financial review The trusrees present rheir annual directors, report and strategic report together with thc consolidated financial sra¢ernenrs'for tFie charity and its subsidiaries (together, 'the Group'l for the year ended .31 March 2022, whiLh arc prepared to Tneet the requirements for a directors, report and financial statements for Companies Act 2006 purposes. The financial statcment5 comply with rhe c.harities Act 201 I, the Companies Act 2006, and the Statement of ReLomtnended PraLtice appliiable tu LharitietTr preparing their accounts in 2CLordance with thc Financial R¢porting Standard applicable in the UK IFRS1021 effeLrive l January 2019 IC.harity SORP 2nd F.ditionl. The trustces, report includes rhe additional Lontcnt required of larger charitics as required by th¢ Charities .SORP. Overvlew of performance In 2021122, the Crick faced th¢ challenge r)f cmerging from the C.OVID-19 pandemiL, ramping up siientifii opLrations as well as ensuring the associated Supporting teams were able to meet thcsc increasing demands despire ongoing l(Kkdown arrangements. The Crick also undcrwent its first quinqucnnial revicw with the intention of wurkin% with its core funders to agree funding arrangements f(>r the subscquent.4evcn-year p¢riod. Furthermore, thc CriLk faicd the Lhallcnge of irs first full year of opcrations sin¢e the implementation of th¥ Institute's new Enterprise ResourLe Planning IERPI systcm, Workday. The c.rick was able to deal with all of these Lhallenges thank5 to the hard work of its Science and Operations tcams. Staff are now working in thc Crick for the majority of their time, with hybrid working arrangements proving effective and supported for the foreseeable future. The Crick Lontinued its contribution to thc global C,OVID response, not only via C,OVID-r¢l2ted research projeirs, but via tE]e concinua¢ion of the vaccination centre and COVID-testin8 facilities that wcre established in thc prior year. By the cimc che varcine centre closed in August 2021, it had delivered over 80,000 vaccines, and over 676,000 tests had been rarried out by rhe end of March 2022. COVID-19 ¢aused continuing challenges for one of the Institute'5 main funders; however. this was mitigated through the offsetting support of our other funders. The Crick's future funding scttlement of £lbn is now secured following a suLLessful outcome from the quinqu¢nnial revicw and reflect5 a revised split bctween the partners, ensuring that the CriLk has clarity acr05S the next septennium. The phased return of staff to the offi¢e has also enabled an increased foLUS on the Stabili5atiun and oprimisation of the Workday ERP System during the year, with internal audits indiLating that the new system has rcsulred in an enhanced control environmenr and reporting improvemen¢s made across the Finance and HR funLtions. 29 The Francis Crick Inslil￿.le Liwiled annual r2porl and Iinancia.. 5 31emenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Total income for the year was £185.6rn12021: £174.9tnl, of which £161.5m12021: £1.55.ITnl, is frotn reseArch grants lor similarl. Incorne was higher than the prior year due to 2n increase in the level of core funding to £128.6m12021: £120.4ml. This inLrease reflects the return to 'normal' funding levels as we emerge from the pandemic, in addition to a standard inflatiunary factor. There was also an increase in external commercial income 10 £4.8m12021: £3.5ml. These increases were offset by the removal of one-time support related to the furlough scheTne12021: £1.4ml and the reduLtion of income from COVID testing and vaccinaiion activities to £1.5m 12021.. £3.7ml. Total expenditure of £197.4m12021: £188.Oml is increased from the prior year. This has been driven by the phased return OF scientific staff to the Crick as the impact of the pondcmiL has eased, enabling increased expenditure un SLicntific disLovery. Once again, CriLk expendirure was tightly controlled throughour the peri(Kl, with savlngs made in Lonsumable costs during the ongoing lockdown. The Group'¥ result was further enhanLed by a gain in the value of invesrmenr5 of £7..Sm12021: £6,2ml. £5.2m12021: £1.2ml nf this gain rclate5 to programme Telated investments and is therefore recognised within other inLome. Our cxpendable endowment performed strongly during the year, and an unrealised gain of £4.5m was recognised in the value of the Cjrick's shares in a spin-out Lompany? CJammaDelta Therapeutics Ltd (these shares were 8old post year-end to crystallise the gain}. As a resulr, the Cjroup shows an overall in-year acLounting defi¢it of £9.4m12021: deficit £6.9ml. The acLounts reflect a deficit po%ition as a result of the substantial depreciation cost5 of the building r)f £22.Om12021: £22.3ml. These costs are charged to the Statement OE trinancial Ac¢ivities in thc year, having originally been funded by hare capital, which means that the Statement of Financial ALtivities will show large annual defiLits for the fore¥ceable future. Net assets at 31 March 2022 were £'.566.Om 12021: £57.5.4ml. During the course of thc year, rhe trustees and management of the Crick use financial reporting to assess pcrformanLe and inform dccision making. This reporting Lontain8 adjustmcnts to better represent che underlying financial pcrformanLe of the Crick (for example, removing 'unLontrollablc' elements SULh as building depreLiationl. A summary of the result5 for the year on a managemcnr reporting basis are as follows: 22 2021 Statutory result for the year Endowment Igain and intercstl Buildin8 d¢preciation Other deprcciation Capital expenditure funded from annual grants and donated assets Fair valu¢ adjustments Oihcr Non-statutory underlying re$ult for the year 19.41 13.51 22.0 16.9 121.91 14.81 16.91 22.3 16.3 115.41 10.1 The chariry reviews its reserves policy each year, raking into account planned activities, emerging risks and the financial requirements forecast for the for¢hcoming period. 30 The Irancis Crick Institute Limited annual report apd financial siaierrenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued The charity's ongoing operational mission is funded via grants from both sharehulders and extcrnal granr providers, although it seeks to diversify income streams where possible, with increased levels of commercial) philanthropic and investment income contributing co the current year results. Share capital has been investcd by the founding shareholders to esrablish the Institute. and these funds are reprcsented by the C.rick's assets. Over time, depreciarion of the new buildingj currently representing a major part of the Crick's assets, is acLumulating as a deficit on the unre,stricred funds, The free reserves of a chariry are generally defined in relition to the level of unrestric¢ed funds. howeves givcn the tnateriality of the Crick's depreciation Lharge, the following definition has been agreed by the Board: Free reserves are assumed to equate to rhe value of net current ass¢ts, including cash invested in immediately accessible investment funds managed by Royal London Asset Management on behalf of the Crick, less: any resrricted funds held as net Current assets. any amounts drawn down from shareholders for the building projert and not yet cxp¢nded. defiLlt budget plans" other ¢ontraLted capital commicments. other relevant adjustments. •lncluding cash invested in medium term1>12 monthsl, imrnediately 4¢cessible investment funds managed by Royal London Asset Management on behalf of the Crick n addition to itti free rcserves, the Cri¢k has an endowment fund initially created follnwing amounts r¢¢eived from the MRC,. Cash of £.3Om was reLeived during 2019120, with investment% ¢ommenLing in December 2019, and the Llo%ing value of £35,9m12O21: £32.5ml is inLluded in the reserves of the Crick. There are restri¢tion8 on the use of this endowmenr fund, with the initial capital investment plus an agreed uplift to reflect inflation being maintained unril December 2029. Changes duringTr the finanLial year haye softened these restriLtions, allowing for the CriLk Board to approve access to the endowment in the Lasc of a material adverse event.Whilst access is restricted, the endowment provides considerable security in the casc of severe liquidity issu¢s. Reserves considcring rhis change are: 2022 20 Restatcd Net currcnt Iliabiliticsll8$5rts Lash invested in immediately 8<¢¢5sible inveBtment funds by Royal London Asset Marlasement R¢stri¢ttd fijnds held within nct current a55et$ Funds carrt¢.d forward 08ainst future deficit budget Uncxp¢nded building rcjjcct funds Capital commitmcnts rorn prtor year Underl in Free reserve position Expcn Rcserves including MRC expendable endowment *AII capital commitments are antLCjPatcd to be spcnt in the sub5equcnt financial year. 31 The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 16.31 36.1 26.2 16.91 13.21 16.01 10.31 10.21 17.9 35.9 32.5 Trustees. report lincorporating the strategic report and directors. report) continued The trustees have regard to the information contained in Charity Commission guidance note CCI 9. 'Chariry Reserves: Building Resilience., and in particular the guidance on ensuring the maintcnance of beneficiary servi¢es and the risks of unplanned closure associated with the charity's business modcl. As such, thc cru5te¢s believe that the charity should target access to reserves equivalent to three months, core funding income Ibeing £33m compared to actua15 at year-end of £53.8ml. Historically J this has been met by ensuring tha¢ a minimum of £IOm of free reservcs are held direLtly by the CriLk, with the balance provided by a £20m standby facility that was made available by the shareholders. The standby facility expired in August 2021 and was not renewed, recoBnising thc hansc in restriLtion rules OE thc endowment. The Crick will continue to ensure that it has at least £IUm of frcc reserves, with the balance of required reserves being provided by the capital Funds held within the endowment. In line with this, the reservcs policy strAtegy considers the combined value of both free reservcs and the ¢ndowment fund of £53.8m12021.. £52.Iml, whiLh the trustees Lonsider to be satisfaLtory. For thL managtrvment of short_terrn liquid funds, the investment objective remains to aLhieve diversified investmcnt of exLess Lash resources. Under the policy, assets arc safeguarded by investing only with approved counterparties. Investments are risk- av¢rs¢ and non-speLulative, and the charity places no income reliancL on interest earned. Invetptmenrs are s¢le¢ted to ensure security? liquidity and diversification and with providers who have ethical .screening procedures in plaLe. The Lharity's investment rcturn objective is to ensurc rhat investments carn a market rate of interest. The investmenr management of the MRC endowment ha¥ been outsourced to a third party. This third party is operating in lin¢ with an agrced investment poliLy rhat incorporates the erhical screcning requirements and restrictions of the MRC agreement, together with guideline allocations between different holdings. The policy is managed on a medium risk appetite basis, wirh active diversification by industry and geography 2nd a strong emphasis on equity invcstmcnts in reputable and ethical urganisations in order to optimise returns at managcable levels of risk. The drop in value at the start of th¢ COVtD-related market crisis emphasises the underlying risk in this type of investment from market volatility. The subsequent strvng recovery reflects the approach of vur invetTrtment manager5 to hold diversified portfolios and to continually monitor the companies, sectors and geographies in which our investments are held. With a focus on sustainable and ethical companies with strong environrnental, social and governanfje credentials and long-term potential, the trustees remain confident that the approach remains appropriate for an optimal long-terrn return. During the year, the CriLk has invested prize monies awarded to the Institute and irs researchers into a second fund with the Same investment manager, with a value at th¢ end of the year of£l.lrn. 32 1 he Francis Crick InstilLJle Limited annual report and financial slalemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued In addition to these liquid investments, the Crick holds programme-related invesrments in spin-our organisations from Crick research and equity participations that have evolved from the KQ Labs programme. Th¢ Crick has developed its approach relating to the retention and managcment of these investments during the year and, following the successful Initial Public Offering for Achilles Therapeutics Ltd in 2021, has seen further returns following the sale of the Crick's shares in a spin- out company, Garnm2Delta TherxpeutlC5 Ltd) generating a gain of £4.5m as detailed above. This valuation has been rcflected in the financial statements. Crick fundraising is conducted through an arrAngement with Cancer Researlh UK ICRUKI, which has enabled rhe Crick to develop it5 fundraising opera¢ions. Philan¢hropic activity for th¢ Crick is gaining momentum, with £6.2rn raiyed in 202112212021.. £6.Iml, of which £.3.4m came via CRUK, and £2.8m was received directly by the Crick. All philanrhropic donations are managed through the CRUK team, with a fundraising committee in place to monitor and over%e the approach and performance of rhe Crick philanthropy programme. Thi.$ committee comprises a combination of Crick and CRUK staff and meets once a quarter. The ethiLal approaLh is 5cparatcly munitored by the Crick EthiLf> Committee. The scope of rhc fundraising committee includes a focus on individual donations, with ongoing due dilig¢nie ¢arri¢d out on donors. If there ar¥ any due diligenLe concerns, then the Crick and CRUK agree on the appropriate course of action. Thi$ ethiLal revi¢w of donations remains an importanr part of Crick Bovernance. The Crick and CRUK remain fully committed to the principles it laid out in 2016 in its Fundraising Promise and voluntarily subscribes to the Fundraising Regulator and its Code of Fundraising Practice. It also Lontinue5 to work Llosely with the Fundraising Regulator and with th¢ Institute of Fundraising to help improve standards and ways of working across the charity sector. ollowing thc successful outcome of the quinquennial rcview, the agreement of a new seven-year funding package totalling £lbn, and a5 the impact of COVID on the Crick and its funders continues to lessen, the trustees consider that the charity has adequate resources to Lontinue in opcrational existence Eor the foreseeable future. They have reaLhed rhis position after having made appropriate enquiries includins the review of cash flow forecasts covering the 12 month period subsequent to the date of signarure of these account5, and having confirmed supporr from the shareholders. The trustees Additionally consider thac the Lharity will continue to have adequate resources through shareholder5, committed funding to cover all existing capital commitments. Furthermore, the trustees have confirmed that the Ukraine crisis ha5 not had a significant impact on the Crick'5 operations or financial position. 33 The Francis Crick Inslilule Limited annual report and financial statements 2022 Trustees, report (incorporating the strategic report and directors. reportl continued Accordingly> the trustees have COT]cluded that there are no material uncertainties relating to going Loncern and continue to adopt the going Loncern basis in preparins these financial statements. A.% detailed in note 24, investrnents in unit funds held by the Crick (investments OF Lash balances held with Royal London Asset Management) have been reclassificd this year as fixed asset investments rather than cash at bank and in hand lincluding a restatement of prior year Llassificationl. This has given rise io 8 reported net Lurrent liabilities posirion in rhe balance shect. The trustees arc, however, satisfied that the Crick iy able to meet its short term liabilities given the highly liquid, low risk nature of these unit fund investments. Statement of trustees, duties with reference to Section 172 of the Companies Act 2006 The trustees, a.8 directors of the Crick Board, must fulfil their duties under the Companies ALt 2006. As is normal for large Lompanies, the trustees fulfil their duties througyh a governanLe framework that delega¢es day-to-day decision making to the Chief Executive and ¢xecutive management. Other methods uyed by the Trustees to perform their duties include: an annual meeting with representatives of all six founder shareholders. The founders and thc Crick can also invite senior staff and subject matter experts to attend, risk management procedures that identify ptstential consequences of decision5 50 that mitigation plans can be put in plaLe to remove or reduce the risk Ipage 411: • setting and keeping under thc review the Crick strategy. rcceiving assurance from our external and internal independ¢nt auditors and where required, external advisers. regular Board reports and presentations including health & safery, risk, translation, security? people and equality, diversity and inclusion. and reports from the Chicf ExeLUtive, Chief Finance OffiLer and Company SeLretary on strategy? operation5? 8overnance and Lompliance matters at each Board meeting. Section 17211) and121 of the Companics Act 2006, when read together, require a director of a company organised to aLhievc cerrain purposes to act in a way they consider in good faith, and which would most likely promote the success of the cornpany in achieving its purposes as set out in its articles of association. The following examples give an indication of how the trustees have considered section 17211 Ilal-lfl. in their deLision making in regard to: 34 rhe Francis Crick Institutre Limited annual reoorl and financial statements 2022 Trustees. report (incorporating the strategic report and directors. report) continued al The likely consequences of any decisions in the long term The Board of Trustees is responsible for setting and keeping un&r review, the harity's strategic direction. All major decisions likely to impact the charity in the long term are discussed at Board meetings and the relevant sub-committee. During the year under revicw. particular focus was given to the charity'5 quinquennial review submission and reduction in funding 2$ a consequence of thc COVID pandemic Imore details can be found on pages 28 to 301. bl interests of the company's employees Thc trustees rccognise that the C'rick's experienced and diversc workforce are k¢y to the Charity being Able to operate effectively and achieve its visian. Colleague engagement is measured rhrough surveys and feedback from the Crick .Staff Consultative Forum. We communicate regularly with employees via team meetings, email, our intranct and live 'town hall" events h05ted by members of the leadership team so that employees, views can be considered in making deLisions chat may affect their interests. In the year under review, a range of engagemenr activities and support has been implcmented with partiLular emphasis on physical and mental wellbeing* including during the COVID pandemic. For example, Crick employees were able to take regular COVID tests on site and we regularly reminded our employees of the support available tu them. We havc also redefined our equality? diversity and inLlusion strategil priorities. You can read more about this on pages 26 to 27. cl need to foster the company's business relationships with suppliers, Customers and othcrs As a charity it is particularly important that the Crick is able to achieve and demonstrate value fvr money in its aLtivities and prnLurement. We work with our suppliers to ensure that the charity receives good value, service and quality in line with Crick policy and legislation. During the year some of our suppliers flagged potential supply issues following the global labour and commodity shortages. As a result of our positive relationships with our strategiL suppliers they offered support in identifyins 5uicable alternative equipment and to dat¢ the Crick has not experienced any major disruption to its supply chain. dl impact of the company's operations on th¢ community and the environment The Crick engages closely with rhe Iwal rommuniry and more details of the charity's public engagetnent activities can be found on pages 23 and 24. Throughout rhe year under review the Board Lontinued to support manasement in their response to the COVID pandemic including an NHS vaccine centre within the Crick which vaccinated over 80,000 people, rnany of whom were from the local ommuniry. 35 The Franc15 Crick Inslilule Limited annual report and I￿nancIaL 51alemenls 2022 Trustees. report (incorporating thè strategic report and directors. reportl continued We are committed to reduring the charity's environrneThtal impact and during the yeAr the Facilities and Infraqtructure ream have been working with external advisers on a Carbon Reduction Programme for the Crick. Mor¢ details Lan be found on pages 44 and 45. el desirability of the company maintaining a reputatioTh for high standards of business conduct As the charity relies predorninantly on funding from our Founder members and the generosity OE suppi)rter5, maintaining a reputation for the highest standards of business is imperative. The trustees are kept informed on any matters that may pose a reputational risk to the charity including details of mitigating aLtion being taken. fl need to act fairly as between members of thc company Fa¢h of our six founding rnembers is reprcsented on the Board and engagement with them is an ongoing proLess. Governance External auditor BDO LLP 55 Baker Strect, Londurt WIU 7EU Bankers HSBL Bank pl 60 Quern ViL¢oria Street, Londnn EC4N 4TR Solicitors Bri5tows LLP DLA Piper Mill$ and Reeve LLP Shoosmiths LLP Town Ixgal LLP 100 Victuria Embankment, IA>ndon EC4Y ODH 1611 Alders8at¢ Street, Barbican, London ECIA 4HT 24 Kin8 William Street, London EC4R 9AT 100 Av¢bury Boulcvard, Milton Keynes MK9 IFH 10 Throgmorton Avenue. London EC2N 2DL Internal auditor RSM UK 1711 Mid$ummer Boulevard, Milton Keync5 MK9 IBP How we're governed The Francis Crick Instituce is a company limited by shares (company numbcr 068854621 and a registered charity (charity number 11400621 in England and Wales with its registered office at l Midland Road. London, NWI IAT. The charity is a public benefit ¢ntity and is governed by irs Articles of A550ciation. The charity has two wholly owned subsidiarics registered in England and Wales: UKCMRI Construction Limited which exists to design and Lonstruc¢ the building for the new institute, a project that is now in its final run-off stages. Francis Crick Trading Limited, which is being used to carry out trading and commercial activities 36 The Francis Crick Inslilule Limited annual report and financial slalenenls 2022 Trustees. report lincorporating the strategic report and directors. report) continued rtrus The Article.s of Association of the Charity provide for the appointment of directors, who alsu aLt as trustees. The directors of th¢ charity are its trustees for the purposes of charity law, and throughout this report are collectively referr¢d to as the trustees. Each of the charity's six shareholder5 nominates a trustee. In addition, there are currently six. independent trustees including the Lhair. A tailored induLtion programme is provided for trustees on appointrnent. Trustees act on a voluntary basis and are not remunerated. The Board, chaired by Lord Browne, is responsible for ensuring that the chariry, aims are being met. Their skills and experience, along with their range of baLkgrounds, help them construLtively challenge the Crick's executive commitrcc, set thc strategy and oversee rhe Crick's performAnce. During the year and up to the date of approval of this annual report, there was a qualifying third-party indemnity in place for direLtors as allowed by qection 234 of the Cornpanies Act 2006. During the year ending 31 Mar¢h 2022, Professor Fiona Watt stepped down from both the Board and the Nominations, Remuncration and Governance Committee. Professor John Iredale joined the Board on 21 February 2022. As well as being the MRC'S Interxm Executive Chair, John is a non-Executive DircLtor of the North Bristol NHS Trust and is Professor of Medical ScienLes at the University of Bristol. Hc is also a Trustee of the British Heart Foundation. John was previously rhe Regius Professor of Medical Science at the University of Edinburgh where he ran thc medical school and was DireLtor of the MRL C¥ntre for Inflammation Research. Board diversity will Lontinuc to be considered when appointing independenr directors, whilc cnsuring that we have Board members with thc most appropriate skill s¢t$ and experience. A Board evaluation was conduLted internally by the company secretary Lovering: the Board's objectives, strategy and remit* performance. relationships with key stakeholders. risk management and decision making? committee5. membcrship" role and governanLe: and the Board chair. Overall, the outcomcs of the evaluation were pr)sirive and the Board concluded that it, and its commitrees, had operated effeLtively in the year. Areas of focus identified in the report includLd a review of Board purpose and a programme of optional relevant learning for Board members. Each trustee ts required to di.8close potential or actual conflicts of tnteresr to the Lharity as part of an annual review and at the start of eaLh Board and rommittee meeting. As previously reported, the trustees have not adopted the Chariry Governance Code, although its adoption will be considered in future periods. 37 The Francis Crick Institute Limited ar)nual report and Iinancial slalemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Board Tru$t¢¢$ Appointed to the Board Committees It Risk ics ominations. Remuneration or rowne of Madingley Ichairl ugust ame ate Bingham Ir rian Ir anuary Sa er ruary 2019 eptem 20111 rian Gilvary. ain er ou es eptem 2018 er ro essor Iredale ruary 2022 ro essur Lomas avi ugust enc Pangalo$ au reier ecem 2018 anuary cto r() Margaret Dallman ro eysor Richard Trcmbath on-trustee committee mem er 2020 rs ris otters ea or eu erger o arre ot$ ury amant rep ane ai ovs Key: • Senior Independent Director * * Crick cmployee • Chair & Member Stéphane Maikovsky Stepped down from the Ethics Committee on 9 June 2022. The Board met four times during the year. Certain matters are reserved to the Board for approval including Lhanges to strategy and budget, adoption of SLientific and innovation stratesy and risk appetite. Therc is a clear organisational .%tructure, with documented delegarions of authoriry and responsibility for control. The trustees approve the annual budget and expenditure targets, and monitor actual forecasts and cash flows. 38 The Francis Crick Inslilule Limited annual reporr and financial slalemenls 2022 Trustees. report (incorporating the strategic report and directors. report) continued Board cotnmittee5 The Board has delegated specific responsibilities to a DUTnber of sub- and executive ummittecs. Following each Lommirtee meeting the chairs of the comrnittees provide an upda¢e on cheir activities at the next Board meeting. Audit And Risk Co*xMittee. responsible for monitoring the integrity of the financial statements, reviewing internal controls, maintaining the auditor external relarionship and overseeing the effeLtivcness of the intcrnal audit function. Chairnian s Committee: revicws matters which are either urgent in their nature or whiLh the chair determines would be best addressed outside of scheduled Board meetings. The Lommirtee has responsibility fur overseeing the performanLe of individulll directors inLluding the Lhair of the Board, the evaluation of the Board's cffeLtivenes.8 and that of the chicf cxecutive, including all matrers relating to thc Lhi¢f exeiutlvc's succession. Thc decision to appoint or remove rhe chief cxecutive 15 reserved to the Iloard. The asyessmcnt uf the performance of the chairman of thc Board is led by the Senior Independent Director in consultation with othcr non- executive director5. No individual shall Lhair or atrend the committec when it is dealing with the matter of his or her individual performance. Ethics Commtttee.. responsible for the ethical impliLations of research and fundraising activity and other matters relating to the reputation of thc charity. Nominations. Remuneration and Governance Commstter. rcsponsiblc for Board govcrnance and suLLession including Lomposition and succession of rhe Board and ¢ertain members uf senior management Iwith the excep¢ion of Chief exLLUtive SULLession, whiLh is dcal¢ with by the Chairman's Lomrnittee and the full Boardl. The COTnmittee al%0 has oversight of the perfnrmance and remuneration of the Lhief exeLUtive and exelutive leadership tcam. Trustees are not remuneratcd for (heir services and reLeive out of pocket expenses only. The ExeLutiYe C.ornmittee a%sists tE]e CF,0 with strategy development and day-to-day managcment of the chariry's operations and aLtiviries. 39 1 he Francis Crick Instilule Limited apnual report and Iinap,cial Sialemenls 2022 Trustees. report (incorporating the strategic report and directors. report) continued The cornmittee members are: Professor Paul Nurse. Dr Samantha Barrcll. Dan Fitz. Dr Steve Gamblin. Professor Malcolm Irving Fiona Roberts. Dr RiLhard Treisman Ali Bailey. Michelle Shuttlewor¢h' Chief Exccutive Officer Chief Operating Officer General Counsel e< Cotnpany S¢cretary Director of SLientific Platforms Associare Rcsearch Director Iuniversiry Partner Liaison) Chief People Officer Research Director Dircctor of Communications & Publi¢ Engagem¢nt Lhief Financial OffiLer 'Key mana8cment pcrsonnel The following Lhanges to the ExeLUtive Committee have taken pla¢e.' Jane Flughes left the Crick on 31 January 2022 and was replaced as Director of CommuniLations and PubliL Engagcment by Ali Bailey on 23 April 2022. Michelle Shuttleworth joined th¢ Crick on 16 May 2022 as ChieE Financial Officer. Stephane Maikovsky* Lhief Financial Officer, left the Crick on 9 June 2022. Thc CriLk's sharcholders are Canc¢r Research UK, United Kingdom Research and Innovation (formerly known as the Medical RescarLh CounLill, WellLome, UCL, Imperial College London and King's Collegye London. The shareholders have entcred into a Joint Venture Agreement which, inter alia, establishes the basis on which funding will be made avai12ble to the charity. KLY managFLmLnt arL chc mcmbers of the Executive Committee who are employecs of the Charity las listed above). The overall r¢muneration packages for key rnanagement are sct by the Norninations, Remuneration and Governance Committee. When new members of the key manasement group are appointed, a salary benchmarking exercise is carried out by the CriLk's Human Res()urLes team. The overall policy is to target salaries against the median-quartile data of the cornparable independent and private seLror, and thc median to uppcr quartile data of rhe university sertor. This 1$ Considered appropriate for a publicly-funded yet ambitious, high quality) independent research institute. Where required and considered appropriate to either attract or retain required skills and talent, the Crick will pay upper quartile levels for key role$ and essential skills. Pay for key management is reviewed annually and where appropriate, awards rnade by the Nominations, Remuneration and Governance Committee based on a review of performance carried our by the Chief Executive Officer and Chief Operating Officer. The Chief Executive Officer and Chief Operating OffiLer are not involved in any discussions or decisions about their own remuneration. 40 T4e I ranris Crick Inslilule Limited annual report and financial slaiemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Strategic report Objectives and activities Charitable objects The chariry's objeLts, as set our in its Articles of Association, are: The advancement of human health and education for rhe benefit of the public by the promotion and LxrryinB Out, dircctly or indirectly* of all aspects of biotnedical research and innovation, which shall include in particular the following: l. Establishing? operatinB and managing a cenrre for medical researLh and innovation. 2. Engaging in, encouraging and supporting: Research into any of the biosciences ii. The dis¢overyi invention, improvement and development and applicarion of preventions, treatments, cures, diagnostics and other mediLal agents, methods and proce.sses that may in any way prevent or relieve illness, disease or disorders of whatever nature lincluding? Without limitation, all forms of cancer). and Public benefit The trustees Lonfirm that they have paid due regard ro the public ben¢fit guidance published by the Lharity Commission and have referred to thc guidanLe in the Charity Comrnission's general guidance on public benefit when reviewing their aim.s and objeLtives and in planning future activities. In particular, the trustees have considered how planned activities will Lontribute to thc aims and objeLtives they have set. In addition to the public benefits anticipated from the operation of scienLe established at the Francis Crick Institute, the charity has also set out to deliver a broad spectrum of investment in engagemenc with the public. The progress against thi$ strategi¢ prioriry 15 Outlined on pase5 2.3 and 24. Risk management and principal risks The Board is responsible for setting the Crick's strategic objec¢ives, and the a550ciated risk appetite and risk management culture. The Board take$ an active role in the management of risk, reviews any proposed changes to risk appetite and undertakes a comprehensive risk r¢vi¢w every six months. The Board is responsible for approving the Crick's risk management policy which identlfies eight categories of risk: ScienLe, Translation. InFrastructure, Funding) People, Reputation, Safe Working Environment and Information. 41 The Francis Crick Inslilule Limited annual report and Iinanci81 slalemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl conlinued The Board delegates to the Audit and Risk Committee the responsibility of reviewing risk management arrangements for idenrifying and monitoring risk and the effectiveness OF internal control systems. The Audit and Risk Cornmittee sits on a quarterly basis to undertake their reviews. The Board delegates to che Crick s Chief Executive the day-to-day managernent of risk. The Executive Comrnittee is therefore iesponsiblc for implementing the risk management policy and effective risk management and internal control systcms. The Exerutive Committee reviews risks on a quarterly basis. While risk management is encouraged and conduLred at all levels in thc organisation, the focus is achieved by separating potential exposures by risk category) Wlth each Lategory headed by a nominated executive coordin2tor. The coordinators are responsibl¢ for identifying risks with risk owners (usually functional heads1, developing aLtion plans to manage rhe risk and rnonitoring progress against acrions. They also maintain a risk rcgistcr, and together, thc coordinators forrn the Crick's Risk Management Team. All Risks are review¢d on a quarterly basis with the Risk Management Team fuLusing thcir attention on ¢he risks that are above the CriLk's appetite level. The main risks and a summary of the Risk Management reviews arc reported ro the Executive Committce, the Audit and Risk Committce, and the Board. The largest risks lin cerms of potential impa¢tl are all above the Crick's risk apperite and thereforc remain an important focus, These risks and their current management are ?*ummarised below. Risk Category un Ing Risks MAnagement of risk ong-term nancia .susraina Ity in the event of a Lrisis IsuLh as Éhe COVID-19 outbreak or the war in Ukraine} preventing founders from delivering planned core fundin8. onger-term sustaina Ityp antl an Llear strategies have been developed to divcrsify income by increasing levels of strategic grant funding. commcrLial inLome and funds raised from both philanthropy and investments. e current tensinns tween t and the EU could jeopardiL¢ the UK and the Crick's ability ro participate in and obtain funding from the EU Horizon programme. Iversl cation o uture sources o strategic grant fundin8 as tefercnced Above. e Impact o In 8tion on t supplies, encrgy and salaries. ecosto ric ong-term geting an forecasting cycle incorporates prudent assurnptions in relatian to inflationary ost pre55ures. The organisation is also reviewing its policies relating to thc management of long-term Lash reserves to ensure that the risk of inflationary crosion is mitigated via appropriate investments in line with the Crick's investment strategy. 42 The Francis Crick In51ilule Limited annual report anci financial slalemenls 2022 Trustees. report (incorporating the strategic report and directors. report) continued Risk Cat¢ ea safety Risks Management of risk Iven t e nature o ric Activities, rhis area is always a key prioriry. Management is satisfied with the current processes but operational improvements are continuously implemented and reported upon. ri ¢ontinue.s to Monitor the resilience of its supply chain. unavoidably impacted by COVID and the fallout of Brexit and the war in Ukraine. An action plan, including working Closely with srrategic suppliers rogether with the identification and use of alrernative suppliers, is in place to anticipate and prevent any supply disruption and ensure che uninterrupted delivery uf Critical scientific Supplies. e potentia Isruption rom C.rossRail 2 would be greater, the impaLt is increasingly likely to be many years down the line. The more immediate f(KUS for 2022123 is on the British Library development, whiLh is an extensive Construction programme. Current mitigations include ongoing engagement, technical analysis and discussion of further risk mitigating aLtions with all relevant internal and external stakeholders. ric as not een negative impacted by Brexit but continues to participate in external committees and forums to understand its impact and to influence policy in the post- Brexit environment. an 21 ure co emonstrate compliance with statutory health and safery obligations. rastructure ain ai ure causing disruption to SLienLe. Isruption to science rom noise, vibrations and electro- magnetic interferenLe from the Lon5truLtion and operatiun of CrossRail 2 and the British Library development. eputation outo rexit amages the Crick's reputation as an international and collaborative institute. eop ric s ¢ornpensation package and salary levels might not be sufficiently attractive to attract and retain staff in a difficult labour Market. ric asp anne ora arger- than-usual pay increase budget to ensure that it can retain and Lontinue to attrart talent in all areas, including scicntists as well as operational 43 The Franc15 Crick In51ilule Limited annual report and linancial slalements 2022 Trustees. report lincorporating the strategic report and directors. report) continued Other noteworthy risks include: succession planning) and external events such a5 natural disasters. terrorisr activity or cyber attacks. These all continue to receive a strong focus from funcrional leads and the Risk Management Team, to ensure they are being appropriatcly and adequately idcntificd. managed and controlled. The Crick's trustees have considered the major risks which the charity is exposed to and satisfied themselves that systems or procedures are escablishcd in ord¢r to manage those risks. To contribute tn the UK CJoYernment's commitment to achieve net zero carbon by 2050, the Crick is defining its Net Zero Carbon pathway. As part of this, the Crick ts developing an overarching Sustainability strategy which will incorporate not only carbon reduLtion of our sLope l And 2 ernissions, but many of our scope 3 emi.ssions and SOLial responsibility. During 2021122, a Carb()n Reducrion Programme Board was set up to develop and deliver a Larbon reduLtion strategy. The CriLk held several online environmental workshops and the Green Impact prograrnme completed its second year, with 18 awards achievLd. The Crick rcLyLled 66 /u of its general wasre and 34 /0 was gent for energy recovery. 41 /0 of th¢ Cricks lab hazardous waste was sent for high temperature incineration, and 59 /0 was sent for enersy recovery. SECR The Companies (directors, report) and Limited Liability Partnerships (Energy and Carbon Reportl Regulations 2018 implemented the government's policy on Streamlined Energy and Carbon Reporting ISECRI. In accordance wjth these regulations, we have appointed Sustainability consultants HDR to prepare applicable energy and emi$8ions data for the period 1st April 2021 31st March 2022: 44 The Francis Crick Inslilule Limited 3nnual report and Iioancial slalerrents 2022 Trustees. report (incorporating Ihe slrategic report and directors, reportl continued .M¢irii LSnit4 ?112? 12,471 445 Sco e l emissions cope ectnc- mar tC02e 12,621 11,091 10.961 8.379 et tC02e cope ectnc tC02e 4,964 8.75 6.118 1.87 7,379 2.88 8.379 2.31 Sco ota e 3 emis$iotts emissions mar tC02e et tC02e 12,926 20A 12,623 14% 11,094 -430A 19,343 Chan eafron- car Carbon intensity ota emission8 0.173 0.169 0.149 0.262 ocatton tC02e 17,444 -7/0 18.741 18.473 -4Y. 19,343 Chan ear-on- ear Carbon iotensity Natural Diesel LPG Acet lene 0.234 0.251 0.248 0.262 58.140,130 984 174 1,684 kwh kwh kwh kwh kwh kwh kwh kwh 60,622,497 561492 4,348 61.282,911 639 865 892 59,354.837 661253 14 Electricity Imported Solar PV Milea Total Ener Chao 23,376,614 127.567 3.5,.$79 84 728 098 -4.1% 1,137 21.406,178 2501. 26,240.240 147,721 7,.5.57 88 319 186 -0.8V. 1,185 26,387,961 30¥. 28,868,074 93,257 12,007 88 990 642 0.1% 1,194 28,961.331 33% 29,601,456 142,000 9,.598 88 879 042 ear-OQ- ear intensi( from Renewables from Renewables kWh/m2 kwh 1,204 29,743,456 Ener Encr A market-ba5ed mcihod retlects the amout)t of ener¥y from rcnewable source$. This ratio has been selected as m2 is an appropriate mcasure of our organisa¢ion's aetivities. A location-based method u5C5 thc grid aY¢rage emis$ion$ factor for the arca operation8 are located. The emissions data in the table is calculated using both the location-based method IwhiLh uses the grid average emissions factor for our areal, and the market-based method (which reflects the amuunt of emissions taking account of the green energy we are supplied from renewable sources). The data shows that total ernissions11(Kation-basedl has decreased by 71/Jo in the year ended 31 March 2022 compared to the year ended 31 March 2021. and the Toral Sire Energy Ikwhl has decreased by approximately 4 /., in the same period. This 15 due to a reduction in both natural gas usage and electricity consumed on site, prirnarily achieved through implementa¢ion of our energy efficiency and carbon reduction measures. 45 The Francis Crick In51ilule Liffliled annual report and financial slalemenls 2022 Trustees. report lincorporating the strategic report and directors. reportl continued Using the m2rkct-based method which takes account of the green energy supplied to us, rotal emissions has increased by 2 /0 in the year ended 31 March 2022 compared to the year ended 31 March 2021. This is primarily due to the fact that we now take c.15 / of our electricity from the IoLal Camden CHP, and also this year we hAve inLluded Akenside Road gas consumption Idata was unavailable for previous years), neither of which are covered by grccn energy certificates. The consumption of electricity from the Camden CHP and the addition of Akenside road has also resulted in x reduction in the overall proportion of total energy frum renewables to 25 /0 in the year cndcd 31 MarLh 2022 compared to .10 /0 in the year ended Marth 2021. rin The GHG inventory has been prepared in aLLordance with the World Resources Institute IWRIIIWorld Business CounLil for Sustainable Develupment IWBCSDI Greenhouse Gas Protocol: A CorporAte ALcounting and Reporting Standaid, 2004 and HM Govcrnment's, Environmental Reporting Guidelines IMarLh 20191. The reporting boundary has been defincd using the opcrarional control approach, reporting vmissions for operations in which Francis Crick Institute has control. It does not account for GHG emissions from operations in whiLh it owns an interest but ha5 no operational control. Emissions have been calculated using Department for Business. Energy and Industrial Stratesy IBEISI 2020 and 2021 emissions factors with a materiality threshold of 5 /0 of total emissions. The reporting period is l April 2021 to .31 March 2022. The emissions scopes are as follows: Scope I: Direct GHG emissions from our controlled operations e.g. natural gas, LPG & Diesel, Scope 2: Indirect GHG emissions related to purchased ¢leLtricity and eleLtricity generatcd from Solar PV. This also includes electricity imported from the Camden Council combined heat and power agreement. Scope 3: Indirect GHG emi¥sions related to mileage Llaims for business travcl. Reporring figures for 2019 and 2020 have been updated to include energy and emission$ associated with the Akentyide Road apartment block rhat Is leased by the Crick. Scope 3 emissions associated with mileage claims for business travel have also becn included in this year's report. Previous years, reporting figures have ken updated aicoidingly. 46 The Francis Irick Inslilule Limileci annual report and financial slalemen15 2022 Trustees. report (incorporating the strategic report and directors. report) continued ncr cfficien During thc year 2021122, rhe Crick maintained its increased ventilarion rates as it continued to be involved in COVID-19 testing and research. Even with this challenge the Crick managed ro reduce its energy ¥onsumption by 4 /. by implementing energy efficient initiatives. These inLlude Lhanging srairwell lighting to more energy efficient lighting technology) installing real-time data analytics sofrware to optimi%e energy usage within the building, and Lhanging the sequencing and temperature set-points in the data centre cooling system to reduce energy consumptLOn. A change was also madc to optimise the operation of the main chillers where the low running threshold was reduced to allow the four chillers to run to the minimum possible load without causing operational issues, resulring in a significAnt electrical reduction. The c.rick has also re-designed and oprirni5cd the control of humidification of the general laboratories and collaboration spaces above ground, which has significantly reduced the steam and chilled water load fur those areas. The CriLk is taking its role in reducing the UK'S carbon emi55iuns seriously. The Crick will aim to reduce Scope l and 2 iarbon ¢missions by .SO*. by 20.30 Lompared to the 2019120 baseline, and set a target of a¥hieving Net Zero Carbon by 2040 wirh an ambition ti) accclcrare this date if circum$tances allow. Thc new Carbon Reduction Programmc Board will continue to oversee projects to improve energy efficiency and rvdu¢¢ th¢ LriLk'5 SLop¢ l and 2 CO emissions. The Programmc Board will also review the development and implemcntatian of the Lri¢k's Sustainability scrategy) which will include areas such as waste. water business travel, procurement. Targecs for Ix)th Larbon and suscainability will be set with action plans for ways to meet these, together with regular reports to monitor progrcss against targets. Our primary focus through the pandemic has been to provide a COVID-se¢ure environment and ensure staff feel safe and comfortable loming into the Crick. The People team aided individuals and teams with a 'wellbeinB and support'_led approach. COVID continued to disrupt many aLCiVlties during thc year, while business as usual continued with significant achievements enabled by adapting ro new ways of working. We have adapted our services to support the requirernents of hybrid working and restriLted acccss to the CriLk, for example, through irnplem¢nting online in¢ervi¢ws and assessments inLluding online lab tours and online inducuons. Supporting recruitment, reward? people management, and staff engagement are key priorities for the People team, which aims to help ensure an inclusive and engaging environment wherc cveryone is able to thrive and be empowcred, excited and motivated to deliver the Crick's mission. Investment in professional and leadership skills development is working to maintain a strong base of leadership exLellenLe, and to create the science leaders of the future. Leaders in the Crick are encouraged to develop knowledge and skills for every career stage, including setting up and running successful teams and IAboratories, contributing more broadly to the Institute and wider scienLe community, and eventually moving Dn to future leadership roles within thc Institute or elsewhere. Scientific and operational leaders are encouraged to work together to continuously improve integration across teams and functions, and harness the advantages that come from diversity and networking. 47 The Franc15 Crick Institute Limited annual report and financial $131emenls 2022 Tru5tees' report lincorporating the strategic report and directors. reportl continued We aim tu LolleLtively and proactively support colleagues across the Crick with our award-winning wellbeing programme, which was recognised by the Mayor's 'Good Work Standard. and Excellence Icvel in ¢he London Healthy Workplace Awards. Members of the Crick cornrnunity are able ro access an attractive offer of wellbeing? nefits and support services, including Orcupational Health, an Etnployee Assistance programme, and sports and social activities. During the pandemiL, particular attention has been paid to mental wellbeing and supporting staff and managers through the provision of information and guidance, as well as multiple resources and serviLes including a network of Menral Health First Aiders and TogetherAII membership) an online platform supporting mental health. In recognition that wellbeing is achieved in multiple ways, often speLifiL to individuals or groups, our aLtive Health and Wellbeing Commitcee keeps the offer under regular review, in order to adapt to new needs and prioriries as they emerge. Our determinaiion to ensure the continuarion of research in extraordinary times was enabled in-part through weekly staff COVID testing. The People team's effeLcive management and supportivc approach to an internal Track and Trace system made our staff testing programme a 5UCL¢S5, Wlth the vasr majority of Science and support staff able to attend the Crick regularly. The Crick worked hard to provide a COVID- secure work environment, and ensure we were open with as much capaciry as possible to support researLh. Technology and scrvice faLilities adaptcd to meet the needs of staff and managers in sometimes difficult and hybrid working arrangements. Effective communication has been key to providing essential information in a timcly) Loordin2ted and easy-to- find way. This includes links to importanr wellbeins and training resources. Several popular and new training courses were also made available online, to help ent>ure thac on-going skills-development is accessible regardless of working arrangements. A number of resourLes for parents and carer5 are also promated to th08e faced with on- going irnpact to their usual caring arrangements. The CriLk recosnisC5 that one in three of the UK population is either disabled or close to someone who is, and one in five of the UK workforce is likely to have a disabiliry? with those disabilities bcing either visible (for example, a mobility issue or visual impairment) or invisible, sufjh as dyslexia or depression. The CriLk is fully focused on ensuring the great talent amongst these groups is attracced ro apply and are then able ro operate effectively in their roles. During the recruitment CyLle, chi4 is achieved by con¢entrAting on ability, rarher than disobility? and truly reLognisin8 the skills and LompetenLies of all individua15 that apply. During the appli(3tion proLess and after appointment, the Crick will make reasonable adjustments for people with disabilities to ensure thar they are able to operate at their full potential. Dctailed guidance is made available to managers in helping them determine what adjustments might be needed and whether those adjustments are rcasonable. 48 The Francis Crick Inslilule Limited annu81 report and Iinanc al slaternonls 2022 Trustees. report lincorporaling the strategic report and directors, reportl continued ilities The trustees Iwh() arc also directors of The FranLiS Crick Instituce Limited for the purposes of company lawl are responsiblc for preparing the trustees, annual report and the financial statemenrs in accordance with applicable law and regulations. Company law requires che tru$tecs to prepare financial statements for each financial year in accordance with Unitcd Kingdom Gcncrally Accepted AcLounting Practice Iunited Kingdom Aicounring Standards and appliLable lawl. Under company law the trusre¢s must not approve the finanLial starements unless they are satisfied that they give a true and fair view of the .4tate of affairs uf the group and Lharity and of thc inLoming resourLeS and appliLation OF resources, including thc income and expenditurc, of che group and Lharity for that pcriod. In preparing thcsc financial srarements, the trustee.8 are requircd to: &elcct suitable accounting policies and then apply them conyistcntly; make judgements and acLounting estimatcs that are reasonablc and prudent. statc whether applicable UK Aciounting .Standards have been followed, subject ro any material departures disLIosed and explained in th¥ finanLial titatements" and prcpare the finan¢ial statements on the going concern basis unless it is inappropriate to presume thar the charity will continue in busine8s. The trustees are responsible for keeping adequate aiLounting reLords that are 8ufficicnt to show and explain the Lharity's transaLtions and disLlose with reasonablc aLLuracy at any time thc financial position of the Lharity and enable rhem to ensure that the financial statement.% ¢omply with the Companie5 ALt 2006. They are also responsible for safcguarding the assets of the Lharity and henLC for taking r¢asonable steps for rhc prcvention and detection of fraud and ocher irregularities. FinanLial statements ar¢ published on the Lharity's websitc in aLLordance with legislation in the United Kingdom governing the preparation and dissemination of finanLial .4tatements, whiLh may vary from legislation in other jurisdiLtions. The maintenanLe and inregrity of the ¢h3rity's website is the responsibility of the trtsstees. Thc tru.4tees' responsibility also extends to the onguin8 integrity of the finanLial statement5 Lontained thcrcin. The trustees wha held office at the date of approval OE this trustees, report confirm that, so far a.8 they are each awarc: there As no relevant audit information of which the charity's auditor is unaware. and each trustee has taken all the steps that they ought to have taken as a trustee to make themselves aware of any rclcvanc information and to establish that the charity's auditor is aware of that information. This confirmation is given and should be interprcted in aLcordance with the provisions of s418 of the CoTnpanie8 Act 2006. 49 I'he Fiancis Crick In51ilule Limited annLJal report and Financial sla emenls 2022 Trustees. report (incorporating the strategic report and directors. report) continued BDO LLP have held office as company auditor following appointment by r¢501ution of the Board on 16 December 2019, and have indicated their willingness to be reappointed for another term. The trustees. report incorporating rhe strategic report and directors, report was approved by the Board of Trustees and signed on its behalf by: Lord Browne of dingley Chairman Date: 7 October 2022 50 The Francis Crick Inslilule Limited annual report and financial slalements 2022 epen ent au Itor s repor members and trustees of The Francis Crick Institute Limited Opinion on the financial stalements In our opinion, the financial s¢atements: give a true and fair view of the state of the Group's and of the Parent Charitable Company's affairs as at 31 March 2022 and of the Group's incoming resources and application of rcsnurces for rhe year th¢n ended. have been properly prepared in acLordanLe with United Kingdom Generally Accepted Accounting Pr4cti¢e' and have been prepared in accordance with the requirements of the Companies ALt 2006. We have audited the finanLial sratements nf The FranLi$ C.riLk Institute Limited "thc Parent Charitable Company") and its subsidiaries l-the Group"I for the year ended 31 MarLh 2022 whiLh comprise the Lonsolidatcd Statement of Fin2llLial Altivities lincorporating the in¥ome and expenditure aLcountl, rhe Balance sheet, rhe Lonsolidated Lash flow statement and noccs to the finan¢ial statcments, including a summary of significant aLLounting pnliLies. The financial reporting framework rhat has been applied in rhcir preparation 1$ appliLabl¢ law and United Kingdom Accouncing Standards, including Finan¢ial Reporting Standard 102 The Financial Reporting Standard appliLable in the UK and Republic of Ireland (Unired Kingdom Generally AcLepted AcLounting PraLticel. Basis for opinion We conducted our audit in aLcurdance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our respon.4ibilities under those standards are further described in the Auditor's responsibilitiL's for the audit of the financial statements section of our report. We believc that the audit evidence we have obtained is .sufficicnt and appropriate to provide a basis for our opinion. Independence We remain independent of the Group and Parent Charitable Company in accordance with the ethiLal rcquirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in acLordanLe with these requirements. Conclusions related to going concern In auditing thc financial statetnents, we have concluded that the Trustees, use of the going concern basis of aLLounting in rhe preparation of the financial statements is appropriate. Based on the work we hav¢ ￿rformed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability tu continue as a 51 The Francis Crick Inslilule Limited annual report and Iinancial slalements 2022 Independent auditor's report to the members and trustees of The Francis Crick Institute Limited continuted going concern for a period of at least twelve months from when the finanLial statements are authorised for issue. Our responsibilities and the responsibilitics of the Trustees with respect to going oncern are des¢ribed in the relevant sections of this report. Other information The Trustccs are rcsponsible fur the uther information. The o¢h¢r information comprises the information included in the Annual Report, other than thc financial statements and our auditor's report thereon. The other information comprises: the Trustees. report (incorporating the strategic report and direL10rs- report). Our opinion on the finanLial statement8 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereun. Our responsibility is to read rhe other information and, in doing so, consider whether the orher information is tnaterially inLonsistenr with the financial statements or uur knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistenLies or apparent material misstatemenrs, we are required to determine whether this gives rise to a matcrial misstatement in the financial statements themselvcs. If, based on the work we have performed, we conclude that ¢here is a material misstatement of this other information, we are required to report that EaLt. WL have nothing to report in this regard. Other Companies Act 2006 reporting In our opinion, based on the work undertaken in the course of thc audit: the information given in the Trustees, Report, which includes the Directors, Report and the Strategic report prepared for the purposes of c.ompany Law, for the financial year for which the financial stAtement5 are prepared is Lonsistent with th¢ fin4n¢ial statements. and the Strategic report and the Directors, Report, which are included in the Trut•tees' report. have been prcpared in aLcordan¢e with appliLable legal requirement5. In the light of the knowledge and understanding ofthe Group and the Parent Charirable Company and its environment obtained in the Lourse of the audit, we have not identlfied material misstatemcnr in the Strat¢8ir report or the Trustee's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to rcport to you if, in our opinion. adequate accounting records have not been kept by the Parent Charitable Company? or rerurns adequate for our audit have not been received from branches not visited by us. or the Parent Charitable Company financial statements ar¢ not in agreement with the accounting records and returns. or certain disclosures of Directors, remuneration specified by law are not Made. or we have not received all the information and explanarions we r¢quire for our audit. 52 The Francis Crick Inslilule Limited annual report and financial slalemenls 2022 Independent auditor's report to the members and trustees ol The Francis Crick Institute Limited continuted Responsibilities of Trusteas As explained more fully in the Sratement of trustees, responsibilities, the Trustees Iwho are also the diTectors of the charitable Lompany for the purpose5 of company lawl are responsible for the preparation of tbe financial statements and for being satisfied that they give a true and fair view, and for such incernal control as the Trustees deterrnines is neLessary to enable rhe pr¢paration of financial sta¢ements that are free from material misstatement. whether due to fraud or erTOr. In preparing the financial statement5. the Trustees are responsible for assessing the Group's and the Parent Charitable Company's ability to continue as a going concern, disLlosing, as applicable, ma¢ters related to going LonLern and using the going copcern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent C,haritable Company or to cease operations, or have no realistic alternative but to do so. Auditor's r¢sponsibilities for the audit of the financial statements We have been appointrd as audi¢or under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect theretsnder. Our objectives are to obtain reasonable assurance about whether the finonLial statements as a whole are free from moterial missratement, 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 tE]at an audit conducted in accordance wirh ISAS IUKI will always detect a material misstatement when it exists. Misstatcments can arise from fraud or error and are contiidered marerial if, individually or in the aggregate, they could reasonably bc expected to influence the economic decisions of users taken on Ehe basis of thcse finanLial statements. Extent to whiLh the audit was capable of dete¢tin8 irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularit1¢5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud As detailed below: Based on our understanding of the Charitable Company and the industry in which it operates, we identified that rhe principal laws and regulations that directly affeLt the financial statements to be the Companies Act 2006, Charities ALt 2011 and relevant tax legislation. We assessed the extent of Compliance wilh these laws and regulations as part of our procedures on the related financial statement items. In addition the Charitable Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effert on amounts or disclosures in the financial statements, for instance through the imposition of fin¢s or litigation. We identified the following areas as those most likely to have such an effect: Employment Law, Health & Safety Legislation, the Animals (Scientific Procedures) Act 1986 and Amended Regulation5 2012 IAISPIAI and Data Protection. 53 The Francis Crick Institute Limited anrlual report and financial 51alemenls 2022 Independent auditor's report to the members and trustees of The Francis Crick Institute Limited continuted Auditing standards limit the required audit proLedurcs to idcntify non-compliance with these laws and regulacions to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any. Audit procedures capable of detectin¥ irregularities induding fraud perfurmed by the engagement team included: Performing analytical proLedures to identify unusual or unexpcct¢d relationships that may indicate risks of material misstatement due to fraud. Areas of identified risk are then tested substantively Discussions with management, inLluding consideration of any performanLe inLentives and rernuneration arrangements, known or suspected instances of non-compliance with laws and regulations and fraud. Assessing the detbign and implernentation of the control environment to idcntify areas of matcrial weakness to fiKUS the design of our audit testing; Reading minutes of meetings of thD8e charged with governance. internal audit reports, reviewing correspondence with regulatory bodies and frorn legal advisort• to identify indiLations of non-Lompliance with laws and regulation¥ or any potential weaknesses in internal control which could result in fraud susLepiibility* Reviewing financial statement disclosures and testing ro supporting documentation ta assess compliance with applicable law$ and regulations. Enquiries as to whcther rhere have been any serious inLident reports or orrespondence with the Charity Rcgulators and reviewing and assessing the impaLt of any report$ ar corrcspondence. Challenging assumptiuns made by management in their significant accounting estimates in particular the useful economic lives of tansiblc fixed assets, valuation of gifts in kind and valuation of programme related investments. In addressing the risk of Eraud through rnanasement override of controls, testing the appropria¢eness of journal enrries and ()ther adjustments. and Carrying out detailed t¢sting? on a sample basis, of transaLtions and balances agreeing to appropriate d(Kumentary evidence to verify the ¢ompletenes$, exIS￿nLe and aLcuraLy of the reported finanLial statements. Our audit procedures were designed to respond to risks of rnaterial misstatement in the financial statements, recognising that the risk of not deteLting a material misstatemcnt due to fraud is higher than the risk of not detecting one resulring from error, as fraud rnay involve deliberate concealment byy for examplc, forgery, mi5rcpresentations or through collusion. In order to help identify instances of non-rompliance with other laws and regulations that may have a tnaterial effect on the financial staremen¢s, we made enquiries of management and those char8cd with Governance about whether the entity is in compliance with such laws and regulations and we inspecred any relevant regulatory and legal correspondenLe. A further description of our re5pon5ibilitie5 for the audit of the financial statements is Incatcd at thc Finaniial Rcporcing C,ouncil's I"FRC's"I website at: This description forms part of our auditor's report. 54 1 he Francis Crick Inslildte Limiled annual report and financial slalemenls 2022 Independent auditor's report to the members and trustees of The Francis Crick Institute Limited continuted Use of our report This r¢w)rt is tnade solely to the Charitable Company's members, as a bodyi in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company's members those mariers we are required ro state to them in an auditor's reporc and for no other purpose. To the fullest extent permitted by law, we do not Accept or assume responsibiliry to anyone other than the Charitable Company and the Charitable Company's members as a body. for our audit work, for this report. or for the opinions we have formed. Doous*n•d by.. BC8el Fiona & Jron Isenior Statutory Auditor) on For and on behalf of BDO LLP, staturory auditor Gatwick, UK Date 14 October 2022 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127}. 55 The Francis Crick Institute Limited annual report and financial slalemenls 2022 Consolidated Statement of Financial Activities (incorporating the income and expenditure account) Year ended 31 March 2022 Unrestricted Funds £iioo R¢5tricTcd funds £IKIO Endowm¢nt nds £000 Total 2022 £000 Total 2021 £000 Income from Donations And legacie5 Charitable aaivitie5 Trading actlVLties Investment in¢om¢ Other in¢omc 135,851 3,172 4.IID9 159 5.1.32 149,123 33,532 879 1,000 170.383 4.051 4,IlQ9 995 165.702 4.308 3.454 1278 199 25 260 1,825 174,941 Expcnditure on Rai$in8 Funds Charitable iitivifies Total exp¢nditure Net gains on invcsiments Nei l¢xpendEiur¢llincorne bcforc transfer Transfers between funds Net movernent in fund$ 531 1715Q5 172.036 350 531 196 847 197,378 245 187,755 188,00 06 25.22.3 2.5,223 119 119 1232631 12,3231 125,5861 9,478 4,370 19,4151 16,8S31 17 4,370 19,41.51 16.8531 RecnnLLliation of funds Total fund$ at l April 21 522 154 575 397 582 250 Total funds at 31 March 22 17 496,.$68 31.936 37,478 565,9112 575,397 All results are from continuing operation$. There were no reLognised gains or losses other than those listed above. Notes I ro 25 form part of these financial sraternents. Comparative Con501idated Statement of Financial Ac¢iviti¢$ Unrestricted furtd$ £000 137,600 1162,7421 Rcstrictrd Endowment funds fund5 £000 £000 36,552 789 125.1791 1791 Total 2021 £(MJO 174,941 1188.0001 Total inLome Total cxpenditure Net gain on inves¢men¢s Net expenditure before transf¢rs Tr2nsfer5 be￿Cert funds Net movemenr in funds 123,9901 95 11.373 95 5,764 16.8531 56 The Francis Crick Inslilule Limited annual report and financial slalements 2022 Notes Group 2022 £oiio Group 2021 £000 Charity 2022 £000 Chariry 2021 £000 Re$tated- g¢e not¢ 24 Rest2ted see note 24 Fixed assets Intangible assets Tangible assets Pro8r2mme-rel2ted inve5trnents Inv¥¥tment% 57 491,352 7.702 73 510260 2.113 57 491,602 7,702 73 510,538 2.113 12 13 13 572.290 571.196 572,540 571,474 Currcnt assets Debtors C45h at bank and in hand 14 26.863 10,223 40,056 12,849 28,805 10.181 40.241 12,022 Creditors falling due within one y¢2r Net Lurrent Iliabilitie5Vassers Net as&ets 15 143 .394 16,3081 4,2111 575 397 16.3251 4.317 565 982 566215 575 791 Funds Callcd up share capital Share premium Unr¢s¢rict¢d funds Gencral fvnds Restri¥ted Ajnds Retstricted hjnds Endowrnent hJn(h Expendable endowment furlds Pernianent cndowmcnt funds 16 16 629.566 12,751 629,566 12,7.51 629,.566 12.751 629,566 12,751 17 1145,7491 1120,1631 1145,4771 1119,7691 17 31.936 20.135 31,897 20,135 17 17 36.478 36,478 56.5 982 .575,397 566,215 575,791 Nom I tn 25 form pArt of these financial statements. A separate Statement of Financial Activities and Income and Expenditure Account for the Lharity has not bcen presented as the Lharity has taken advantage of the exemption afforded by section 408 of the Companies Acr 2006. The Consolidated SOFA is for the Group as a whole. Total incotne for thc charity was £18.S.6m12021: £174.9ml and net gain5 on inv¢5tment5 were £2.3m12021: £6.2ml. Total expenditure for the year was £197.4m12021: £188.Oml. The net expenditure for the year of the parent charity was £9.4rn12021'. net expenditure £6.9ml. The financial statements of thc Francis Crick Institute Limited were approved and authurised for issue by rhe Board of Trustees on 7 October 2022 and signed on its behalf by: Lord Browne of Madingley Chairman Date: 7 (ktober 2022 Company registration number.. 6885462 57 The Franc15 Crick Institute Limited annual report and financial slalemenls 2022 Notes 2022 £000 2021 £000 Re$tated- sce notc 24 Cash flow¥ gcneratcd by operating 21 27,522 24,369 Cash flow5 frorn invcstin8 aCtjVLtie8: Intere%t received Int 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 Income on reimburscd expenditure grants is recognised in line with the relevant expenditure, and in line with achievement of milestones on rhe scienc¢ milestone basis. The reimbursed expenditure and science milestone requirements rcpresenr donor-imposed conditions that otherwise limit the recognition of income. Donation5 and grants with donor-imposed restrirtions are recognised in income when the Instirure is entitled to the funds. Income is retained within the restricted reserv¢ until SULh time that it is utilised in line with surh restrictions. Donations and grants with no restriLtions are recognised in income when the Institute is entitled to the funds. Where rhe donor has rcquested that the charity invest or retain che donation or grant for futur¢ use an endowment is recognised. Income from that endowment will then bc used in accordance with the requirements imposed by the donor. In the case of the endowment created from funds received from the MRC. rhen the tcrms and conditions stipulate that some underlying capital should be proteLted, but that inLome and surplus gains can be used to fund direcc science projects that further the Crick's objectives. On a regular basis, at east annuallyy the Finance Committee reviews the level of funds held in the endowment and agrees the amounts that should be withdrawn and the activities that will be funded, whether these are core science operations or very specific scienLe projeLts. Trading income is recognised when thc significant risks and rewards are considered to have been transferred. The supply of serviLes represenrs the value of s¢rvi¢es provided under ¢ontracts ro the excent that there is a right to consideration and is recordcd at the fair value of the Consideration received or reccivable. Where a contract has only been partially completed at the balance sheet date, income represents the fair value of thc service provided to dare bascd on the stage of completion of the contraLt activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred inLome and inLluded as part of Lreditors due within one year. In the current yeAr, this trading income has included both commercial income and not- for-profir income from COVID-related activities including COVID testing and the provision of space for use as a vaccination centre. Investment incomc represents the interest receivable on short-term cash deposits. f. Gifts in kind Gifts in kind rcpresent donated premises and ass(Kiated facilities at an estimated market value. Donated serviLes for seconded staff arc e5tirnated on the charity, salary bandings for equivalent posrs. 61 The Francis Crick Institute Limited annual report and financial stalemer)Is 2022 Notes to the financial statements Icontinued). Year ended 31 March 2022 g. Experfdilure and ittecoverable VAT Expenditure is aLcounted For on an acrrual$ basis. Expenditure includes any VAT whiLh canno¢ be fully recovered, and is reportcd as part of the expenditure to which it relates. Charitable aLtivities expenditure comprises the costs of the primary activities of rhe Francis Crick Institute Limited, including establishing a centre for medical research and innovation. Other expenditure represents those it¢tns not falling into any other heading. Termination payments are recognised when the cmployeclsl involved have been nformed OE their employment end date and the amount of their termination payment entitlement. Laboratory consumables are written off once purchased and are not carried as stock. h. Allocation of costs Institute departments are Llassed eirher wholly or in part as directly charitable lon a time basis), or as support to the Institute. Support Losts are defined as those costs incurred in the operational teams providing support in finance, IT, HR, buildin8 serviLes, communications and public engagement. Executive office and legal teams are classed as part support and part direct. and that part classed as support is reported under the governance heading. along with the cost of external and internal audit. The allocation of suppnrt costs across the charitable expenditure headings is in proportion to the directly inLurred costs under eaLh heading as a prvxy for the size of that activity and rhe effort involved in supporting each type of Lharitable work. No support costs are currently allocated to cost of raisin8 funds due to thc materiality of the balance. '. PensiLM costs The charity participates in both defined benefit and defined contribution pension schemes. For defined contribution pension schemes, the amount charged to the Statement of Financial Activities in respect of pension costs is the total of contributions due in the year. Differences between contributions payable in the year and contributions actually paid are shown as short term liabilities at the year end. 62 The Francis Crick Institute Limited annLJal report and financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 The defined benefit pension scheme is the Medical Research Council Pension Scheme IMRCPSI. Etnployees of the former National Institute for Medical Research who transferred to the Francis Crick Institute Limited on l April 2015 have remained members of this scheme. MRCPS is a rnulti-employer defined benefit pension scheme that prepares its own scheme statements. Insufficient information is available to allocate underlying assets and liabilities to individual employers, therefore. contributions are aLcounted for on rhe sanie basis as for a defined contribution scheme. j. Intangible fixed Assets The Fran¢is Crick Institute is engaged in research for the purposes of discovery andlor enhancetnent of existing knowledge. This is not driven by, but on occasion Lan result in* patentable or potentially exploirable diycoveries. Any internally generated intangible assets arising in ¢his way are not capitalised. On the foundins of the Institute, following the l April 2015 transfers from the National Institutc of MediLal Re5carch and the London Research Inytitute, the Crick beLame owner of Lertain patents and other intelleLtual propcrty. These were recognised in the financial statements at fair valu¢ Ib8sed on the present value of expected future cash flows) and are amortised on a straight line basis over thc life of rhose assets and cashflows, for terms between two and 18 years, 5ubjeLt to annual reviews for impairmertt where material in valuc. k. Tangible fixed assets Tangible fixed assets are held at cost less accumulAted depreciation. Assets over a valuc of £1 0,000, individually or grouped in aggregate, are capitalised. DepreLiation is calLulated using the straight line merhod to allocate the cost of each a8set to its re.sidual value over its e5timAted useful life. Depreciation commenLes from the date an asset is brought intu service. The period over which assets are depreciated is as ft)Ilow8: LT equipment and software: Corporate syscems Scientifi¢ equipment VehiLles Leasehold buildings Ifabric Building plant and infrastructure Fixtures, fittins5 and furniture 3 years 7 years 5 years 5 years Term of the lease 3- 50 years 5 years Accumulated costs for assets which are not cotnpleted are classed and reported as 'assets under construction, and will not be subject to depreciation until complete and in use. 63 Ihe Francis Crick Institute Limited annual report and financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 l. Ftxed asset ittvestments The charity's investments in irs trading subsidiaries are stated at Cost. measured by reference to the nominAI valtse only of the shares issued. The charity invests in spin-out Lompanies, used to further its translational Science objectives. Investments in spin-out companies will be valued at Lost until there is a publiLly available, relevant and reliable market value based on a share issue for the same category of shares held by the Crick. The charity has also mad¢ investments in (he form of convcrtible loant& to further its translational science objeLtives. These progratnme-related loans are initially recognised at the amount paid, with the carrying amount adju.sted to refleLt any repayments. The charity does no¢ charge interest on the loans. The repayment date will be 31 December 2022, unless there is a conversion event. Once converted, then a5 fur spin-out Drganisations, values will be maintained at C05t unril chere is a publicly available, relevant and rcliable mArket value based on a share issue for the same ¢at¢sory of shares held by the Crick, or alternatively> clear indicator of impairment. . Hffltage assets Heritage assets are book5, manuscripts, specimens, objelts or other assets that have historic, scientific, artistiL, teLhnological? geophysical or environmental qualities and are held and maintained principally for the Lontribution to knowlcdge and culture. The C,rick hold.s hcritage assets inherited from its predecessor institutes IN2tional Institute for Medical Research and London Research Institute) comprising mainly object8 and artefacts of Scientific and historical interest. Th¢ collection is held in storage on sitc at the C4rick with the intention to place Some of ¢he Lollection on permanent display. These assets have not becn capitalised as the value is not considered material. . T￿41¥0￿ As a registered chariCy> the Francis Crick Institute Limited is exempr from taxation on its income and gains falling within chapter 3 of part I I to the Corporation Taxes Act 2010 and.SCLtion 256 Taxation of C,hargeable Gains Act 1992, to the extent that these are applied to Lharitable purposes. The trading subsidiaries do not generally pay UK corporarion tax because thcir policy is to donate distributable profit5 to the charity as a qualifying charitable donation. . Operating leases Rentals under operating leases are Lharged to the Statement of Financial Activitics on a straight-line basis over the lease teim. 64 The Francis Crick Inslilule Limited annual ￿pOrt and financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the insrrument. Basic financial instruments are initially recogniscd at transaction value and subsequently measured at rhcir settlement value with the ex¢eption of managed investments whiLh are held at fair value and gains and losses recognised in the Statement of Financial Activities. convertiblc102ns are initially carried at cost, however, the loans will be measured at fair value should appropriate information become aYailabl¢. Trade and other debtors are recognised at rhe s¢ttl¢ment amounr due after any trade disLount offered. Prcpayrnents arc valued at the amount prepaid net of any trade discounts due. C28h at bank and in hand inLludes Lash in hand and yhort-term highly liquid invescments with a short maturity of three months or less from the date of aLqui%ition or opening of the deposit or similar acLount. Investments in the expendable cndowrnent fund are revalucd as unrealised gain.s and losscs in line with the latest valuation provided by our ¢xt¢rnal investment managers (based on the bid priLe of sharcsl. Creditors and provisions are recognised where the ¢harity has a pres¢nt obligation rLsulting from a past event that will probably result in the transfer of funds to 2 third party and the amount due ¢0 %¢ttle the obligation can be measured or estimated reliably. Creditors and provisions are norm411y recognised at their settlement amount after allowing for any trade discounts due. 2. Critical accounting judgements and key sources of ¢stimAtion uncertainty In the application of the Group's accounting policies, which are desLribed in note I, the trustees are required to make judgements, estimates and assumptions about thc carrying amounts of assets and liabilities that arc not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and othcr factor5 that are considered to be relevant. Actual result¥ may differ from th¥se cstimates. Thc c$timates and underlying assumptions arc reviewed on an ongoing basis. Revisions to accounting estimates arc recognised in the period in which the estimace is reviscd if the reyibion affects only that period, or in the period of the revision and future periods if the revision affeLts both current and future periods. Management considers that the fullowing are its critical 4¢¢0unting cstimates. l fixed as Tangible fixed assets represent a significant proportion of the Institute's total assets. The charge in respecr of periodic depreciation is derived after determining an estirnate of an asset's expeLted uscful life and the expeLted residual value at the end of its life. InLreasing an asser'b expected life or its residual value would result in a reduced depreciation chargc in the statement of financial activities. 65 The t-rancis Crick Institute Limited annual report and Financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 The useful lives and residual values of the In5titute'5 assets are determined by management it the time the asset is acquired and reviewed annually for appropriatenest•. The lives are based on historical experience with similar assets. ifts in ki Seconded %taff in relation tv university attaLhments acLount for £S.Im of cotal donated services which is an esrima¢ion based on rhe Lhariry's salary bandings for equivalent posts. Other gifts in kind tnclude seconded staff frorn the CRUK Philanthropy team which account for £491k of total donated services based on acEu21 costs ro CRUK and donated faLilities of £1.5m in relation to the land on whiLh the Francis Crick Institutc laboratory has been built and has been made available at nil cost by the Medical Research Council, C4ancer Research UK, Wellcome Trust and University College London whiLh is based on the estimated market value of the annual rent. All of rhe spin-out invcstments and share participations have arisen from relevant research activity or investments through the KQ tabs initiative and are supported as part of our stratcgiL objeLtiYes for translational activityi and this has driven their recognition as programme-related investments. They have been reviewed in ine with our policy to determine wh¢th¢r an updated fair value could be reliably measured. In most Laser>, thib has noc been possible as the cntities are very carly in their development lifecycle, and there was insufficient publiL information to establish 8 revised fair value, with five exceptions. Achilles TherapeutiLs Ltd is publicly listed and is therefore valued at the market price at 31sr MarLh 2022, resulting in a loss in year Of £400k. GarnmaDelta Therapeutic5 Ltd and Adaptate Bintherapcutics Ltd, following a disposal of shares shortly after the end of rhe financial year is therefore valu¢d at the value of the proceeds of di5P05al, resulting in a gain in the year uf £5,202k and £5 Ik respeLtively. Following an issue of share5 shortly after the end of the finanLial year, shares in Baselmmune Ltd and Okko Health Ltd have been valued at this price, resultin8 in a gain in the year of £21 Ik and £47k respectively. These valuations are based on external information, and the trustees are therefore omforrable with the fair value5 that have been recogni5ed. 3. An￿y$l5 of income from dooations and l¢gari¢s Unrestri¢ied Restric¢ed funds funds Endowment funds 2022 Total £000 £(M)O Core fundins from founding harehi)Id¢r¥ Research grant fundin Other grants Total grant income 127,520 1,094 26,174 128.614 26,176 127.786 32,947 160.733 Donated service5 and fa£iliiie5 Donations Prizes 7,133 932 7,133 2,267 250 170.383 335 250 1,000 135 851 I.QIK) 66 The Francis Crick Inslilule Limited annual reporl and finoncial statements 2022 Notes to the financial statements (continued). Year ended 31 March 2022 The total donated services and facilities of £7,133k represent gifts in kind. The £1,000k endowment fund donation is not part of the main Crick endowment fund; it will be invested separately via a new long term investment account. |Core funding from founding
shareholders
Research grant funding
Other grants
Total grant income
Donated services and
facilities
Donations|Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
2021
Total
£000
120,361
—
—
120,361
16
25,046
—
25,062
1,880
7,748
—
9,628| |---|---| ||122,257
32,794
—
155,051
6,271
—
—
6,271
647
3,733
—
4,380| ||129,175
36,527
—
165,702| The total donated services and facilities of £6,271k represent gifts in kind. ## **4. Analysis of grant income by funder type** |Research Councils
UK-based charities
UK-based higher education
institutions
UK-based government bodies
UK-based industry, commerce and
public corporations
EU government bodies
Other overseas grants
Other grants
Research Councils
UK-based charities
UK-based higher education
institutions
UK-based government bodies
UK-based industry, commerce and
public corporations
EU government bodies
Other overseas grants
Other grants|Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
2022
Total
£000
59,513
7,632
—
67,145
64,663
9,711
—
74,374
4,666
4,312
—
8,978
6
7
—
13

—
721 —
721
10
6,405
—
6,415
19
2,993
—
3,012
3
72
—
75| |---|---| ||128,880
31,853
—
160,733| ||Unrestricted
funds
£000
Restricted
funds
£000
Endowment
funds
£000
2021
Total
£000
49,026
9,260
—
58,286
67,079
12,105
—
79,184
4,737
2,061
—
6,798
1,393
(2)
—
1,391

2
1,334
—
1,336
—
5,746
—
5,746
1
2,196
—
2,197
19
94
—
113| ||122,257
32,794
—
155,051| 67 The Francis Crick Institute Limited annual report and financial statements 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 5. Analysis of group income frorn clwitable activities Unre5trictcd funds £000 Rc8tri¢ted Endowment funds fund5 £000 £000 2022 Total £000 Research gtantB Research confcrcnce5 Staff restaurant iluildJn8 letting COVID testing untract research 779 779 258 730 220 1.452 612 258 730 220 1,452 512 loo 879 Unre8tricted nds Restri¢¢ed Endowment funds funds £000 £000 2021 Total £000 £oth) Rr¥ear¢h confercnces Staff restaurani Building letting COVID resting 19 382 21.$ 20 382 215 6. Analysis of 8roup Income from trading activities Unrestricted funJ$ £000 Restticted Endowmcnt funds funds £000 £000 2022 Total . Premises licence and service Charges service contracts 4,497 4,497 312 312 4,809 4.809 Unrestricted funds £000 Restricted Endowment funds funds £000 £000 2021 Total £000 Premises li¢enc¢ And service chargc5 IT 5crYi¢e ¢ontra¢ts 3211 243 3211 243 68 The Franci5 Crick Inslilule Limited annual report and financial slalements 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 7. Analysis of group expenditure on charitable activities Direct costs Support costs £OIM) 2022 Tot41 £000 Community and public en8agemcnt Scientific research and transla¢ion Developins 2nd training scientists 899 120.970 509 547 73,613 309 74,469 1,446 194.583 818 196,847 122.378 Direct costs Support costs 2021 Tofal £000 £000 CA)rnmunity and public engagement ientific re5carch and translation Dev¢lopins and trainin8 Kient18ts 774 115,123 .$03 116,400 475 70,571 309 71.355 1,249 185.694 812 187,755 The activities listed abov¢ have been revised this year to more aLrurarely reflect rhe key strategic objecrive$ of rhc Group. The prior year compararives have therefore been restated accordin81y. 8. Analysis of support cos¢$ Scientific research ond trarL¥lation £(M)O D¢v¢loping and training 8cientist8 Community and public cn¥agemen¢ £000 2022 Total £000 Governance Financc Information Tcchnolo8y e( Services Human Re$L)u￿¢S Building Seryices Communication5 and Publi¢ Engagcmcnt 658 3,133 12,468 4.801 49,825 2.728 73.613 666 3,169 12,613 4.857 50,405 2.759 74,469 2.3 93 36 370 13 52 20 210 20 li 547 309 Scientific research and translation D¢velopin And trainin8 scientLSts Community and publi ensa8emcnt 2021 Total £iX)O £000 £000 £000 Governance FJtJan¢c Information Technolo8y & Services Hurnan Resources Buildin8 Scrvices Communi¢ation$ and Public Engagement 596 2,Y114 12,032 4,326 48.199 603 3,017 12.166 4.374 48,733 20 81 29 .324 13 53 19 210 16 2,435 2,462 69 The Francis Crick In51ildle Limited annual report and financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 9. Net expenditure for the year 2022 £(￿)0 2021 £000 Net expenditure is stated after charging (crediting): Depreciarion of owncd a55Ct5 . Amortisation of iniangible fixed a8Bets Opcratin8 k*$e renial$ Forei¥n exchange Igain$lllo8$e$ . Profir on disposal of fixed assets Auditor'8 remuneration.. Fees for the audit of the £hariiy'5 annual financial $tAtements Fees for taxation 5crviccs 10 thc group Fec& for the audit of $ubsidiory compani¢ 38,876 15 253 38.605 Is 414 51 42 75 77 li 71 10. Ankilysis of staff costs, trustee cxpcn8¢$ and the cost of key management pcrsonnd . The average monthly number of employec5 Wa$: 2022 Total 2021 Total Charitable activities Support a£tiVlti¢s 1,247 212 1220 217 b. Their aggregate r¢muneratson Comprised: 2022 T0¢41 £000 2021 Total Wgges and salarics Redundancy and tern)ination Social se¢urity Pcnsiort E05ts 71.725 71,897 564 6,787 6,970 86,11)0 85,556 Remuneration includes stipends paid to PhD students of £4,029k12021: £4.018kl. PhD students are not ernployee5 of the Institute. During the year, an ex gratia payment of £25,000 was made to a Crick employee in settlement of a claim made against the organisation. The settlement was covered under the Crick's insuranc¢ arrangements, enabling most of the cost to be recovered. 70 The Francis Crick Institute Limited annual report and financial statements 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 10. Analysis of staff costs, trustee exp¢nses and the cost of key managemcnt personnel (continued) . The number of employees whose emolument5, excluding pension contributions and employer's national insurance but including bcnefits in kind. were in excess of £60,000 was: 2022 Totol 2021 Total £60,000. £69,999 £70.0110- £79,999 £80,000- £89,999 £90.(100- £99,999 £100.000- £109.999 £IIo,000 . £119,999 £120.000 - £129,999 £1.30.000 - £139,999 £140,000 - £149.999 £150.0()0 . £159,999 £160,000 - £169,999 £180.01)0- £189,999 £190.01)0- £199,999 £200,000- £209.999 £210.000- £219,999 £230.000- £239,999 £250,000- £259,9Y9 £270.000 - £279,999 £280,000- £289,999 £.310,000- £.119.999 £420,000- £429,999 59 37 29 19 21 62 39 29 16 14 io 210 206 d. Key management personnel The key management personnel of the charity and group are listed on page 40. The total remuneratian linLluding pension contributions and employer's naiional insurance) of the key managemen¢ personnel for thc year totalled £2,358k12021. £2,350kl. . Trustees, remun¢ration No trustees recelved remuneration during the current or prior year. Travel and subsistence expense5 were claimed by one trustee this year for £436 {2021: £Nill. The Charity has maintained throughout the year and prior year Trustees, and Officers, liability insurance for the benefit of the Charity and its trustee5. The cost of this insurance for the year was £12,28012021: £10,232). 71 The Francis Crick Institute Limited annual report and financial 51alemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 11. Intangbi le fixed assets Gn)up and rharity Intellectual property CA)Bt At l AprRI 2021 and 31 March 2022 281 Ac¢umul4i¢d amortig•¢iOD At l April 2021 Charge for tlie year At 31 March 2022 208 16 224 Net book value At 31 March 2022 At l April 2021 S7 73 72 The Francis Crick Inslilule Limited annual report and financial 51atemenls 2022 Notes lo the financial statements Icontinuedl. Year ended 31 March 2022 12. T4o8ible fixed ass¢t$ IT Fixtures fitTing 6Jrniture quipment and software L£asehold buildings £000 icrttific ¢quipment Assets under Construction Total Group Cost At l April 2021 £000 £000 £000 £000 £000 572.217 20.210 2,76S 1.775 15 24.735 22,337 734 742 71 23,098 81.383 13.988 2.166 4,039 2,556 14,6831 700,186 20.043 Addition$ TraD51crs Dispo¥ais At 31 March 2022 572.176 Y6,318 1,912 718.239 AcamulAted Dore¢iAtioa At l April 2021 Charg¢ for ihe year Dispo￿18 At 31 Mar¢h 2022 Net book value At 31 Marlh 2022 102.768 21,970 12 124,726 9,758 3,717 18.614 2,021 684 19,951 58,786 11.168 19 68,735 189.926 38.876 13.475 226.887 447,450 11,260 3,147 27..583 1,912 491,352 At l April 2021 22 97 Fixrurcs, fi¢tLll88> furni¢ur¢ equipmcnt and softwarc Leasehold buildin Scientific equipmcnt £000 AN5ets und¢r Construciion Toial cknrity £00 £000 £000 £000 At l April 2021 Addition5 Transfer¥ Dispusals At .31 March 2022 572525 20,210 2,765 1,775 15 22,337 734 742 715 81,383 13,988 1166 4,039 2,535 14,6831 71J),494 20,022 41 572 484 718.526 Arxvmulated Drpre¢i4¢ion At l April 2021 Charge for the year 102,798 9.758 18,614 58,786 189,956 21,977 12 124 763 3,717 2.021 684 11,168 38,883 Disposals At 31 March 2022 Net book vAIuc At 31 March 2022 226.924 447 721 491602 At l April 2021 73 The Francis Crick In51ilule Limited annual report and financial slalemenls 2022 Notes to the financial ststements Icontinuedl. Year ended 31 March 2022 13. Fixed asset itivestments . Inv￿t￿ents in $ubsidiaries The Francis Crick Institute Limited owns rhe entire issued share capital of UKCMRI Construction Limited Icompany registration nurnber 065899051 and Francis Crick Trading Limited (Company registration number 107925481, both cornpanies incorporated in the United Kingdom and resistered in England and Wales with their registered offices at l Midland Road, London NWI IAT. UKCMRI Coostruction Limited provided design and construction services to the Francis CriLk Institute Limited and is being maintained until rhe final warranry works are completed, at which point it will become dormant. The Trustees have agreed to provide liquidity support through its closing stages, and therefore although the subsidiary is not a going concern, the accounting policies are unaffected. Fr2nLiS Crick Trading Limited's key objective is to carry out various trading acrivities wirhin rhe premises owned by The Francis Crick Institute Limiced. The shares are held at cost, being £4 for UKCMRI c.onstruction Limited12021: £41 and £1 for Francis Crick Trading Limited12021: £11. 74 The Francis Crick In51ilule Limited annual reporl and financial slalernenls 2022 Notes to the financial statements (continued). Year ended 31 March 2022 ## **13. Fixed asset investments (continued)** |A summary of UKCMRI
Construction Limited’s results is
shown below.
**Proft & loss account**
Operating costs
Operating loss
Other interest receivable and similar income
Tax
Distribution payable (qualifying
charitable donation)
Retained loss for the year
Opening shareholder’s defcit funds
Closing shareholder’s defcit
**Balance sheet**
Current assets
Current liabilities
Total net liabilities
A summary of Francis Crick
Trading Limited’s results is shown
below.
**Proft & loss account**
Turnover
Cost of sales
Gross (loss)/proft
Operating costs
Operating (loss)/proft
Tax
Distribution payable (qualifying
charitable donation)
Retained proft/(loss) for the year
Opening shareholder’s funds
Closing shareholder’s funds
**Balance sheet**
Fixed assets
Current assets
Current liabilities
Total net assets|**2022**
**Total**
**£000**
**(5)**
**(5)**
**—**
**(5)**
**—**
**(5)**
**—**
**(5)**
**(51)**
**(56)**
**63**
**(119)**
**(56)**
**2022**
**Total**
**£000**
**6,374**
**(6,205)**
**169**
**(10)**
**159**
**—**
**159**
—
**159**
**(62)**
**97**
**21**
**1,254**
**(1,178)**
**97**|2021
Total
£000
(5)| |---|---|---| |||(5)
—| |||(5)
—| |||(5)
—| |||(5)
(46)| |||(51)| |||**71**
**(122)**| |||**(51)**| |||2021
Total
£000
6,394
(6,458)| |||(64)
(12)| |||(76)
—| |||(76)
(46)| |||(122)
60| |||62| |||—
6,242
(6,304)| |||62| 75 The Francis Crick Institute Limited annual report and financial statements 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 13. Fixed asset inv¢stments Icontinuedl b. Programme relatcd investments At the b212nce sheet date, the Group and Charity held the following early Stage invvstments which are all classified as programme related investments. 2022 PTOPOrtion Proportion h¢ld % h¢ld ° 2021 2018Holding GaMm2Dclt￿1 Therap¢utics Ltd A¢hillcs Thcrapruii¢s L.td MLracogni% LimilLd Adaptare Bioihcrapeutics Ltd Mcrtdclian Ltd Myricx Ltd C)kiilo Ltd PexKi Vivan Ipreviously My Pergonol Th¢r3p¢ut1¢51 uin Technology Sano GcnetlC5 Adcndra Thcrapeutics Pharmenable jiva.ii Baselmmurte ZeT¢a Gen(ymics Oxford Cancer Art*lytic$ IOX¢anl FA)Id Health CAJncR Charw Neurotech Littlc Journ¢y Enara Bio 157.667 36,697 470 2282 7,766 26,75U 16.7.40 922 1213 2.28% 0.09% 19.03% 0.04% 0.60% 0.49% 0.94% 0.40% 0.75% 2.29° 0.09% 19.03° 0.09° 0.62% 0.52, 0.99V• 0.4VY. 0.85% 9,132 12,894 7.672 250.01111 20,000 313 8,000 1,417 0.65% 1.12% 0.31% 5.66% 1.04% 1.13% 1.44% 0.59% 0.76% 0.55% 1.53% 0.34% 1.38% Warrants 0.65% 1.12% 0.43% 1.04Vo 23,46.S 11,.$60 1.3110 150,IKIO Warran¢s All of the aboye investments are in limited companies incorporated and resistered in Ensland and Wales. As part of the KQ program the CriLk has invcsted another £520k into 13 companies using convertible loan instruments, increasing the total investment in this program to £1,480k. The Crick will not Lharge interest on these loans and rhe repayment date will be 31 December 2022, unless there is a conversion event. During the year, eight loans, totalling £320k. were converted to equity. All investments were reviewed as part of the fair value assessment which resulted in fair value adjustments for investments in Achilles Therapeutics Ltd, GammaDelta Therapeutics Ltd, Adaptate Biorherapeutics Ltd. Okulo Ltd, and BaseImmune. In the absence of information to provide a reliable estimate of fair value and with no indicators of impairment, all other shareholdings are currently held at cost. 76 The Franc15 Crick Inslilule Limiled annual report and financial slalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 13. Fixed asset investments (continued) Group & Charity 2022 Tot81 £000 800 82 6,820 2021 Total Convertible loans Quoted invc5micrtt5 Unquoted inve&tmex)ts' 640 482 991 2022 Total £000 2021 Total £000 Movrments At l April Additions DistM)sals Net 8ain8 At 31 Match 2022 2.113 520 1401 800 160 7,702 2.113 Financial invesrm¢nts Group & Charity 2022 Total £000 2021 Total £000 Invcstment&'. Re5tared il Inv¢stmentS gt market value C.onv¢n¢ional silts Corporare bonds C)vLrsLas fixed intere8t UK equitjCS Ovcrs¢gs ¢quiries Properry Alternatkve a$sets Tr¢asury bills Supcrnatinnals & agen¢ic$ Mortsa8¢ backed $￿ur1E1c5 Las 828 20,638 799 9,950 14,825 833 17.17S 5R.5 10,715 13,116 1.257 2.3.39 249 45 1,834 583 330 1,717 ill Invcstmcnts oycr S% of the p)rtfolio 2022 Total £(K)O 2021 Total £OIM) Restated Royal London A58ei MarLagem¢rLt Short Term Fixed Income Enhanied Fund Royal London Asser Management Short Terrn Fix¢d Inmm¢ Fund 21,192 14,908 13.247 11,307 iiil Movements 2022 To¢al £00 2021 Total £000 Restated 50,475 141.b831 13011 13941 At 1 April 2021 Additions Dispu$al proleeds N¢t m¢)v¢ments in cash and short-term deposit5 Nct realised investmerlt 82inslllLW81 Net unrcaliscd investment 8&Éns At 31 March 2022 58,750 63,528 152,6991 1,258 495 iyl The historical cost of th¢ Group and (Jlarity investments at 31 March 2022 was £68.744k1202I: £56,139kl. 77 The Francis Crick Institute Lim Iled annual report and financial slalements 2022 Notes to the financial statements (continuedl. Year ended 31 March 2022 14. DebtOTS Group 2022 £000 Group 2021 £000 Charity 2022 £(x)o Chariry 2021 £OIM) Trade debtors Prepayrnents and acrrucd income Amoun1$ owed by group underiakin (note 22bl Amount$ owed by related pariie$ (note 3,110 9,013 6,016 10,679 2241 9,013 3,156 1.986 10,148 5.60.3 22bl 14.406 23,124 14,061 22,267 237 40241 Other debtor5 334 26.863 237 40,056 334 28.805 15. Creditors: amounts falling due withio one year Group 2022 £000 6,691 7,409 14,808 2.986 11,500 Group 2021 £000 Charity 2022 £(y)o Chariry 2021 £000 S,332 9.157 10,IK)2 3,924 19,135 Trade creditor5 Accrua15 Deferred Income Oiher creditors Amounts owed to related partlC8 Inot 5,335 9,284 10,955 3,995 19,135 6,691 7.280 14.781 2,973 11,500 22bl Amounts owed tn group undertakin (note 22b 2,086 396 43,394 48 7114 45311 Analy8is of deferred income GTQUP TotAI £000 Chariry Total At l April 2021 R¢¢ogniscd a8 income in year Deferrcd in year At 31 March 2022 10.95S 15.7661 9.619 10,002 14,8391 The total £14.8m at 31 March 2022 (2021: £1 Im) relates to research srant income received in advance. 16. Called up slwe capital 2022 Total £0 2021 Total £o(10 Alloticd, c4llcd up and fully paid Ordinary shai¢$ of £1 cach Share prernium account 629,566 12,751 629,566 642317 In accordance with the Articles of Association, shareholders are not permitted, at any time, to transfer all or part of its shares to another per50n. except with the prior written consenr of all the other shareholders. The chariry cannot declare or pay dividends or other distributions to its shareholders. 78 The Francis Crick Inslitule Limited annLJal report and Financial statements 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 17. Movcment in funds Transfers between 31 March funds 2022 £0 l April 2021 £000 Gains On Jnve5tmertts Incume Expenditurc Gioup nre5¢r encra £000 £000 j*edlunds I,,.o't,g funds 120 163 149 123 35 145 749 set-up 242 15.498 12181 123.8611 24 22,451 Rtsearch Oth¢r 2J23 28,472 19 19 F.ndowment hJnds Permanent funds Expendablc funds 33,108 1.000 825 1.825 13.3.1081 1,0011 119 11191 33,108 629.566 2,664 37,478 629..$66 Share capiral- par Share premium 642,317 642.317 Total fund5 575 397 197 .378 565 982 l April 2021 £0 rans be¢w¢¢n funds £o(10 InL¢)me Expenditurc Gains On Investments £000 £000 31 March 2022 £uoo Ch8riry Unr¢stricted funds General funds £000 Re$tri¢r¢d fiJnd$ CriLk LAb scr-up Re%var¢h 242 15,498 1218 123,860 44 24 22,41Z 28,432 19 2.32.3 ndowmen ermanent F.xp¥ndabl¢ funds 33.108 1,000 133,1081 Share capital- par Share prcmiurn 629,566 629,.$66 642,317 642,317 Total funds .57.5,791 185,4%1 1197,.3901 2,.333 566.215 Tran5fer5 between gencral funds and rcstricted funds of £2.3m12021: £95kl con5iSt of the release of excess funds reLcived of £80k12021: £173kl,in line with the tcrms and Londition5 of the individual fundcrs, and the financing of a deficit of £126k 12021: £268kl on 4.5 completed grant.$12021: 97 completed grants) as well as an adjustment to recognise restrictcd donation incorne paid via core fundin8 of £2,277k 12021: £NILI. The sharcholders provided funds to the c.harity for the purpose of establishing the Institute. Restricted funds relate to Kientific computing and individual scicntific projects. Included within the tablc above, the Institute holds endowments totalling £37.5m without distinction bctween capital and income, applying them in furrherance of the Lharity's objectives. Best endeavours will ensure that an agreed level of indexed capital is protected 79 Tho Franci5 Crick In Iilule Limited annual report and financial 51afemepls 2922 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 17. Movement in funds Icontinuedl There are restrictions on the use of this endowtnent fund, with the initial capital investment plus an agreed uplift to reflect inflation being maintained until December 2029. Changes during the finan¢ial year have softened these restrirtions, allowing for the Crirk Board to approve access to the endowment in the case of a rnaterial adverse event. As a result, rhe endowment is now reported as an expendable rather than a permanent endowment. TransEer$ between funds 1 April 202 £000 Gain5 ort Invesiments 31 March 2021 Group Incom¢ £IH)o Expenditure £000 £000 Unrcstricta fundi Genero1 funds 137600 162742 95 120 163 R¢$ttictcd ￿ndS Crick Lab get-up ReSca￿h C)thcr 339 6,875 1971 124,2141 868 125,1791 242 15.498 32.742 95 8.667 36,552 95 20.135 Endowment funds Permanent fund6 79 Share ¢apital- par Sharc prcmiurn 629,566 629,566 12.751 642.317 642,317 Toial ￿nd 582250 174 941 188 0011 575 397 Transfers between funds £000 l April 2020 £000 Gains Ort Investrnents 31 March 2021 £(KJO Chlriry lrtcome Expenditure £000 £000 nr¢stri ted fundi cncral fund furtds sei-up 137731 162758 95 119769 339 6,875 1971 124,2141 868 242 15.498 4J95 Rcsearch Other 32,742 9.5 owme ermancni un 789 79 Sh•re capital- par ShaT¢ prernium 629.566 629,566 642,317 642.317 Total fvnds .582 529 175 072 188 016 575 791 80 Ihe Francis Crick Inslilule Limited annual report and linancial 51alemen15 2022 Notes to the financiaL statemenls (continued). Year ended 31 March 2022 18. Analysis of assets and liabilities between funds Unrestricted funds. non- charitable trading furhds and share Capital Restricted funds £000 Endowment 31 Match nds 2022 £￿)0 £0 Group £000 Sntan8ible fixed asset8 Tangible fixcd a5%et$ Inve$tments Current asscts Current liabilitie$ Total Net Asset 57 469,182 42,192 1..$18 116.381 496,568 57 491.352 80.881 37,086 143J941 565.982 22,170 2,782 33,968 26.984 31,936 35.907 1,600 129 37.478 Unrutti¢t¢d nds and share capital Re$triLted Endowmrnt 31 March fund8 funds 2022 £000 £000 £(N)o Charity £000 Intan8iblc Axed assets Tangiblc fixed assets Investmcnts Current assets Current liabilities Total Net A88et8 57 469.432 42,192 3,457 57 491.602 80,881 38.986 22,170 2,782 33,929 35,907 1,600 29 37.478 496,840 31,897 566,215 Unre6tri¢ted hJnd5, non- charitable IradirLS funds nd share ¢*pital £000 Restated Restricted fvnds £000 Restated Endowment 31 March funds 2021 £000 £000 Restated Group Ruia*d Intansible fixed a&8ets Tangible fixed *￿er¥ Investments Current assets Currcnt liabilitie$ Tot•1 N¢t Assets 73 494,287 27.368 31.085 73 510.260 60,863 51,905 15,973 960 21,220 32,535 600 27 522 154 575 397 81 The Francis Crick Institute Limited annual report and financial statemen15 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 18. Analysis of assets and liabilities between funds {continued) Unrestricted funds and share Lapital £000 Rcstated Restri¢i¢d Endowrnent 31 Mar¢h funds fund¥ 2021 £o(10 £(M)o £( Rcstatcd R¢$tAted Charity Restated Intansible fixed assets Tangible fixed asscis Inv¢stmentS Current assets Current liobilities Total Nct As%ts 73 494.56S 27.368 30.443 73 SIO.538 60,863 52,263 15,973 960 21220 32.535 61y) 27 522 .548 211135 575 791 19. Employ¢¢ retirement benefits The Francis Crick Institute Limited operates both defined con¢ribution and defined bencfit pension scheme arrangements. New employees are entirled to join the dcfined contribution pension scheme. F.mployer contribution rates vary aLcording to the Lontribution rates of individual employees. The amount paid in employer contributions to the defined cuntribution scheme was £5,656k, of which £775k was paid from restricted funds121)21: £5.460k, including £760k paid from restricted funds). The balanLc outtitanding ar the year-end was £711.5k, of whiLh £'85k was payable from restriLted funds12021: £786k, including £8.3k payable from restricted funds). The defined benefit pen$ion scheme is thc Medical Rescarch Council Pension Scheme IMRCPSI. Employees of the former National Institute for Medical Research who transferred to the Francis Crick Institute Limited on l April 2015 have remained members of this scheme. MRCPS is a funded multi-ernployer defined benefit pension ￿￿eme that prepares it5 own scheme statements. Benefits accrue at the rate of 1180th of pensionable salary for eaLh year of servire. In addition, a lump sum equivalent to three years, pension is payable on retirement. Members pay contributions of between 6.0 % and 6.5 /0 of pensionable earnings to the Scheme. The Francis Crick Institure Limited pays contributlODS of 16.9 /. 12021:15.9 % l of pensionable earning5 to the Scheme. The amount paid in employer ontributions to the defined benefit scherne was £800k, of which £3 Ik was paid from restricted funds12021: £848k, including £32k paid from restricted funds). The Institute i.s indemnified against an employer contribution rate in excess of 16.9 /. 12021:15.9 /ol, under an agreement whereby the Medical Research Council would reitnbur5e the Institute for costs incurred at any future rate grearer than 16.9ty/.. The balance outstanding at the year-end was £96k, none of which payable from re5trict¢d funds12021: £94k, including £lk payable from restricted funds). 82 The Franc.i.% Crick I nslitule Limited annual report and financial statements 2022 Notes to the financial statements Icontinued). Year ended 31 March 2022 The required contribution rates are assessed every three years in accordance with the advice of thc Government Actuary. The latest finalised actuarial assessment of the MRCPS was 31 December 2019. 2019 2016 valuation valuatioo Marker value of as5¢t5' Actuarial s¢h¢me liabilities Surplu Scheme funding level 1.647 14161 231 1,406 46 160 116% 113% The results above are for the fund as a whole and do not reflect the Institute's share as there is insufficient informarion available to separately idenrify underlying a5set5 and liabilities or to alloLate them to individual employers. As a result this is treated as a defined contribution schcme by the charity. 20. Financial commitments Operating l¢a$e ¢omrnitments ThL total future minimum lease payments under non-canLellable operatins leases for eaLh of the followinB periods are: 2022 an 2021 an an buildinss £000 er £000 £000 £000 Group and charity Within one year Between tsne and fivc year5 After five ye8r$ 216 604 18 213 814 49 820 25 49 Capital ¢ommi¢ments The Francis CriLk Institute Limited had unprovided ￿pital contractual comrnitments of £4,822,983 at 31 Marrh 202212021: £1,283,861). This expenditure is anticipated to be incurred in the subsequent finanLial year. funded by a cornbination of core funding and grants. 83 The Francis Crick Institute Limited annual report and financial slalemen15 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 21. Reconciliation of net lexpenditurel to cash geD¢rated by operaiiog activits¢$ Group 2022 £000 Group 2021 £000 16,8531 38,647 15 Net lexpenditurel for the year Depre¢iation and disposal adjusiTn¢nts Amoriisation of intangiblc fixed ass¢t$ Fundin8 r￿¢iVed for pro8ramme related iftvcstment5 Investment income Invcstmcnt rnanagcment charges Investmenrs18ainsl Int¢re5t payable 19,4151 38,951 16 580 19951 118 17,4921 11,2781 16.2061 21.184 13,193 24.906 113,5121 DCEr¥a￿l(1￿4rea$ej sn dcb¢ors IDccreaseVlncrea5e in creditors Cash generated by i)perating xctivities 22.Related party transactions The charity's relaced parties ar¢ its shar¢holders who have entercd into a Joint Venture Agreement which establishes the basis on whiLh funding will be made available to rhe charity and how it is operated. They are: CanLer Research UK, United Kingdom ResearLh and Innovation (formerly known as the Mcdical Research Council), Wellcome, UCL, Imperial College London and King's College London. The charity also has two wholly owned subsidiaries". UKCMRI LonstruLtion Limited Francis Crick Trading Limited Fuoditig from $hareholders including share5 allotted No shares were allotted during the year. b. oth￿ transa¢¢ion$ Year ended 31 March 2022 Incomc and re¢har8es from and to rclated pgrties Purchas¢s from rel#¢ed parties Amounts duc fmm related parties £000 Amount$ due to rclatcd partie$ £000 £000 £000 UKRI (formerly known a5 Medical Research Coun¢ill Cancer Rc%arch UK Well¢ome UCL Imperial College London King's G)Ilege London 1541 65.706 41,500 33,222 3,688 1,982 426 148 524 3J52 1,013 3261 3,811 1,290 14,8961 14.2221 11,1321 17781 788 2,754 19231 14.$11 84 The Francis Crick Inslilule Limited annual report and financial rlalemenls 2022 Notes to the financial statements Icontinuedl. Year ended 31 March 2022 22.Related party transactioos. Icontinu