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2024-03-31-accounts

~~Annual Report and Financial Statements~~

THE FRANCIS CRICK INSTITUTE LIMITED A COMPANY LIMITED BY SHARES YEAR ENDED 31 MARCH 2024

ANNUAL REPORT AND FINANCIAL STATEMENTS Charity registration number: 1140062Company registration number: 06885462THE FRANCIS CRICK INSTITUTEYEAR ENDED 31 MARCH 2024 1

~~Contents~~

3

4

5

Chair’s letter

Director’s introduction

Trustees’ report (incorporating the strategic report and directors’ report)

47

52 53 54 55

Independent auditor’s report

Consolidated statement of financial activities (incorporating the income and expenditure account) Consolidated and parent entity balance sheets

Consolidated cash flow statement

Notes to the financial statements

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2

~~Chair~~ ’ ~~s letter~~

The Francis Crick Institute continues to pursue its ‘Discovery Without Boundaries’ strategy. This vision galvanises and guides the institute and our staff.

Our scientific achievements are the foundation on which our reputation rests and this has been another year marked with considerable successes.”

As we continue to fulfil our strategy of Discovery without Boundaries and cement our reputation as a world leading scientific organisation, I am pleased to have this opportunity to reflect on progress made over the last year and I would like to thank all our staff and our partners for the part they have played in creating the progress we have seen over the last year. Their commitment to the pursuit of research excellence is truly commendable.

Our scientific achievements are the foundation on which our reputation rests and this has been another year marked with considerable successes. We’ve seen prestigious awards for our faculty staff, notable discoveries and publications of impact in diverse biomedical fields, and also welcomed innovative thinkers to set up new laboratories, pioneering advanced technologies and novel research challenges. The Crick’s translational science programmes also highlight the impact of our research and its application for societal good through improving human health and economic growth. Science is a collaborative endeavour, and we are committed to strengthening partnerships across the sector from academia to industry and into the clinic.

Together with our donors and benefactors, we continue to launch initiatives to promote scientific excellence and collaboration. We are supporting a second cohort of Crick Africa Network fellows to assist the development of equitable research capacity in Africa, and we are close to completion of the Skylab, a brand new two-storey laboratory in the Crick’s roof space, which will create more than 11,000 square feet of space for partnership opportunities, maximising the exploitation of knowledge for societal and economic benefit.

of years of perseverance by those across the sector and at the Crick we must strive to keep science on the political agenda both nationally and internationally.

As Chair I would like to acknowledge the invaluable ongoing support from the Crick Board. The Crick founders’ representatives on the Board of Trustees have undergone several changes this year. I thank those stepping down for their service, and welcome our new board members.

I would also like to pay tribute to Sir David Cooksey, who died in January at the age of 83, and is sorely missed. David played a key role in the establishment of the Crick, from its early conception through to the official opening in November 2016. He was also highly influential in shaping and securing the future of the UK life sciences landscape. The Crick’s flagship translation prize was named after David, and highlights the contributions of scientists at the Crick who are driving innovation, improving healthcare, and inspiring a new generation of translational researchers.

Finally, I would like to thank all those who are associated with the Crick for their dedication and achievements. We should never forget that our collective success is founded upon the strength of our partnerships.

Lord Browne of Madingley Chair

As a flagship UK scientific organisation we must remain outward facing. The deal reached between the UK and EU on Horizon Europe was the culmination

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 3

~~Director~~ ’ ~~s introduction~~

2023 was a special year for biomedical scientists, as it was the 70[th] anniversary of the greatest achievement of the life sciences in the 20th century: the discovery of the structure of DNA. This led directly to the birth of molecular biology, which has allowed us to understand and probe the biological world as never before. The Francis Crick Institute is a direct descendant of this discovery, making use of molecular biology to understand how life works, which is critical to advancing modern medicine.

Picking the ten research highlights that appear in this report from the hundreds of excellent papers published by Crick researchers in the last year was difficult. From work on the causes, diagnosis, prognosis and treatment of cancer, through insights into infectious disease, immunity and the basic machinery of life, to discovering how the brain is remodelled during pregnancy, these selected publications reflect the breadth and depth of the institute’s interests.

Research is only as good as the people who do it, and we are fortunate that the Crick’s reputation means we can recruit from among the most promising researchers in the world. Our PhD programme this year attracted nearly 1,500 applicants for 54 places, and competition for a position as a Crick Early Career Group Leader is also very fierce. In the last year, five outstanding scientists have been recruited to start laboratories at the Crick, and two more will be arriving shortly. We look forward to what they will achieve as they begin their journeys as independent researchers, backed by the Crick’s excellent resources.

The Crick’s partnerships with King’s College London, UCL (University College London) and Imperial College London continue to thrive. Eight new university attachments have joined the institute this year, either seconded to run labs here, or as satellites, splitting their time and lab members between their home university and the Crick. Their contributions to the

multidisciplinary, collaborative work the Crick thrives on are extremely important. And our principal group leaders have been joined by Irene Miguel Aliaga, a distinguished physiologist and developmental biologist who brings our tally of Fellows of the Royal Society to over 30.

I finish this introduction by congratulating Charlie Swanton, our Deputy Director of Clinical Research, on winning this year’s Europe-wide Jeantet-Collen Prize for Translational Medicine for his research in cancer genetics and evolution. This prize, which recognises leading-edge European translational researchers, is a major accolade in biomedical science. Charlie joins an impressive Crick roster of eight previous Jeantet winners, a measure of the calibre of our Principal Group Leaders.

Science is not all about individuals winning prizes and accolades; one person’s success always depends on the work of many others. I want to thank every member of our staff for their tireless dedication, curiosity, and unwavering passion. Your collaborative spirit and relentless pursuit of excellence are the driving forces behind our institute’s success, and I am honoured to work alongside such exceptional individuals.

Paul Nurse

Director (CEO) of the Francis Crick Institute

Science is not all about individuals winning prizes and accolades;one person’s success always depends on the work of many others.”

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~~Trustees~~ ’ ~~report~~ (INCORPORATING THE STRATEGIC REPORT AND DIRECTORS’ REPORT)

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~~Objectives and activities~~

The Francis Crick Institute is a biomedical research institute which breaks down barriers between disciplines to create a space where talented and ambitious scientists can pursue big and bold ideas. Our researchers work in an environment that fosters excellence through state-of-the-art infrastructure and a creative and curious culture.

The Crick is a place for collaboration, innovation and exploration. We are prepared to take risks on unusual, pioneering research that answers fundamental questions about human health and disease, and, with the help of our partners, we aim to bridge the gap between research and application so that our discoveries can change lives for the better.

Charitable objects

The Crick’s objects, as set out in its articles of association, are to advance human health and education for the benefit of the public through all aspects of biomedical research and innovation by:

  1. Operating a centre for medical research and innovation.

  2. Carrying out and supporting research into any of the biosciences.

  3. Discovering and developing preventions, treatments and diagnostics for illness and disease.

  4. Developing and training scientists and supporting biomedical research endeavours.

Strategic priorities

The Crick’s Discovery Without Boundaries (DWB) strategy, agreed by the Board and founders in 2013, was renewed in 2021 after consultation with Crick researchers and staff across the institute. It identifies five strategic priorities:

  1. Accelerate discovery through a culture of scientific excellence

  2. Support the biomedical research endeavour across the UK and beyond

  3. Drive benefits for human health

  4. Engage and inspire with discovery science

  5. Build capability for outstanding science support

Our key achievements for 2023/24 are presented in the achievements and performance section that follows.

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~~Achievements and performance~~ 2023/24 in numbers

578 scientific papers published

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21
Scientific
awards
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More than 1,500

CV applications for 54 PhD positions

More than ~~24,000~~ attendees at scientific events

Over

~~24,000~~

visitors across our 2023 and 2024 exhibitions

The ~~2,000~~[th]

member joined our alumni network CrickConnect

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Over

17,000

mentions of the Crick in the media

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NEWS
Crick
Crick Crick
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More than

16,600

people have visited the Living Centre

21 local people supported into work

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2.5m
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website views

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Crick science

Publications

The Crick aims to make discoveries that have the potential to change lives. Our scientists investigate the biology underlying human health to advance understanding and to improve the treatment, diagnosis and prevention of disease. Clinical engagement is also a key focus for the Crick.

In 2023/24, Crick scientists published 578 papers. Highlights included:

Air pollution can promote lung cancer

The role of air pollution in cancer development is poorly understood. A consortium led by Charlie Swanton found a strong association between levels of fine particulate matter (PM2.5) and the incidence of lung cancer in never-smokers or light smokers. Mouse models showed that air pollutants can trigger immune responses that lead to the emergence of tumour-promoting cell states. The tumour-promoting role of PM2.5 particles underlines the need for public health policies targeting air pollution. Hill W et al (2023) Nature 616:159-167

Genetic clues reveal lung cancer’s next move

This series of landmark papers come from nine years of research from the TRACERx study of nonsmall cell lung cancer. The findings could also be applied to other cancer types, such as skin or kidney cancer. TRACERx lead researcher Charlie Swanton and colleagues followed 421 patients from initial diagnosis, to monitor how their tumours changed over time. Among the major findings, the researchers showed that:

Blood tests could be used to monitor these changes to tumour DNA in real time, to detect early signs that cancer is returning or not responding to treatment. Abbosh C et al (2023) Nature 616:553-562 Al Bakir M et al (2023) Nature 616:534-542

Al-Sawaf O et al (2023) Nature Medicine 29:846-858 Frankell AM et al (2023) Nature 616:525-533 Karasaki T et al (2023) Nature Medicine 29:833-845 Martínez-Ruiz C et al (2023) Nature 616:543-552 Ng KW et al (2023) Nature 616:563-573

Changing partners to assemble a molecular labelling machine

SCF ubiquitin E3 ligases are versatile molecular machines that control multiple cellular pathways in eukaryotes. They are modular, which means that parts can be changed to fit different jobs; swapping the parts in an efficient and timely manner is mediated by the CAND proteins. To understand how this swapping works on a molecular level, the Enchev lab recreated the process in the lab, and visualised it using cryo-electron microscopy. Their high-resolution view of the intermediates involved, combined with biochemical assays, has generated a detailed model for CAND-SCF regulation, shedding new light on this essential process.

Shaaban M et al (2023) Molecular Cell 83:2332-2346. e8

New insights into BRCA2’s role in homologous recombination

Homologous recombination (HR) is a crucial process that corrects mistakes in DNA when it breaks or has problems during copying. The tumour suppressor protein BRCA2 helps initiate HR by getting a second protein, RAD51, onto single-stranded DNA (ssDNA), but exactly how was unknown. The Boulton and West labs used single molecule imaging to watch this happen in real time, and found that BRCA2 recruits and stabilises RAD51 on ssDNA either directly or by an unappreciated method involving binding to and sliding along double-stranded DNA. These two

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distinct mechanisms are likely critical for the diverse functions of BRCA2 in keeping DNA healthy and preventing cancer. Belan O et al (2023) Molecular Cell 83:2925-2940.e8

First sight of thymic stem cells

The thymus, a small gland sitting at the base of the throat, is the nursery where the T cells of the immune system develop. Thymuses atrophy with age, leading to reduced immune function and poor recovery from T cell-damaging events in later life. The Bonfanti group, working with colleagues in the Hayday and Bonnet labs, have now discovered that there are stem cells in the human thymus that can regenerate the architecture of the thymic nursery. As well as broadening knowledge of thymic regenerative capacity, these results have important implications for tackling thymic atrophy and its consequences. - Ragazzini R et al (2023) Developmental Cell 58:2428 2446.e9

Pregnancy causes the brain to rewire

Motherhood leads to pronounced behavioural changes in many species, such as altered feeding routines and increased aggressiveness. How does pregnancy prepare females for such future behavioural needs? The Kohl lab has found that the hormonal milieu of pregnancy remodels a distinct population of hypothalamic neurons in mice which mediate the onset of parental behaviour before giving birth. Sensing of oestradiol and progesterone by particular neurons in the medial preoptic area — a part of the brain involved in aspects of maternal behaviour — is necessary for this behavioural change. Therefore, brain rewiring in pregnancy anticipates future behavioural needs.

mmari R et al (2023) Science 382:76-81

How does toxoplasma persist in its host?

Toxoplasma parasites infect all warm-blooded animals. To survive, the parasite secretes around 250 proteins into the host cell it infects. Several of these so-called effector proteins are known to be important, but the vast majority remain uncharacterised. The Treeck lab developed a new tool to identify the parasite effector proteins that can alter host cell genes, and found that deleting SOS1, one of these effectors, prevented the changes in the host cell that allow the parasite to persist in a host. This approach could be adapted for other microbes to study mechanisms of infection and immune evasion. Butterworth S et al (2023) Cell Host and Microbe 31:1748-1762.e8

Rings of power

Researchers from the Molodtsov and Uhlmann laboratories have revealed how the ring-shaped cohesin protein complexes that keep DNA in its iconic x-shaped chromosomes are controlled by mechanical forces generated by the cell division machinery. A single cohesin complex sequentially and topologically (i.e. in a fully closed loop) entraps two DNAs, and then individual protein rings disengage and release DNA at forces above 20 picoNewtons. The results change our understanding of how cohesin counteracts the spindle tension in mitosis and suggest it has a mechanical role during transcription and DNA replication. Richeldi M et al (2023) Nature Structural and - Molecular Biology https://doi.org/10.1038/s41594 023-01122-4

Ion and water flux can drive cell migration

Our bodies respond to infections by sending out chemokines, chemical signals which tell T cells where to go to fight infection. T cell migration to the infection site involves the WNK1 protein, which activates channels on the cell surface allowing ions to move into cells, but it was unclear why ion influx was needed for movement. The Tybulewicz lab have now shown that following a chemokine signal, WNK1 is activated at the leading edge of a cell, triggering water and ion entry to swell the cell at the front, and that the resulting structural change propels the cell forwards. This mechanism could be common to many cell types, including metastasising cancer cells. De Boer LL et al (2023). T cell migration requires ion and water influx to regulate actin polymerization. Nature Communications 14:7844

A chemical toolbox exposes SARS-CoV-2’s evolutionary trickery

A collaboration led by the Schumann lab has found that changes in glycosylation (sugar-coating) of the SARS-CoV-2 spike protein are linked to COVID-19 variants of concern. Using a host of chemical tools to determine precisely which part of the spike protein was glycosylated and how this affected infectivity, the team found that one particular sugar modification impaired processing of the so-called furin cleavage site, thereby hampering infection. Variants of concern such as Alpha, Delta and Omicron appear to have evolved to specifically avoid this glycosylation, a finding that could prove groundbreaking in understanding of SARS-CoV-2 infectivity. Gonzalez-Rodriguez E et al (2023) O-Linked Sialoglycans Modulate the Proteolysis of SARSCoV-2 Spike and Likely Contribute to the Mutational Trajectory in Variants of Concern. ACS Central Science 9:393-40

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Scientific events

Robust scientific discussion and exchange is an integral part of accelerating discovery science, and an important aspect of scientific discourse at the Crick. We use our event space to host a range of events, from smaller Crick-only discussions to large international conferences.

More than 24,000 attendees at scientific events in person and online, from more than 20 countries

Last year we hosted more than 24,000 individuals at over 150 scientific symposia, lectures, meetings and other events. We continue to run all our major lectures and symposia on a hybrid basis allowing online attendees from across the world to join our in-person audiences which are gradually returning to pre-pandemic levels. Zoom allows us to be inclusive and accessible to a wider audience. Our 4[th] Crick International Cancer Conference had 150 online attendees from 22 countries including the US, Bahrain, Pakistan and Hong Kong alongside the 330 in person delegates.

Demand on our event spaces remains high. Alongside the core Crick events and symposia programme we hire out the spaces commercially to partner and external organisations such as the universities, Cancer Research UK, Epilepsy Research UK, LifeArc and companies from the Life Sciences sector, making an operating profit on the latter.

The London Stem Cell Network hosted its 6[th] annual conference at the Crick in April 2023 - co-organised by researchers from the Crick, King’s College London, Imperial College London, UCL (University College London) and Queen Mary University of

London. The network now has more than 1,200 members who work in the broader stem cell field and aims to encourage interdisciplinary collaboration across the London universities and beyond.

In May we hosted a public recording of Radio 4’s Infinite Monkey Cage ‘Ancient DNA Secrets’ - Brian Cox, Robin Ince and Turi King were joined on the expert panel by Paul Nurse, and Tom Booth from the Crick’s Ancient DNA lab.

The inaugural Crick - Hong Kong University (HKU) symposium took place in September with the aim of building and developing research and collaboration between the two institutes. The programme focused on the themes of infection, immunity, stem cells, cancer and emerging technologies. We welcomed the HKU organisers in person, and colleagues from HKU joined the meeting online.

In November the Crick restaurant and 5[th] floor collaboration space were transformed into TV studios for Channel 4’s Stand Up To Cancer live broadcast fundraiser. 150 crew were onsite for three days and 400 guests joined us here in person on the night.

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Lectures

Our flagship weekly Crick Lecture series fully opened up to researchers from across London and beyond – alongside Crick speakers we welcomed 14 internationally renowned scientists to speak - including Ibrahim Cissé and Sara Wickström from the Max Planck Institute, Alpha Yap from the University of Queensland and Yasmine Belkaid the newly appointed Director of Institut Pasteur.

Insight lecture speakers this year included Dame Mary Beard, Patrick Vallance, Brian Cox and Chris Stark from the Climate Change Committee who delivered a sobering talk on where we are in meeting the challenges of climate change and what we all need to do to make a difference.

Origins of new cell types: questions for the single-cell era

At the end of March 2024 we held the inaugural ‘Origins of new cell types: questions for the single-cell era’ meeting which was co-organised by our philosopher of science and theoretical biologist James DiFrisco and Margarida Cardoso Moreira , who leads the Evolutionary Developmental Biology group here at the Crick. 170 researchers working with or interested in single cell data attended the two-day workshop which aimed at better understanding the differentiation of cell types as well as the origin of novel cell types. This remains a central problem in developmental and evolutionary biology but advances in molecular techniques have enabled the molecular profiling of individual cells, providing fresh opportunities for new insights into cell type development and evolution. 11 expert speakers presented and discussed such topics as ‘How many cell types are there?’ and ‘Origins of cells and organs – the view from the placenta’.

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Awards and prizes

In 2023/2024 Crick scientists recieved the following awards and prizes:

April 2023

May 2023

October 2023

November 2023

December 2023

June 2023

July 2023

January 2024

February 2024

August 2023

March 2024

September 2023

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Crick scientists

We have developed an approach to biomedical scientific training and recruitment that reflects our commitment to research excellence, dynamism and multidisciplinary activity. Our faculty recruitment has an emphasis on early career researchers, most of whom are taking up their first independent post.

They develop their programmes for up to 12 years and then receive assistance to find a position elsewhere.

This, along with our comprehensive training programmes for students and postdoctoral fellows, means we are expanding the talent pool for biomedical science across the UK and internationally, helping to create the science leaders of the future.

Group leader recruitment

A recruitment round for early career group leaders was held in late 2022 and early 2023. Of 459 applications received, one candidate accepted an offer after March 2023 and joined the Crick in March 2024: Aleksey Chudnovskiy .

Crick/ BHF early career group leaders

A search for early career group leaders in the field of cardiovascular biology, co-funded with the British Heart Foundation, was held in late 2023 and early 2024. Of 53 applications received, one candidate accepted an offer and will join the Crick in October 2024: Jose Adrover.

Clinician scientist group leaders

A search for clinician scientist group leaders was held in late 2023 and early 2024. Of 34 applications received, one candidate accepted an offer and will join the Crick, partnering with University College London and Royal Free NHS Trust, in October 2024: Zaeem Cader.

Principal group leaders

Developing our students, postdocs and technical staff

We are committed to providing high-quality training, development, networking and mentorship opportunities for our undergraduate and PhD students, postdocs, and laboratory research scientists. These activities are aimed at supporting them in the delivery our research strategy, and at developing their capabilities as future science leaders following careers within and beyond academia. This year we celebrated the 2000[th] member to join CrickConnect, our online network for current and former staff and students, which continues to provide an excellent resource for those planning the next steps of their career. In May we held our first ever Careers Fest – a 10-day series of activities to help current and former students and staff to focus on their development via 15 different events including a careers fair, a mentor/mentee workshop, and ‘Discovery without borders’ – an online workshop on pursuing an independent academic career outside of the UK.

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Undergraduate students

In July 2023 we welcomed 42 undergraduate students from UK universities onto our nine-week summer student and year-long sandwich placement programmes. This included 11 students who joined the Crick summer programme via the 10,000 Interns Foundation. These schemes provide students with hands-on experience and insight into what it is like to work in a biomedical research institute, in research labs, STPs and operations teams. In summer 2024, 29 summer and 11 sandwich students will join our research groups, STPs and operational teams.

Widening participation in our summer student programme

As we reported last year, in line with our objective to develop an inclusive culture that nurtures diverse talent, and in order to target groups that are traditionally underrepresented in science, we agreed changes to the eligibility criteria for the 2023 summer student training programme. Applicants had to: be of Black ethnicity; or come from a household with an income of less than £25,000; or attend a university on the Crick’s Summer Student Training Programme priority institutions list, which does not include Russell Group universities. This led to a substantial shift in the demographic of our summer students, such that:

In addition, welcoming 11 students from the 10,000 Interns Foundation, all of whom were of black heritage, meant that our 2023 cohort of summer students was more diverse than ever. We are providing ongoing mentorship and support for our 2023 summer trainees as they navigate the next stages of their careers, via their postdoc mentors and CrickConnect .

We have maintained the same eligibility criteria for our 2024 summer student training programme and will once again be welcoming students to the Crick via the 10,000 Interns Foundation scheme.

PhD students

A major element of our postgraduate training offering is our highly competitive PhD programme. In September we welcomed 54 new PhD students and five doctoral clinical fellows onto the 2023 programme. Alongside them, 11 PhD students and three doctoral clinical fellows joined the Cancer Research UK City of London Centre PhD programme, which runs across the Crick, UCL (University College London), King’s College London and Barts/Queen Mary University of London.

We opened recruitment for our 2024 PhD programme in October 2023, receiving more than 1,850 applications for 44 positions on the standard programme and 90 applications for five doctoral clinical fellowships. 39 PhD students and seven doctoral clinical fellows have already accepted positions on our programme (of the latter, five on Crick funding and two on grant/external fellowship funding). Our spring round of recruitment for 13 PhD positions (eight re-advertised from the main round) attracted a further 780 applicants.

Over the last year, we’ve made various updates to our PhD programme including the PhD induction programme’s Research Integrity session, our PhD student work placement programme, and a new programme of academic and social activities to promote networking amongst our student community. In addition, approximately 70% of PhD students completed a student-led survey that looked at student support and recognition and developed an action plan for implementation by the Crick and student community. Following the appointment of a new student support and wellbeing lead, we’ve introduced proactive and reactive initiatives to support our PhD students and their supervisors through the challenges of carrying out a PhD, including PhD stagespecific wellbeing workshops. 169 students participated in these workshops, with 82% attendees reporting that they became more aware of where to get support, and 98% that they expected to apply their learning to their own work (feedback response rate: 53%). In addition, we introduced a new student support group, providing a confidential and safe space for students to share and support each other with issues and emotions that affect their PhD experience and progress. The group has led to participants reporting lower levels of anxiety and higher confidence in their ability to complete their PhDs within the expected timeframe.

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Postdocs

In 2023/24, we received 2,358 applications for the postdoctoral positions that we advertised, and 64 new postdocs joined the Crick.

Our postdoc training programme is developed in consultation with our postdocs and group leaders, and is aligned with the Vitae Concordat to support the development of researchers. This year, we successfully introduced a new ‘Academia to Industry’ career development programme, to run alongside our ‘Postdoc to PI’ programme. Recognising that an increasing proportion of our postdocs (currently about 25%) move on from the institute to pursue scientific roles in biotech and pharma, this programme aims to provide an annual cohort of postdocs with information, skills, and a professional network, to help prepare for their chosen future career.

Laboratory research scientists

Supported by the Crick partnership networking fund, the Crick and its university partners introduced the Technicians Today initiative in September 2023, bringing LRS and technical staff from each organisation together in a seminar series to support knowledge exchange, sharing of good research practice and career development.

2023/24 marked six years of the Crick being an employer champion and signatory of the Technician Commitment, and we remain committed to progressing visibility, recognition, career development and sustainability for our entire technical community. In March 2024, the second Crick Technician Week was held, showcasing the broad range of support and expertise available within the Crick, promoting professional registration and skills workshops for LRS, and hosting a notable panel of experts to discuss the importance of technical expertise in the success of UK research.

Laboratory research scientists (LRS) make up the largest staff group and are integral to every research lab and scientific technology platform. A vibrant LRS network supports this community with regular internal events to share information and skills, keeping members informed, connected, and aware of how the latest technologies are being applied to science across the institute.

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Crick University Academic Partnership collaborations 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; to share knowledge and expertise to deliver multidisciplinary research; and to ensure our science benefits society. The Crick’s three university partners – UCL (University College London), King’s College London and Imperial College London - bring specialist knowledge, skills and resources to help us carry out research across a range of scientific disciplines. Our attachment programme allows researchers from our partner universities to apply to temporarily move all or part of their research programme to the Crick. In the 2023 annual attachment call, eight new attachments were approved, along with eight renewals of existing attachments. New attachments: 1. Sadra Sadeh (Imperial College 3. Faith Osier (Imperial College London) London) This collaboration will bring state-of-the art This is a collaboration with Carola Vinuesa aiming computational neuroscience from Imperial together to decode the fine molecular characteristics of the with experimental neuroscience at Crick to develop protective immune response against P. falciparum biologically informed computational models. malaria and ultimately contribute to the design Collaborating with multiple Crick groups, including of a highly effective malaria vaccine. Faith Osier the Iacaruso, East, Schaefer and Znamenskiy brings to the Crick an extensive network of labs, the project aims to develop large-scale partners in Africa and has a deep understanding computational models of neuronal networks, and of the research landscape on the continent and computational analysis of large-scale datasets to will be instrumental in supporting the Crick Africa help to solve the complex question of how largeNetwork . scale networks of neurons underlie brain function 4. Jody Rosenblatt (King’s College and dysfunction. ~~[|]~~

4. Jody Rosenblatt (King’s College London)

2. Rachel Edgar (Imperial College London)

Jody Rosenblatt discovered a process called epithelial extrusion which drives cell death in the epithelial layer, disruptions in this process underlie numerous diseases. Her attachment with Crick will focus on collaborations with the Swanton and Elosegui-Artola labs to determine how extrusion is involved in cancer invasion with a view to targeting early metastatic transformed cells before they become cancerous. More broadly her work could have wide ranging Crick collaborations and synergise with projects at the Crick on asthma, fibrosis/hypertension and viral innate immunity.

Examining the interaction between host cell systems and viral pathogens this interdisciplinary project extends across cell biology, virology, immunology and chronobiology working with Crick group leaders Victor Tybulewicz, David Bauer and Katharina Schmack. The project will focus on dissecting the commonalities and differences between how RNA and DNA viruses interact with circadian regulation of host cells and innate immunity. The project will extend into protein homeostatis, neuroinflammation and psychosis and help identify novel treatments for psychosis.

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5. Marika Charalambous (King’s College London)

A collaboration with Crick developmental biologists Alex Gould and James MacRae aiming to understand processes by which the placenta and mother communicate to ensure adequate nutrient flow to the foetus. The project will specifically focus on murine models and the essential fatty acids (EFAs) and how they enter foetal circulation.

6. Edward Carr (University College London)

Edward Carr is a consultant in renal and general internal medicine and has previously worked as a post-doctoral clinical scientist at Crick. His laboratory focuses on the study of antibody selection in humans in health and disease. In his attachment he will continue to be involved in several large clinical trials including LEGACY (COVID healthcare and laboratory workers, Crick) and SIREN (COVID, influenza, healthcare workers, UKHSA) with Mary Wu, Emma Wall, David Bauer, and Ruth Harvey . New work at the Crick will extend to work with the Vinuesa lab and study the pathogenesis of antibody mediated renal (rare) diseases. Edward Carr does clinical work at the Royal Free NHS Trust.

or decades of training. The project seeks to combine NMR/MRI with Deep Learning to enhance sensitivity and scope. By training Deep Neural Networks (DNNs) with synthetic data and collaborating with MRI experts, they aim to develop tools that can analyse complex MR data independently. This integration of AI could streamline analysis processes, making MR techniques more efficient and accessible to scientists.

8. Mark Wallace (King’s College London)

The attachment will focus on interrogating membrane biology and Mark Wallace will combine his expertise in physical properties of lipid membranes, with the neurobiology expertise of the Crick’s Serio, Devine, and Schaefer labs. He will build hybrid synapses - with artificial cells interfacing with real neurons - and use imaging techniques for studying these systems at the molecular level, using it to answer biological question. The Crick McTernan lab will iteratively provide components for Wallace’s synthetic neurons which in turn will help the lab optimise their design cycles.

7. Flemming Hansen (University College London)

The main aim of Flemming Hansen’s attachment is to use AI and Deep Learning to advance the analysis of magnetic resonance (MR). The work is a collaboration with several Crick STPs including Software Engineering and AI, Medical Research Council Biomedical Nuclear Magnetic Resonance (NMR) Centre and the Biomedical Research Facility (BRF). The analysis of NMR spectra and MR images still largely depends on interpretations by specialists with years

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Partnerships in the Crick

Partnership is at the heart of the Crick’s work. We develop long-term partnerships with organisations to work together in a variety of ways. Our university founding partners, UCL (University College London), King’s College London and Imperial College London, continue to provide outstanding support, and collaborate closely with the institute in many different ways. The lynchpin of this crucial relationship is the Associate Research Director for university partnerships. For the last eight years this role was filled by Malcolm Irving (King’s College London) who has developed strong relationships and facilitated consensus of opinion on shared interests. Malcolm returned to his research in April 2024 and Steve Wilson (UCL) is taking forward this vital role.

Inter-institutional partnerships

We have developed several institutional-level partnerships, some international, which offer the potential for engagement through collaborative research, translation, training and operations. The following inter-institutional activity was established or renewed in 2023/24:

Alan Turing Institute

The Crick and the Alan Turing Institute (ATI) are in the process of renewing their partnership, which was initially established in 2020. The revitalised partnership will build upon a rich history of collaboration between the Crick and the ATI, such as KQ labs, a health accelerator program driven by data, and the Crick Data Challenge, a three-day, hackathon-style event that connects wet-lab researchers and experts in data analysis to tackle tough scientific problems. In addition, the collaboration between the institutes has led to Crick-Turing Biomedical Data Science Awards – providing an opportunity for early career data science researchers to undertake a part-time 12-month pilot collaborative research project using data generated by Crick scientists – and Crick-Turing training events. The renewal aims to further promote the growth of data-centric biomedical science research collaborations. Moreover, the renewal emphasises the potential for enhanced engagement through advancements in scientific computing, as well as future endeavours in data science and machine learning.

The Crick Africa Network (CAN)

Originally supported by the UKRI’s Global Challenges Research Fund, The Crick Africa Network launched in 2017 to help tackle infectious disease. The partnership between the Crick and five African institutions, aimed to support African scientists to build their research careers. The initial round of fellowships, tailored to support African researchers in tackling diseases prevalent in Africa such as tuberculosis, HIV, and malaria, garnered remarkable success. In 2023, LifeArc subsequently partnered with the Crick and invested an additional £7.5m enabling the continuation of the African Career Acceleration Fellowships and also novel Technology Development Fellowships. These initiatives aim to further translational research and enhance science and technology platforms across Africa, respectively.

Collaborative UK-wide projects to tackle infections

As part of UKRI’s ‘tackling infections’ strategic vision, Emma Wall, a Senior Clinical Research Fellow at the Crick and consultant in Infectious Diseases at UCLH, joined forces with Nicola Lewis, the Director of the Worldwide Infuenza Centre at the Crick, as co-investigators on the PROVAC initiative. This collaboration, which unites talents from Wendy Barclay and Paul Kellam, Imperial College London and Derek Smith from Cambridge University, has been awarded £8m funding to select vaccine strains that provide the best possible protection against SARS-CoV-2 for the UK population. Simultaneously, David Bauer, Group Leader of the RNA Virus Replication Laboratory, will continue to partner with and contribute to the Genes to Phenotype (G2P) consortium. This consortium which is being led by Wendy Barclay from Imperial College London, also received £8m from UKRI to monitor SARS-CoV-2 and will continue as G2P2. Overall, these projects share an aim to enhance our understanding of infectious diseases, including SARS-CoV-2, and how our bodies react to equip us with the best tools to fight back.

British Heart Foundation

In 2021, the Crick and the British Heart Foundation (BHF) forged a partnership, establishing a framework agreement and jointly funding Rashmi Priya as a Crick/BHF Group Leader. Expanding upon this collaboration, in 2023 the institutions launched a further call for Crick/BHF Group Leaders, inviting applications from both non-clinical and clinical researchers. This call is tailored to promote ground-breaking discoveries in cardiac and vascular biology research, marking a significant stride in advancing cardiovascular science aiming for appointment in 2024.

Our partnerships with industry are outlined in the following section.

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Crick translation

Connecting the Crick to clinical medicine

The Crick is developing diverse links with the clinical medicine community in order to extend the scope of our discovery research, train a cadre of clinician scientists, develop an awareness of clinical medicine among scientists at the Crick and, ultimately, facilitate the application of Crick research for patient benefit. We aim to accelerate the translation of scientific advances into patient benefit by systematically supporting a pipeline of projects that enable researchers to develop ideas into applications.

The Crick now hosts over 80 clinician scientists at all stages from MB-PhD students to consultant grade staff.

We have continued to host our Medicine at the Crick event series which aims to bring lab-based scientists and clinicians together to stimulate new ideas, form collaborations and discuss the latest advances in biomedicine. In June 2023 we held ‘Medicine at the Crick: The tumour microenvironment: looking beyond T-cells’ which had over 120 in-person attendees (approximately 50 from the Crick and 76 external people) and more than 250 joining virtually. This was followed by ‘Medicine at the Crick: What development 80 can tell us about disease?’ in November 2023, which clinician had over 150 in-person attendees (approximately scientists 75 from the Crick and 77 external people) and more hosted at the than 200 joining virtually. In March 2024 we also held ‘Medicine at the Crick: Disease evolution in the Crick human past’, which had over 180 in-person attendees (approximately 90 from the Crick and 95 external people) and more than 200 joining virtually. There are two more events planned for 2024: ‘Inflammation and Cancer Promotion: Revisiting Berenblum’ and a Medicine at the Crick event focussed on the Crick AstraZeneca prosperity partnership.

We are also delivering CrickMed where group leaders can spend a week in a clinical environment at our partner university hospitals, being exposed to different types of clinical activity and practice. Clinicians are then invited back to the Crick as part of the reciprocal process. The long-term goal of this scheme is for Crick scientists to interact with clinically active researchers to further promote collaboration and translational science. Five nonclinical group leaders at the Crick participated in the initiative in autumn 2023 and shadowed a total of 17 clinicians, and another two rounds of CrickMed are planned for 2024.

Building on CrickMed, we are piloting our first CrickMed: pitch and match event taking place in April 2024. The programme will include short pitches from Crick Group Leaders and external clinicians who are open to forming collaborations that bring together experimental medicine and discovery research, followed by time for networking in order to link up potential collaborators. If successful, this will become a regular event.

We are continuing to hold ‘clinical grand rounds’ within the Crick’s interest group programmes. These include a clinical case presentation to explore the link between clinical practice and fundamental research, showing how a molecular understanding can contribute to diagnosis and treatment. Two Grand Rounds were held in autumn 2023: ‘A case of latent tuberculosis’ in September and ‘Neurodevelopmental Disorders of chromatin regulation: how genotypephenotype correlations provide insight into human biology’ in November. Both events had approximately 50 in-person attendees and 20 people joining virtually. More Grand Rounds are currently scheduled for 2024, two examples being: ‘No Time to Waste: Navigating the Terrain of Cancer Cachexia’ and ‘From Map to Molecule to Mechanism: Unravelling a New Disease’.

In June 2023 we held our fourth annual Clinical Research Fellows meeting which provides an opportunity for clinical fellows from the Crick and other institutions in the UK to discuss challenges to developing a clinical/academic career, hear clinician scientists speak about their career progression, and participate in talks and poster presentations about interesting science. This event was attended by 45 doctoral and postdoctoral clinical fellows.

During the year, the Crick setup the Human Biology Unit, which is comprised of a governance group dealing with regulation of all research involving

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patient contact and human material, alongside a Models Group aiming to provide advice and certain services relating to stem cells, cell engineering and emerging human model systems. Jennifer Hay was appointed director of the Human Research Facility in November 2023.

Training for clinicians

In addition to our group leader programme for clinician scientists (see page 14), we also provide training for research-active clinicians at the doctoral and postdoctoral levels.

Five doctoral clinical fellows joined the Crick as part of the 2023 PhD programme intake.

We received 90 applications for our 2024 Crick doctoral clinical fellows PhD programme. Interviews were held in January 2024 and seven offers to join our programme were made (five on Crick funding and two on grant/external fellowship funding), all of which have been accepted. These fellows will join the Crick as part of the broader 2024 PhD cohort in September (see also Developing our students, postdocs and technical staff, page 14).

In 2023, nine clinicians were interviewed for fully funded postdoctoral clinical fellow positions and three appointments were made. These fellows have now joined the Crick. This period also saw two clinicians being offered positions as externally funded postdoctoral clinical fellows, which they have now taken up at the Crick.

Translational funding schemes

The Crick operates two translational funding schemes. The Idea to Innovation (i2i) scheme, supported by external grants from the Medical Research Council (MRC) and LifeArc, provides funding for early-stage translational projects within the institute. During 2023/24, over £1.3m was invested in 20 new i2i projects. The Innovation to Development (i2d) scheme, supported by a £50m donation from the Chris Banton Foundation, provides funding for sustained investment through progression of milestone driven multi-year programmes with an emphasis on acceleration to clinical practice or adoption by industry partners. To date over £2.5m has been committed to fund seven i2d projects in areas as diverse as organoid development, neuroscience and immunology.

To date the Crick has invested over £8.6m in a pipeline of over 90 translational projects.

Industry Partnerships

We continue to augment and diversify our industry partnerships, enabling the application of novel cutting-edge technology to Crick Science. The past year saw the successful initiation of a new initiative to facilitate research partnerships between Crick scientists and small to medium sized enterprises (SMEs). Six collaborations have been started

across diverse areas of research and technology development including: structure function characterisation of neuronal circuits (Schaefer); development of automation of embryonic CRISPR modifications (Nicod); development of automated and scalable iPSC culture (Gandhi); techniques for profiling chromatin remodelling and double strand breaks (Boulton), understanding the contribution of the ovarian supporting cells to fertility (Lovell-Badge); validation of a therapeutic target for congenital heart defects in Down’s syndrome.

Building on our framework partnerships with big pharma, we were pleased to receive an additional £2m funding support from the MRC to continue our collaborative research framework with Merck for another five years. This will be matched by £2m funding from Merck to be focussed on developing projects in the area of immunobiology and will align with the expansion of Merck’s R&D footprint at the Crick. Our pre-competitive collaborations with AstraZeneca (AZ) and GSK continue to add value to Crick Science. This year saw the initiation of the UKRI funded Prosperity Partnership with AZ (£11.2m over 5 years), with the recruitment of nine postdoctoral research fellows and one PhD student to the programme which aims to develop a systematic approach to the development of molecular glue degraders to unlock the biology and therapeutic potential of currently un-druggable targets. Recruitment of a further three postdocs and two PhD students is planned for 2024. Through our pre-competitive research alliance with AZ, we have also initiated six new research projects; supporting collaboration and bi-directional exchange of knowledge and people in areas of technology development, target validation and mechanistic understanding in the oncology setting.

In collaboration with the Crick Academy we have developed the Crick Academia to Industry (A2I) programme for postdocs interested in a career in the pharma sector. The programme involves monthly practical sessions with scientists, recruiters and HR professionals from big pharma, biotech, and spinouts, covering all aspects of transition to industry from introductions to industry careers, application and CV development through to recruitment processes and interview preparation.

Commercialisation of intellectual property

The Crick actively pursues opportunities to protect and commercialise intellectual property arising from our scientific research. In the past year we filed 12 new patent applications and progressed a further seven into the international application phase.

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During the last year the Crick entered into an exclusive licence agreement with AZ in relation to research on how to improve the potency of DNA Damage Repair (DDR) inhibitors.

The Crick’s portfolio of 11 spin-out companies continue to mature, and have collectively created more than 500 jobs and raised more than £1bn in investment. Several of these, including Artios Pharma, Achilles Therapeutics and Gamma Delta Therapeutics (now acquired by Takeda) are developing clinical stage assets. Due to challenging financial conditions, the lead investor in one of our spin-outs, Adendra, withdrew from the UK market during the last year. The Crick, together with Cancer Research Horizons, have secured sufficient funding for Adendra’s scientific programme to reach the next milestone which, if successful, should allow the company to raise subsequent third party investment.

Entrepreneurship and inspiration

Providing scientists with training and mentorship to translate their research into real-world impact remains an important part of our translation work. Translational lectures and workshops have continued through 2023/24, delivered by the Translation team, industry partners, and the Crick Science Entrepreneur Network – a grassroots organisation of Crick scientists, supported by the Translation team, who actively organise events which are also open to external scientists.

The KQ Labs accelerator, run by the Crick, is building a world class ecosystem of data driven health start-ups, centred on London’s Knowledge Quarter around Kings Cross. From October 2023 to March 2024 KQ Labs ran its sixth cohort – selecting, in a competitive process, another ten highly promising start-ups focused on the emerging interface between data and biomedical science. The programme was funded by LifeArc and the selected companies receive a £40,000 convertible loan, together with a tailored curriculum of workshops and activities, mentoring and introductions to investors, corporates (especially major pharma companies) and advisers. KQ Labs has now built an alumni network of 60 companies. £119.4m of funding has been raised by these

companies since completing the programme (as at 12 March 2024, source: Beauhurst). 38% of the 60 KQ Labs start-up CEOs were female at the time of their companies’ participation in the programme.

PULSE, the Programme for Up and coming Life Science Entrepreneurs, was run for the seventh time in March 2024. Developed and delivered by the Crick and the Bioindustry Association (BIA), the PULSE is a three day intensive leadership and entrepreneurship training programme for first time founders coming predominantly from an academic setting. The programme includes interactions with - and feedback from - investors and equips the participants to take their next steps in developing their start-ups.

Public engagement and impact

We run numerous projects to get the public involved in our science and want impact to be a reciprocal process. A current project from a group of researchers across the UK, including Crick group leader Naomi Moris, head of the Developmental Models Laboratory, are working on creating the firstever UK guidelines for the generation and use of stem cell-based embryo models in research. As part of this process, a Public Dialogue was held to ensure that public feedback was incorporated into the guidelines. The code of practice is set to be released in the summer of 2024, and will bring greater transparency and openness to embryo research.

The public engagement team run in-person opportunities for the public to speak to scientists and share their questions. For example, we host Sip of Science events in our public gallery space to allow conversations to happen between our scientists and the public. We also have a digital offering, running question and answers with specific scientists on Instagram. A range of scientists will respond to the audience, one example being Theo Evan, who answered questions about what it’s like to be a doctor and a scientist, and his work on pancreatic cancer.

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Crick operations

World-class research needs an excellent supporting infrastructure to enable its success. At the Crick we continuously review and improve our facilities and processes to ensure they provide the best support possible for our science and our staff.

Communications and Public Engagement

Our Communications and Public Engagement team have been building high-quality digital resources, developing a trusted online presence that reaches out to a variety of audiences. The team has developed relationships with media partners, including the BBC and Channel 4, to collaborate in expanding the media profile of the institute and its science. Episodes of BBC One’s MasterChef and BBC Radio 4’s The Infinite Monkey Cage were hosted in the Wellcome auditorium and featured Crick scientists.

In news media, we celebrated the UK’s association with Horizon Europe and our researchers commented on many important scientific developments, including the growth of embryo models. We also publicised some significant stories emerging from Crick labs, including how air pollution causes cancer in people who have never smoked, how hormones ‘rewire’ the brain during pregnancy, and how AI can identify subtypes of Parkinson’s disease.

Over 17,000 Over mentions in the press 2.5m website views

~~21~~ local people supported into work

Over 19,000 new LinkedIn followers

~~1,669~~ visitors reached through public engagement events

Over ~~40~~ researchers engaged in public engagement training

Over 16,600 people visited the living centre

~~98~~ researchers involved in events

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Our public engagement programme brought our Cut + Paste exhibition to life with public dialogue to bring together voices from wider disciplines and lived experience perspectives developing a new audience for our science. Our closing event brought different perspectives to the ethics of genome editing, leading with the people who will be most impacted by the technology. The events were supported by British Sign Language (BSL) live captioning, hearing loops and the closing event also included a hybrid option.

We launched Sip of Science where members of the public can grab a cup of tea and have an informal chat with our Crick scientists and staff. This began with Sip of Science (after dark), a special event with more scientists, hands on art activity and live music. We also went off-site, including to the Science Museum. Our scientists facilitated conversations on a range of topics including very complex, sensitive and thought-provoking subjects around genome editing.

The exhibition Hello Brain! launched in February 2024 and has beaten all previous records for visitor numbers at the Crick. It focusses on how scientists are beginning to understand the brain’s connectome, its constellation of billions of neurons that work together to make our minds malleable and unique. The exhibition runs until the end of 2024.

The Crick…live!

In November 2023, we embarked on one of our most ambitious media events to date. In partnership with Channel 4 and Cancer Research UK, we hosted a night of live comedy and fundraising for Stand up to Cancer. The show featured some stunning aerial shots of our building and several Crick scientists had the opportunity to speak about their work. It introduced new audiences to the Crick - the website homepage visitors increased by 300% on the night of the broadcast, and we also received five times the number of new Instagram followers than we would on a typical day.

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Facilities and infrastructure

World-class research needs excellent supporting infrastructure and services. Our state-of-the-art institute requires continual improvement to maintain our research performance.

In 2023/24 the Facilities and Infrastructure (F&I) team continued to provide improvements to the Crick’s building and facilities support services, optimising our space, making our laboratories more sustainable, reducing carbon emissions, increasing resilience of critical infrastructure, providing a safe environment and supporting the health of staff at the Crick. The team provides contract management for services to the Crick including operations and maintenance, security, catering, cleaning, laundry, audio-visual, waste management and logistics, ensuring high standards of service to science and value for money for the Crick; this year the catering and cleaning contracts were successfully renewed.

Several projects to improve the resilience of the building infrastructure have progressed this year. These include replacement of the fire alarm control system due to obsolescence, with new panels which provide additional functionally for testing and maintenance, improvements to the security systems with replacement of the CCTV cameras and upgrading the access control system and successful completion of year two (of three) of the Building Management System upgrade, which provides enhanced reliability, visibility and reporting of the buildings performance.

In November, the Crick’s sustainability strategy was launched with themes on energy, waste, water, travel, nature, and materials, as well as encompassing the existing carbon reduction programme. The strategy is being delivered via a range of change projects and behavioural activities which include regular ‘make your lab sustainable events’ and ‘Green Tips’ advice in Crick weekly communications. In addition, Scope 3 emissions have been baselined which will help the Crick in working with suppliers to reduce its Scope 3 impact. A new water metering strategy has been developed to help monitor water usage and identify opportunities where consumption can be reduced. The ULT (ultra-low temperature) minus 80°C freezers in the freezer farm have been increased to minus 70°C and a programme to increase the temperatures of the ULT freezers in the labs has also commenced.

Work continues on the delivery of our target to reduce scope 1&2 emissions by 50% by 2030, with an aim to become net zero operational carbon (NZC) by 2040. Projects completed this year include the addition of a second steam plate heat exchanger which provides hot water for the building’s heating and domestic requirements, significantly reducing gas consumption in our boilers. A central energy monitoring data analytics platform has also been installed, which has been key in tracking our carbon reduction initiatives and identifying areas of energy inefficiencies across the Crick. As part of the longer-term strategy to decarbonise, a wide-ranging feasibility study has been initiated to provide options to electrify steam and hot water generation on site, which will be required to meet our NZC targets by 2040. A three-year project to replace lighting across the entire building with LED technology has also been initiated, including an associated new control system upgrade providing enhanced lighting resilience and improved energy efficiency.

Skylab

A major project this year for the Crick, with delivery led by the Facilities and Infrastructure team, has been the construction of the eighth floor ‘Skylab’. This will create 1,200m[2] of new space for five labs with separate write-up and amenity space for up to 90 researchers. This space will initially be licensed to a third party with whom terms have been agreed. It has been a challenging and complex project to deliver. An ambitious timescale left little capacity to incorporate design changes and the works have been managed very closely so as to minimise any disruption to science. The project was due to be completed in Q1 2024 but the impact of the challenges has meant a delay in completion to Q2 2024.

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Health and safety

Health and safety (H&S) at the Crick is everyone’s responsibility. During the year, we outlined a new strategy which contained our priority areas for the period 2023 to 2026 and a Health and Safety Improvement Programme (HSIP) has been established to implement these priorities.

The HSIP programme has two key elements supported by a number of delivery projects. The first is the development of a new software platform for undertaking a suite of safety processes in a consistent and streamlined way across the organisation. The platform was selected during the year and significant cross-discipline input and configuration of the platform has commenced to enable replacement of some of our existing H&S systems. In the interim, a new system for incident and accident reporting has been implemented and our next priority is to develop and roll out the risk assessment module during 2024, covering risk assessment of laboratory and facility operations. A new system for control and permitting of work has also been introduced along with an updated schedule of audits and inspections.

The second key element of the HSIP programme is to continue the development of our health and safety culture. This programme is supported by the Board, Senior Executives and Research Directors at the Crick. We aim to ensure all staff recognise their responsibilities for their own safety and that they look out for the safety of their colleagues. We have developed our ‘Crick CARE’ programme for launch in the coming year, encouraging everyone to take Care of themselves and their colleagues; be Alert to the hazards and risks associated with their work; where everyone is Responsible for safety; and where everyone is Empowered to speak up, raise concerns or suggestions to improve health and safety.

The new system for recording incidents and accidents has already increased staff awareness of the need to report incidents and near misses in the workplace, and to speak up and raise any concerns they may have.

There were 313 reported events in 2023/24, and these have been categorised according to actual severity of an injury or the potential severity of a near miss. Most events reported were classified either as a minor injury or a low potential near miss, and all of them provide learning opportunities to reduce the risk of more serious incidents. The exceptions were two injuries which were reported to the Health and Safety Executive (HSE) under the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR). Both were lost-time injuries, one involving a chemical skin exposure in September 2023, the other an injury resulting from a falling object in January 2024. Detailed investigations have been undertaken and improvement actions have been implemented to prevent future recurrence.

Further analysis of the reported incidents and near misses in the year has identified the main causes of events and trends of priority areas for future prevention campaigns, and we will focus on a number of these in the coming year including cuts by sharp objects and needle sticks, chemical safety, operating equipment, and slips trips and falls.

The Crick is subject to regulation of our high containment facilities and we welcomed a number of regulatory inspections by the Health and Safety Executive (HSE). From the inspection in November 2023 we have implemented additional training and competency assessment procedures which has led to improvements in our ways of working and controlling hazards. We also received positive feedback from the HSE in the annual management review for 2023/24 which was held with HSE in June 2024.

We continued to improve our emergency incident response. An improved training programme was put in place for the Emergency Response team and a successful crisis management exercise was held in November 2023.

In summary, the year was a formative time for developing the next steps of our continuous improvement journey. We have made improvements in most topic areas, principally establishing our Health and Safety Improvement Programme (HSIP) and establishing our priority of developing a culture where health and safety is everyone’s priority. Staff consultation and engagement with H&S has continued to grow and we have also established the foundations for improved systems and processes.

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Health and wellbeing

April 2023 marked the commencement of the Crick’s first health and wellbeing strategy. The primary aim is to create a culture where our people are enabled and empowered to improve and protect their own health and wellbeing.

Improvements in our health and wellbeing programme continued during the year. In addition to our employee assistance programme (EAP), we have extensive networks of first-aiders and mental health first-aiders to support our staff. We also provide occupational medical surveillance for many of our workers and this service will be stepped-up in effectiveness in the coming year. We had a number of wellbeing themes and campaigns that employees took part in during the year including menopause awareness, mental health workshops, avoiding repetitive strain injury, recognising your health risks, as well as the roll out of a wellness app which had high take up by our employees.

the supplier. The benefit and wellbeing roadshow returned in May 2023 with a special focus on preventing repetitive strain and other musculoskeletal injuries. Our mental health provision was strengthened with the delivery of the ‘Is this Normal?’ sessions in May and October, aiming to raise awareness of the unique mental health challenges affecting academics and researchers. Our collaboration with the community platform TogetherAll ended in October, and was replaced in February, with an extensive provision of educational content and practical exercises, provided through Headspace.

Over the last reporting period the health and wellbeing dashboard was created, to include an amalgamation of the health metrics available. New data sources were also developed to inform the progression of the strategy and evaluate existing programmes; this included capturing data regarding mental health first aid, workplace and ergonomic pipette assessments.

Our new Occupational Health provider - RPS Occupational Health - was fully onboarded in June 2023. Access to physiotherapy services for staff and students, were enabled through

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Equality, diversity and inclusion

Diversity drives scientifc excellence. We work to build an inclusive Crick culture where everyone can thrive. Our inclusion strategy 2023-29 was endorsed by the Board in March 2023 and includes KPIs for all four inclusion objectives for 2023-2029.

Objective one: Recruitment and progression. We will:

Objective two: Inclusive culture. We will:

Objective three. Inclusive research practice. We will:

Objective four. Leadership on diversity and inclusion within UK science. We will:

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Gender pay gap

Both our mean gender pay gap and our median gender pay gap fell in the 12 months to 5 April 2023. On 5 April 2023, our mean gender pay gap was 9.7% and our median gender pay gap was 1.7%.

Disability policies and processes

Disability reporting across the Crick is low: 65% of staff have not completed the disability information field; 1% of staff preferred not to share this information; 1% were ‘not sure’ if they were disabled, and 27% said they are not disabled. In March 2024, 5.14% of Crick staff selfdescribed as disabled (an increase from 3.44% in November 2022). We are encouraging staff to report their diversity data, including disabilities, commencing at recruitment stage.

We launched Disability Awareness training by Disability Rights UK for all leaders and managers in 2022, and we are on track to reach the target of 80% completion rate for managers by December 2024, tracking a 58% completion rate in February 2024.

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~~Financial review~~

Overview of performance

Whilst the £1bn funding settlement for the current septennium (2021/22 to 2028/29) provides the Crick with a level of financial stability, its ability to support the activity that was anticipated when it was awarded has been eroded by the significant inflation experienced over the past two years. This has contributed to an in-year accounting deficit of £(2.0)m (2023: £1.9m surplus).

In the short-term, cost-control measures have been taken to reduce expenditure with reporting and governance mechanisms in place to ensure outturn was in line with budget expectations. IT and scientific equipment asset additions (see note 12, page 65) reduced by 46% to £9.6m (2022/23: £17.9m). Whilst ensuring the replacement and continuing operation of heavily used equipment, ongoing constraints on capital spend significantly limit the Crick’s ability to continue to adopt and co create new innovations in scientific technology. The Director’s report celebrates the institute’s success in attracting worldleading scientists, with three new group leaders recruited in 2023/24, following seven in 2022/23. A significant slowdown in investment in new group leaders is anticipated in the coming financial year as the Crick seeks to effectively support its current scale and assesses options to replace the real terms value of its funding.

With limited scope to reduce costs without further impacting research capability it is vital that the institute continues to develop its income from all sources and to attract partnership delivery models to drive impact while ensuring value. Good progress was made during the financial year on activities supporting this.

Total income for the year was £231.2m (2022/23: £213.2m), of which £187.3m (81%) (2022/23: £190.0m), is from grant income (including core funding). Core funding from founding shareholders reduced by £7m as the £10m one-off support provided by the Medical Research Council to help mitigate the impact of inflation on the institute was not repeated.

Crick scientists were successful in over 40% of their grant applications during 2023/24. This performance helped contribute to a 12% increase in income accounted from research and other grants (see note 3, page 59) to £47.0m (2022/23: £42.0m). This has not only enabled a significant growth in the volume of activity enabled at the Crick, but also in the reach of collaborative efforts with over 400 joint publications published each year since the pandemic.

The institute is very grateful to all those who donate philanthropically to the Crick’s work, which resulted in income of £19.8m (2022/23: £2.7m). This figure was achieved thanks to substantial funding from one of the institute’s major donors to support the creation of ‘Skylab’, a new research facility on the 8th and 9th floors of the building. The space has initially been licenced to a commercial tenant, providing a level of commercial income support for the charity that will help in addressing some of the immediate financial challenges facing the institute.

Trading income increased to £8.4m (2022/23: £7.0m). This was achieved through a small amount of continued space licensing within the institute, in addition to initial work to develop new real estate partnerships that see the Institute play an active role in the development of the Kings Cross and Euston innovation ecosystem.

Total expenditure of £237.7m (2022/23; £210.3m) is an 13% increase from the prior year. The impact of inflation was still being felt across our purchases in 2023/24. Whilst inflation had reduced to 2.3% by April 2024, the monthly average CPI was still 8.7% in April 2023 only decreasing below 4% from November. As the majority of our consumables price negotiations took place in February/March 2023, the average uplift of 5.5% represents a good overall result in comparison. Other factors increasing expenditure were a direct increase in investment in research and translation (in line with an increase in grant funding); and an increase in depreciation expenses driven by a review of the estimated useful life of enhancements to the building.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 30

Alongside this, building service costs saw some reduction as the significant impact of energy cost inflation seen in 2022/23 began to subside as a result of a careful forward purchase strategy. This was reflected in support costs reducing to £77.7m (2022/23: £79.3m). There was also a reduction in wages and salaries of 3% to £78.1m (2022/23: £80.2m) despite increasing pay pressure. New capital spend on scientific equipment was targeted to the replacement of essential machinery, seeing a reduction in asset additions (see note 12, page 65) to £2.0m (2022/23: £12.4m).

During the year, the trustees and management of the Crick used management reporting to assess performance and inform decision making. This reporting contains adjustments to better represent the underlying financial performance of the Crick (for example, removing ‘uncontrollable’ elements such as building depreciation) and gains/losses on endowments, where held in reserve, rather than deployed to support in-year expenditure. A summary of the results for the year on a management reporting basis are as follows:

2024 2023
£m £m
Statutoryresult for theyear (2.0) 1.9
8th foor developmentproject (17.0) 0.0
Investment(gains,losses and interest) (2.5) 0.1
Buildingdepreciation 25.5 17.7
Other depreciation 13.2 15.9
Capital expenditure funded from annualgrants and donated assets (22.4) (21.6)
Fair value adjustments (0.1) (0.1)
Adjustment for income at risk* 0.0 (10.0)
Other 0.4 (0.4)
Non-statutoryunderlyingresult for theyear (4.9) 3.5

*This adjustment was only made in the Crick’s management accounts reporting and does not meet the accounting requirements to recognise a provision. It relates to £10m of additional core funding awarded in the year by the MRC. Under the terms of this award, the full amount maybe offset against future core funding across the septennium, and thus this reporting adjustment has been made.

The £(4.9)m deficit was in line with expectations as the institute balanced sustaining research outputs with being a good custodian of its financial resources. Closing net assets at 31 March 2024 were largely unchanged from the prior year at £565.9m (2022/23: £567.9m).

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 31

Reserves policy

The charity reviews its reserves policy each year, taking into account planned activities, emerging risks and the financial requirements forecast for the coming period.

The charity’s ongoing operational mission is funded via grants from both shareholders and external grant providers, although it seeks to diversify income streams where possible, with increased levels of commercial, philanthropic and investment income contributing to the current year results.

Share capital has been invested by the founding shareholders to establish the institute, and these funds are represented by the Crick’s assets. Over time, depreciation of the new building, currently representing a major part of the Crick’s assets, is accumulating as a deficit on the unrestricted funds.

The trustees have regard to the information contained in Charity Commission guidance note CC19, ‘Charity Reserves: Building Resilience’, and in particular the guidance on ensuring the maintenance of beneficiary services and the risks of unplanned closure associated with the charity’s business model. As such, the trustees believe that the charity should target access to reserves equivalent to three months’ core funding income, including a minimum of £10m in cash or immediately accessible investment funds. This equated to a target of £35m at 31 March 2024 of which £10m should be immediately accessible.

Underlying free reserves are defined by the Crick and its Trustees as net current assets plus cash invested in immediately accessible investment funds, less the following adjustments:

The MRC endowment was created following receipt of £30m from the Medical Research Council in 2019/20. Investments commenced in December 2019, and the closing value of £38.9m (2023: £36.2m) is included in the reserves of the Crick.

There are restrictions on the use of the MRC endowment fund, with the initial capital investment, plus an agreed uplift to reflect inflation, being maintained until December 2029. The Crick Board are permitted to approve access to the endowment in the case of a material adverse event; whilst access is restricted, the endowment therefore provides considerable security in the case of severe liquidity issues.

Prizes awarded to scientists are invested in the Crick’s long-term growth holdings. These had a closing value of £1.1m at the end of 2024 (2023: £1.1m).

The Crick’s reserves are defined by the Crick and its trustees as its underlying free reserves plus the Crick’s long-term growth holdings, which includes the MRC endowment and the general fund.

Reserves considering the above are: 2024 2023
£m £m
Net current(liabilities) (4.8) (1.0)
Cash invested in immediatelyaccessible investment funds byRoyal London Asset Management 37.1 32.3
Cash invested in immediatelyaccessible investment funds held byInvestec 18.4 15.0
Restricted funds held within net current assets (23.3) (6.9)
Unexpended building project funds (0.2) (0.2)
Capital commitments - 8th foor (5.4) (3.6)
Capital commitments - scientifc equipment and buildingmaintenance (1.1) (5.0)
Underlyingfree reserveposition 20.7 30.6
Expendable endowment –grant from MRC 38.2 36.2
Reserves includingMRC expendable endowment 58.9 66.8
Prizes held within investment funds held byInvestec 1.1 1.1

In line with this, the reserves policy strategy considers the combined value of both underlying free reserves and the long-term growth holdings, which the trustees consider to be satisfactory.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 32

Investment policy

For the management of short-term liquid funds, the investment objective remains to achieve diversified investment of excess cash resources. Under the policy, assets are safeguarded by investing only with approved counterparties. Investments are risk-averse and non-speculative, and the charity places no income reliance on interest earned. Investments are selected to ensure security, liquidity and diversification and with providers who have ethical screening procedures in place. The charity’s investment return objective is to ensure that investments earn a market rate of interest.

The investment management of the MRC endowment has been outsourced to a third party. This third party is operating in line with an agreed investment policy that incorporates the ethical screening requirements and restrictions of the MRC agreement, together with guideline allocations between different holdings. The policy is managed on a medium risk appetite basis, with active diversification by industry and geography and a strong emphasis on equity investments in reputable and ethical organisations in order to optimise returns at manageable levels of risk.

The drop in value at the start of the COVID-related market crisis emphasises the underlying risk in this type of investment from market volatility. The subsequent strong recovery reflects the approach of our investment managers 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 environmental, social and governance credentials and long-term potential, the trustees remain confident that the approach remains appropriate for an optimal long-term return.

In addition to the endowment fund, the Crick has established two other funds with the same investment manager. One is a longterm growth holding designed for the investment of prize monies and donations made to the institute and its researchers.

The other is a new fund established during the 2022/23 financial year, designed to manage the Crick’s medium-term cash reserves (the accumulated reserves arising from prior year surpluses which the Crick does not have immediate need to draw down upon). This fund is liquid and low risk, targeting a return of inflation +1%. The value at the end of the year was £16.1m (2022/23: £15.0m) an increase of over 7% during the year.

In addition to these liquid investments, the Crick holds programme-related investments in spin-out organisations from Crick research and equity participations that have evolved from the KQ Labs programme. During the year the Crick invested a further £320k (2022/23: £480k) into the KQ Labs programme taking its total sum invested to £2.6m (2022/23: £2.0m). The Crick also invested £400k in Adendra Therapeutics during the year, a spin-out from the Reis e Sousa lab.

Fundraising

Crick fundraising is conducted through an arrangement with Cancer Research UK (CRUK), which has enabled the Crick to develop its fundraising operations. The Crick actively engages in philanthropic fundraising, and as such, relies on CRUK to comply with the requirements of The Charities (Protection and Social Investment) Act 2016. In the period under review there were no complaints (2022/23: None). There was continued strong performance with a total of £19.6m pledged (2022/23: £14m). The majority of which has been recognised as income in 2023/24.

All philanthropic donations are managed through the CRUK team, with a Fundraising Committee in place to monitor and oversee the approach and performance of the Crick philanthropy programme. This committee comprises a combination of Crick and CRUK staff and meets once a quarter. The Development Committee is responsible for monitoring and reviewing ethical matters relating to fundraising by or on behalf of the Charity.

The scope of the fundraising committee includes a focus on individual donations, with ongoing due diligence conducted. Where any concerns are raised regarding gift acceptance, then the Crick and CRUK agree on the appropriate course of action, with escalation to the Development Committee or other forum, as appropriate. This ethical review of donations remains an important part of Crick governance.

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 continues to work closely with the Fundraising Regulator and with the Institute of Fundraising to help improve standards and ways of working across the charity sector.

Going concern

Following the successful outcome of the quinquennial review concluded in 2022, the Crick continues to benefit from the sevenyear funding package provided by its core funders, the £140m provided in 2023/24 accounting for over 60% of the charity’s income. This provides a strong financial foundation for the charity. Recent years have seen a continued growth of grant and philanthropy income that is expected to be sustained in the nearterm, whilst commercial income will also increase in 2024/25 with the development and letting of the 8th floor. Given this the trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. They have reached this position after having made appropriate enquiries including the review of cash flow forecasts covering the 12-month period subsequent to the date of signature of these accounts and having confirmed support from the shareholders. The trustees additionally consider that the charity will continue to have adequate resources through shareholders’ committed funding to cover all existing capital commitments arising from their obligations.

Accordingly, the trustees have concluded that there are no material uncertainties relating to going concern and continue to adopt the going concern basis in preparing these financial statements.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 33

Income and expenditure YEAR ENDED 31 MARCH 2024

Core funding from founding shareholders £140,200k Research grant funding £40,177k Other grants £6,883k Donations and prizes £29,617k TOTAL INCOME Investment income £231.227m £2,583k Trading activities £8,390k Charitable activities £2,037k Other income re £1,340k Scientific research and translation (direct) £156,793k Developing and training scientists £910k TOTAL EXPENDITURE Raising funds £237.650m £1,556k Community and public engagement £708k Scientific research and translation (support) £77,678k ~~O~~ THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 34

Note: Total income doesn’t include investment gains of £4,415k

~~Future plans~~

Since its opening, the Crick has begun to cement its reputation as a world-leading discovery research institute as well as an important part of the UK scientific research landscape. Our vision of Discovery Without Boundaries will continue to guide our priority activities into the coming years. Supporting innovation and scientific excellence will remain of the upmost importance for all staff as this is the foundation on which the Crick’s reputation rests. Over the next year, we intend to grow our translational projects and partnerships to ensure discoveries are applied for societal benefit. We will also be pursuing ambitious targets for sustainability and public engagement with science.

Developing our core research programme

To deliver our core mission we will continue to encourage collaborations across scientific disciplines both within and outside the institute. The development of our scientific discourse will be a key part of this, ensuring that researchers can learn and collaborate through our interest groups, and also broaden their horizons through our engaging programme of events, seminars and lectures. We will encourage partnerships, ensure research excellence through supportive mentoring and training, keep upto-date with the latest in technological innovation, and nurture the development of the next generation of science leaders.

Translating scientific discovery for societal benefit

Translational science is key to our strategy and future plans. We are continuing to invest in and facilitate the translation of scientific discoveries for societal benefit. Our partnerships with key commercial research organisations have strengthened, allowing us to collaborate closely on exciting projects. The work on our Skylab continues, with plans to open the space in 2024. MSD will be the first partner to occupy the space, which will bring complementary science and expertise into the building and deepen our collaborations. We also announced six new MRC funded partnerships between Crick labs and small and medium sized enterprises (SMEs). The new partnerships encompass a diverse spectrum of research, with a common goal of delivering impactful outcomes from fundamental discovery, with projects ranging from pioneering pharmacological treatments for congenital heart defects in Down syndrome to advancing research on human ovarian supporting cells and fertility.

Research culture

Research culture continues to be a key focus for the Crick and our inclusion strategy is critical to this. It is broken down into key objectives spanning recruitment and progression, inclusive culture, inclusive research, inclusive research practices, and leadership on diversity and inclusion within UK science. The Equality, Diversity and Inclusion team at the Crick is working to implement this strategy throughout our community to ensure a strong research culture.

Sustainability

In November the Crick launched its sustainability strategy, which has multiple themes, from energy, waste, water, travel, nature and materials. The strategy will be delivered via multiple work streams and includes projects such as regular events focusing on making labs sustainable, and providing staff with ‘Green Tips’ advice in Crick weekly communications. We are focused on the existing carbon reduction programme, as well as implementing a new water metering strategy to help identify opportunities where water consumption can be reduced.

Public engagement

The Crick’s public engagement offering has continued to strengthen with generous support from the Dangoor Foundation. Our 2024 exhibition Hello Brain! has driven the highest visitor numbers since our exhibition series began and we anticipate it will continue to engage the public and Crick community for the remainder of the year. Our plans for digital expansion and media partnerships will bring Crick science to new audiences and our continued programme of events, visits and political engagement will cement the Crick’s position as a flagship UK science institute and a brilliant showcase of international talent.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 35

~~Principal risks~~

The largest risks (in terms of potential impact) above the Crick’s risk appetite remain an important focus. These risks and their current management are summarised in the following table.

Risk category Risks Management of risk
Funding Impact of infation on the cost of supplies, The Crick’s long-term budgeting and
energy and salaries for the Crick. forecasting cycle incorporates prudent
assumptions in relation to infationary cost
pressures.
The institute also manages long-term
cash reserves to ensure that the risk
of infationary erosion is mitigated via
appropriate investments in line with its
investment strategy.
The Crick has mitigated the rising costs
of energy through negotiations with
the providers and the pre-purchase of
electricity and gas.
In addition, the Facilities and Infrastructure
team has implemented demand-reduction
measures in the building to save energy
costs without disrupting science.
Infrastructure Supply chain resilience issues affecting The Crick continues to monitor the
the Crick’s ability to perform its scientifc resilience of its supply chain, unavoidably
activities. impacted by the pandemic, the fallout of
Brexit and the war in Ukraine.
An action plan, including working closely
with strategic suppliers together with
the identifcation and use of alternative
suppliers, is in place to anticipate and
prevent any supply disruption and ensure
the uninterrupted delivery of critical
scientifc supplies.
Infrastructure Disruption to science from noise, vibrations The British Library development is an
and electromagnetic interference from the extensive construction programme, actively
British Library development. monitored by the Crick. Current mitigations
include technical analyses and ongoing
engagement with all relevant internal
and external stakeholders (for instance
the British Library, Camden Council,
the Planning Committee and the Crick’s
landlords).
Safe working environment Failure to demonstrate compliance with Given the nature of the Crick’s activities,
statutory health and safety obligations. this area is always a key priority.
Management is satisfed with the current
processes, but operational improvements
are continuously implemented and
reported upon.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 36

Risk category Risks Management of risk
People The Crick’s compensation packages and The Crick’s approach to rewards and
salary levels may not remain suffciently recognition is under constant review to
competitive to attract and retain staff in a ensure staff benefts and remuneration
diffcult labour market. policy remain aligned with the market
median.
The Crick is prudent with its pay reviews
but regularly adjusts pay scales to retain
its competitiveness in the market.
These mitigations help the institute to
retain and continue to attract talent in
all areas, including scientists as well as
operational support staff.
People Succession planning for key roles. The Crick has a long-term staged plan in
place for the recruitment of leadership
roles. It also has an interim plan if there
was an unexpected absence of critical
senior roles in the Science Management
Committee or Executive Committee.
The institute is also proactively identifying
and developing individuals who have the
potential for succession to key scientifc
or executive roles by giving broader
management experience. Consideration
has also been given to the structure of the
Operations team and support functions
to ensure stability and continuity in the
administrative running of the Crick if there
was a gap in any critical leadership roles.
Infrastructure Construction works to transform part of the
A specifc risk register has been developed
Crick’s roof space into a new 8th foor (and to address the risks associated with the
house additional lab space). 8th foor project including project costs
and funding, reputation, project design and
completion, procurement, security and safety.
Several risks (including construction delays)
were identifed as requiring management
attention, but no risks are believed to be
signifcant or above the institute’s risk
appetite at this stage.
Miscellaneous Artifcial intelligence, climate change, cyber
The risk management team reviews the
attacks, and other external events such as evolution of these risks (and the associated
pandemics or the geopolitical environment. opportunities) on a quarterly basis.
All these risks continue to receive a strong focus from functional assurance on certain risks) and its insurance portfolio (to
leads and the Risk Management Team, to ensure they are being transfer some of the risks if possible and appropriate).
appropriately and adequately identifed, managed and controlled. The Crick’s trustees have considered the major risks which the
The Crick integrates its risk management approach with its charity is exposed to and satisfed themselves that systems or
outsourced internal audit function (which is asked to provide procedures are established in order to manage those risks.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 37

~~Governance~~

Management structure

Our structure

The Francis Crick Institute is a company limited by shares (company number 06885462) and a registered charity (charity number 1140062) in England and Wales with its registered office at 1 Midland Road, London, NW1 1AT. The charity is a public benefit entity and is governed by its articles of association.

Subsidiaries

The charity has two wholly owned subsidiaries registered in England and Wales:

Our trustees

The articles of association of the charity provide for the appointment of directors, who also act as trustees. The directors of the charity are its trustees for the purposes of charity law, and throughout this report are collectively referred to as the trustees.

Each of the charity’s six shareholders nominates a trustee. In addition, there are currently six independent trustees, including the Chair. A tailored induction programme is provided for trustees on appointment. The two-part induction covers the legal and regulatory responsibilities of a trustee and director of the Crick. The second section is led by the needs and interests of the trustee, in gaining awareness of the key issues surrounding our scientific endeavour, activities and risks of the institution including meetings with fellow trustees and key staff. Trustees act on a voluntary basis and are not remunerated.

Board effectiveness

A Board evaluation is carried out regularly as a key measure of the effectiveness of the Board. An internal evaluation was carried out in 2023 covering: the Board’s objectives, strategy and remit; performance; relationships with key stakeholders; risk management and decision making; committees; membership; role and governance; and the Board chair. Overall, the outcomes of the evaluation were positive and the Board concluded that it, and its committees, had operated effectively in the year.

In 2024, external consultants Spencer Stuart have been commissioned to conduct an independent evaluation on behalf of the Board. When recruiting independent trustee directors, the Board will specify appropriate skillsets and experience, and ensure potential trustees are sourced from a diverse pool of candidates.

Each trustee is required to disclose potential or actual conflicts of interest to the charity as part of an annual review and at the start of each Board and committee meeting.

As previously reported, the trustees have not adopted the Charity Governance Code, although its adoption will be considered in future periods.

At April 2024, 25% of the Board’s trustees were female. The Board is committed to increasing its diversity both in terms of gender and against wider characteristics. When vacancies for independent directors arise, candidates are sought from the widest pool possible, whilst maintaining our reputation for excellence. When founder-appointed vacancies arise, the Chair encourages the founders to do the same.

The Board, chaired by Lord Browne, is responsible for ensuring that the charity’s aims are being met. Members’ skills and experience, along with their range of backgrounds, help them constructively challenge the Crick’s Executive Committee, set the strategy and oversee the 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 directors as allowed by section 234 of the Companies Act 2006.

Biographies of our trustees can be found on our website.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 38

Board trustees Appointed Board Committees/Sub-Committees Board Committees/Sub-Committees Board Committees/Sub-Committees Board Committees/Sub-Committees Board Committees/Sub-Committees
Audit & Risk Chair’s Development Ethics Nominations,
Remuneration
& Governance
Health and
Safety Oversight
Investment
Oversight
Lord Browne of August 2017
Madingley (Chair)
Dame Kate Bingham May 2017
Professor Sir Adrian Bird January 2021
Professor Patrick Chinnery October 2023
Professor Margaret Dallman October 2011
Isabelle Ealet February 2019
Dr Brian Gilvary* September 2018
Dr Iain Foulkes September 2018
Professor John Iredale February 2022
Professor David Lomas August 2015
Professor Sir Mene Pangalos December 2018
Professor Geraint Rees October 2023
Dr John-Arne Røttingen February 2024
Professor Mary Ryan August 2023
Dr Paul Schreier January 2020
Professor Richard Trembath September 2020
Non-trustee committee members
Lord Neuberger of Abbotsbury December 2019
Ali Bailey** May 2023
Dr Samantha Barrell** December 2019
Professor Sir Leszek Borysiewicz May 2023
Michelle Mitchell October 2023
Chris Mottershead November 2014
Sir Paul Nurse** May 2023
Dr Erik Sahai** July 2024
Michelle Shuttleworth** May 2022
Ramez Sousou October 2023

Key: * Senior independent director ** Crick employee Chair Member

The following changes have taken place:

The Board thank Professor Margaret Dallman, Professor David Lomas, Sir Leszek Borysiewicz, Professor John Iredale and Dr Paul Schreier for their service.

The Board met four times during the year. Certain matters are reserved to the Board for approval including changes to strategy and budget, adoption of scientific and innovation strategy and risk appetite.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 39

There is a clear organisational structure, with documented delegations of authority and responsibility for control. The trustees approve the annual budget and expenditure targets, and monitor actual forecasts and cash flows.

Board committees

The Board has delegated specific responsibilities to a number of sub- and executive committees. Following each committee meeting the chairs of the committees provide an update on their activities at the next Board meeting. In March 2024, it was agreed that a Health and Safety Oversight Committee be established in 2024/25, reporting to the Audit and Risk Committee.

Audit and Risk Committee: responsible for monitoring the integrity of the financial statements, reviewing internal controls, maintaining the external auditor relationship and overseeing the effectiveness of the internal audit function.

Chair’s Committee: reviews matters which are either urgent in their nature or which the chair determines would be best addressed outside of scheduled Board meetings. The committee has responsibility for overseeing the performance of individual directors including the chair of the Board, the evaluation of the Board’s effectiveness and that of the chief executive, including all matters relating to the chief executive’s succession. The decision to appoint or remove the chief executive is reserved to the Board. The assessment of the performance of the chair of the Board is led by the Senior Independent Director in consultation with other non-executive directors. No individual shall chair or attend the committee when it is dealing with the matter of his or her individual performance.

Development Committee: has oversight of (a) the charity’s fundraising strategy and activities and (b) the development of long-term financial resources for the charity.

Ethics Committee: responsible for the ethical implications of research and fundraising activity and other matters relating to the reputation of the charity. This committee has not met since 2020. Matters relating to the ethical implications of research activity are considered by the Board of Trustees. The Development Committee, which was established in May 2023, is responsible for monitoring and reviewing ethical matters relating to fundraising by or on behalf of the Charity.

Nominations, Remuneration and Governance Committee: responsible for Board governance and succession including composition and succession of the Board and certain members of senior management (with the exception of chief executive succession, which is dealt with by the Chair’s Committee and the full Board). The committee also has oversight of the performance and remuneration of the Director (CEO) and executive leadership team. Trustees are not remunerated for their services and receive out of pocket expenses only.

Board sub-committees

Health and Safety Oversight Committee: On 25 March 2024 the Board approved the creation of a new Health and Safety Oversight Committee. This will be established in the new financial year with responsibility for overseeing matters regarding health and safety, reporting to the Audit and Risk Committee.

Audit and Risk Committee.

Executive Committee

The Executive Committee assists the CEO with strategy development and day-to-day management of the charity’s operations and activities.

The committee members are:

Sir Paul Nurse Director (CEO) Dr Samantha Barrell Deputy Chief Executive Officer Ali Bailey Director of Communications & Public Engagement Jacqueline Davies Chief People Officer Dr Steve Gamblin Director of Research Infrastructure Dr Stephen Mayhew Chief Business Officer Rahul Saxena General Counsel & Company Secretary Michelle Shuttleworth Chief Financial Officer Sir Richard Treisman* Research Director Professor Steve Wilson * Associate Research Director

*Key management personnel

The following changes to the Executive Committee have taken place:

Related parties

The Crick’s shareholders are Cancer Research UK, United Kingdom Research and Innovation, Wellcome, University College London, Imperial College London and King’s College London. The shareholders have entered into a Joint Venture Agreement which, inter alia, establishes the basis on which funding will be made available to the charity.

Investment Oversight Committee: responsible for reviewing matters regarding treasury activity and strategy, reporting to the

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 40

Pay policy for key management

Key management are the members of the Executive Committee who are employees of the charity (as listed above). The overall remuneration packages for key management are set by the Nominations, Remuneration and Governance Committee. When new members of the key management group are appointed, a salary benchmarking exercise is carried out by the Crick’s People team.

Our overall pay policy is to target salaries against the lower to median quartile data of the comparable independent and private sector, and the median to upper quartile data of the

university sector. This is considered appropriate for a publiclyfunded 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 roles and essential skills.

Pay for key management is reviewed annually and where appropriate, awards made by the Nominations, Remuneration and Governance Committee based on a review of performance carried out by the Chief Executive Officer and Deputy Chief Executive Officer. The Chief Executive Officer and Deputy Chief Executive Officer are not involved in any discussions or decisions about their own remuneration.

Reference and administrative details

Advisers

External auditor BDO LLP Bankers HSBC Bank plc Solicitors Bristows LLP Mills and Reeve LLP Shoosmiths LLP Veale Wasbrough Vizards LLP Internal auditor RSM UK (to 31 March 2024) PricewaterhouseCoopers LLP (from 1 April 2024) Investment advisors Investec Royal London Asset Management

55 Baker Street, London W1U 7EU 60 Queen Victoria Street, London EC4N 4TR 100 Victoria Embankment, London EC4Y 0DH 24 King William Street, London EC4R 9AT 100 Avebury Boulevard, Milton Keynes MK9 1FH Narrow Quay House, Narrow Quay, Bristol BS1 4QA 170 Midsummer Boulevard, Milton Keynes MK9 1BP 1 Embankment Place, London WC2N 6RH 30 Gresham Street, London EC2V 7QP 80 Fenchurch Street, London EC3M 4BY

Risk management and principal risks

The Board is responsible for setting the Crick’s strategic objectives, and the associated risk appetite and risk management culture. The Board takes an active role in the management of risk, reviews any proposed changes to risk appetite and undertakes a comprehensive risk review every six months.

The Board is responsible for approving the Crick’s risk management policy which identifies ten categories of risk: science integrity; discovery science; commercial; translation; infrastructure; funding, people, reputation, safe working environment; and information.

While risk management is encouraged and conducted at all levels in the organisation, the focus is achieved by separating potential exposures by risk category, with each category headed by a nominated executive coordinator. The coordinators are responsible for identifying risks with risk owners (usually functional heads), developing action plans to manage the risk and monitoring progress against actions. They also maintain a risk register, and together, the coordinators form the Crick’s Risk Management Team.

All risks are reviewed on a quarterly basis with the Risk Management Team focusing their attention on the risks that are above the Crick’s appetite level. The main risks and a summary of the Risk Management reviews are reported to the Executive Committee, the Audit and Risk Committee, and the Board.

The Board delegates to the Audit and Risk Committee the responsibility of reviewing risk management arrangements for identifying and monitoring risk and the effectiveness of internal control systems. The Audit and Risk Committee sits on a quarterly basis to undertake their reviews. The Board delegates to the Crick’s Chief Executive the day-to-day management of risk. The Executive Committee is therefore responsible for implementing the risk management policy and effective risk management and internal control systems. The Executive Committee reviews risks on a quarterly basis.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 41

Sustainability and carbon reporting

The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 implemented the government’s policy on Streamlined Energy and Carbon Reporting (SECR). These Regulations require quoted/ large unquoted companies that have consumed (in the UK), more

than 40,000kWh of energy in the reporting period to include energy and carbon information within their directors’ (trustees’) report, for any period beginning on or after 1 April 2019.

In accordance with these regulations, we have appointed sustainability consultants HDR to prepare applicable energy and emissions data for the period 1 April 2023 - 31 March 2024. This information is presented below:

Table 1: Greenhouse gas (GHG) emissions

----- Start of picture text -----
Metric Units 2023 2022 2021 2020 2019 2018
Scope 1 emissions tCO2e 10,082 10,163 12,471 12,621 11,091 10,961
Scope 2 (electric – market based) tCO2e 821 706 445 0 0 0
Scope 2 (electric – location based) tCO2e 4,687 4261 4,964 6,118 7,379 8,379
Scope 3 emissions tCO2e 4.86 8.90 8.75 1.87 2.88 2.31
Total emissions (market based) tCO2e 10,908 10,878 12,925 12,623 11,094 10,963
Change year-on-year % 0% -16% 2% 14% -43% -
Carbon intensity tCO2e/m [2] 0.146 0.146 0.173 0.169 0.149 0.262
Total emissions (location based) tCO2e 14,774 14,433 17,444 18,741 18,473 19,342
Change year-on-year % 2% -17% -7% 1% -4% -
Carbon intensity tCO2e/m [2] 0.198 0.194 0.234 0.251 0.248 0.262
----- End of picture text -----

*A market-based method reflects the amount of energy from electricity that is purposefully chosen

**A location-based method uses the grid average emissions factor for the power grid that the organisation uses.

Table 2: Energy data

----- Start of picture text -----
Metric Units 2023 2022 2021 2020 2019 2018
Natural gas kWh 49,491,944 49,555,828 60,622,497 61,282,911 59,354,837 58,140,130
Diesel / Gas Oil kWh 179,446 326,149 561,492 639,865 661,253 984,174
LPG kWh 4,348 4,348 4,348 892 1,214 1,684
Acetylene kWh 0 0 0 0 0 0
Electricity Imported kWh 22,633,230 22,036,421 23,376,614 26,240,240 28,868,074 29,601,456
Solar PV kWh 16,639 180,458 127,567 147,721 93,257 142,000
Mileage kWh 20,029 36,077 35,579 7,557 12,007 9,598
Total energy kWh 72,345,636 72,139,281 84,728,097 88,319,186 88,990,642 88,879,042
Change year-on-year % 0.3% -14.9% -4.1% -0.8% 0.1% -
Energy intensity kWh/m [2] 970 968 1,137 1,185 1,194 1,204
Energy from Renewables kWh 18,686,594 18,566,305 21,406,178 26,387,961 28,961,331 29,743,456
Energy from Renewables % 26% 26% 25% 30% 33% 33%
----- End of picture text -----

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 42

Methodology for preparing greenhouse gas emissions data

The greenhouse gas (GHG) inventory has been prepared in accordance with the World Resources Institute (WRI)/World Business Council for Sustainable Development’s (WBCSD) ‘Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard, 2004’[1] and HM Government’s ‘Environmental Reporting Guidelines (March 2019)’[2].

The reporting boundary has been defined using the operational control approach, reporting emissions for operations of which the institute has control. It does not account for GHG emissions from operations in which it owns an interest but has no operational control.

Emissions for this period have been calculated using UK Government 2023 emissions factors[3],[4] with a materiality threshold of 5% of total emissions[5]. Previous years have been calculated using the emission factors relevant for each reporting period.

The emissions scopes are as follows:

Since 2021, reporting figures have included energy and emissions associated with the Akenside Road apartment block that is leased by the Crick. The reporting figures for 2019 and 2020 were updated to account for this addition.

Scope 3 emissions associated with mileage claims for business travel have been reported since 2023. Previous years’ reporting figures have been updated to include this information.

Energy efficiency

Relative to the 2019/20 baseline year, in 2023/24 there has been a 19% reduction in total energy. During the year 2023/24, the Crick made continued energy efficiency improvements; however, total energy consumption remained stable relative to 2022/23, with a nominal increase of 0.3%. This was due to an increase in the demand for grid generated electricity which was largely driven by the following factors:

The Crick continues to improve the performance of its estate through the realisation and implementation of various carbon reduction measures (CRMs), including:

Progress on net zero carbon targets

The Crick has set the following net zero targets vs a 2019/20 baseline year:

Relative to the 2019/20 baseline year, in 2023/24 there has been a 20% (location-based) reduction in total emissions. This has been achieved by implementing carbon reduction measures (CRMs), highlighted under the ‘Energy efficiency’ section below.

The GHG emissions for 2023/24 are largely unchanged, with a 2% increase in location-based emissions compared to the previous year. The modest rise in emissions is mainly attributable to an approximately 7% increase in the carbon emission factor of grid generated electricity and an increased demand for grid generated electricity (see ‘Energy efficiency’ section below). However, this increase has been offset somewhat by a reduction in both diesel use, and staff travel.

[1] ghg-protocol-revised.pdf (ghgprotocol.org)

[2] Environmental Reporting Guidelines (publishing.service.gov.uk)

[3] Greenhouse gas reporting: conversion factors 2023 - GOV.UK (www.gov.uk) [4] https://www.gov.uk/government/publications/using-uk-greenhouse-gas-inventory-data-in-uk-ets-monitoring-and-reporting-the-country-specifc-factor-list

[5] There were no known exclusions on the basis of materiality for 2023/24 reporting.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 43

Sustainability Strategy development

The Crick launched its sustainability strategy in November 2023. This strategy is framed around six key themes: energy; waste; water; travel; materials; and nature. These themes form the basis for how the Crick will drive sustainable practices to help reduce Scope 1, 2, and 3 related emissions.

The Crick again has taken part in LEAF (Laboratory Efficiency Assessment Framework) for the second year. Staff at the Crick have achieved 17 awards (4 Gold, 3 Silver and 10 Bronze), by implementing initiatives such as:

The Crick is also holding a series of sustainability workshops for staff. Three have been held so far and have been very well attended. Themes for the workshops include energy efficiency in labs, responsible sourcing and travel emissions.

Future ambitions

The Crick will continue to deliver the carbon reduction programme, implementing existing CRMs and developing new measures to meet the net zero carbon targets on Scope 1 and 2 emissions. Many of these projects will look to reduce energy consumption by optimising ventilation control, such as dynamic ventilation control using CO2 data. The Crick’s energy management system will be key in identifying areas of energy inefficiency, which enables targeted energy saving initiatives to be developed. There will be focus on completing engineering studies to determine the recommended solution for the building to reduce gas consumption for steam and heat generation, and to optimise our chilled water system, which will require potential major infrastructure changes and electrification.

The programme of initiatives will continue to be delivered to meet the objectives and ambitious targets of the other themes within the Crick’s sustainability strategy, and these include:

Policies relating to employees, social, community and human rights issues

Our primary focus over the last year has been to support our people with the high cost of living (making one-off payments in January 2023 and a 4.5% cost of living increase for staff eligible for the annual pay review in April 2023). We continue to attract international scientists following Brexit.

People support, training and development

Supporting recruitment, reward, people management, visa applications and staff engagement continued as key priorities for the People team, which aims to enable people in a collaborative, inclusive environment which allows our community to thrive. The Crick staff survey in 2022 reported high engagement levels and we will survey staff again in 2024. Investment in professional and leadership skills development continues to build a strong base of leadership excellence, and to create the science leaders of the future.

Culture at the Crick

The Crick became a signatory to the Researcher Development Concordat in March 2021, committing ourselves as an institution, and our postdocs and group leaders (managers of postdocs), to implementing the concordat principles in our policies, day-to-day activities and behaviours. The refreshed Crick strategy, and our values, core principles and objectives, align well with those of the concordat.

Our ethos and values, supported by our code of conduct, identify how we treat each other at the Crick. We have embedded these principles into our employee life cycle from recruitment to induction, probation to performance management. Together with our staff forum we have developed mechanisms to support staff, such as mental health first aiders, and signposting support when people have concerns. We are confident we provide a culture and environment that enables our people to thrive and have designed our management and leadership programmes to equip and enable our people to be good people managers and science leaders.

Leaders in the Crick are encouraged to develop knowledge and skills for every career stage, including setting up and running successful teams and laboratories, contributing more broadly to the institute and wider science community, and eventually moving on to future leadership roles within the 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.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 44

Statement of trustees’ duties with reference to Section 172 of the Companies Act 2006

Engagement and collaboration with our partners, stakeholders, staff and local community informs our decision-making.

How our Board makes decisions

Our trustees fulfil their duties through a governance framework that delegates day-to-day decision making to the Chief Executive and executive management team. Other methods used by the trustees to perform their duties include:

When making decisions our trustees must have due regard to delivering the strategic objectives of the organisation for the public benefit. In addition, each director on the Crick Board must act in a way they consider to be in good faith, and which would most likely promote the success of the company in achieving its purposes as set out in its articles of association. They must also have due regard to:

· The likely consequences of any decision in the long-term

The Board is responsible for setting and keeping under review our strategic direction and ensuring that it aligns with our charitable purposes. All major decisions likely to impact the Crick in the long term are discussed at Board meetings and the relevant committee, after receiving input from the Executive and, where appropriate, consultative and advisory groups.

· The interests of Crick employees.

The trustees recognise that the Crick’s experienced and diverse workforce is key to our ability to operate effectively and achieve our vision. Colleague engagement is measured through surveys and feedback from the Crick Staff Consultative Forum. The Board receives a regular report from our Chief People Officer, supplemented by an annual report which provides a snapshot on progress towards the ambition to ‘attract and develop outstanding scientists and create future leaders in an

environment that enables collaboration, inclusivity and allows our community to thrive’.

Information to and feedback from staff is provided and received through a variety of media, including the staff intranet, a weekly staff newsletter, Faculty and other departmental meetings and a periodic all-staff ‘town hall’ meeting.

A staff survey will be undertaken in April/May 2024.

· Building relationships with suppliers and other stakeholders

As a charity it is particularly important that the Crick is able to achieve and demonstrate value for money in its activities and procurement. In the 2023/24 financial year the Crick spent £115m on third party goods and services, dominated by science related supplies with a spend of circa £45m.

Our Sourcing team has developed and implemented a strategy to foster strong relationships with key suppliers, to secure quality products and services, drive value and mitigate any risks associated with our supply chains.

This year our key focus has been enhancing our due diligence and implementing a Supplier Relationship Management (SRM) framework for improved supply chain resilience. Our suppliers have been cooperative throughout this work; they recognise the importance to the Crick of working with credible and stable partners, value our business and understand the impact their contribution has on our world-class discovery research.

Case study

The Audit and Risk Committee recommended that work be carried out to create a more impactful and targeted Modern Slavery Statement.

An internal working group developed a more active approach to modern slavery and human trafficking together with an action plan. In the period covered by this report, the following activity has taken place:

This activity will be reviewed and developed over the coming years, with input from the Executive and Audit and Risk Committee, and the approach refined until it becomes fully embedded within the Crick.

The full statement can be found on our website; this is updated annually in line with legislation.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 45

Docusign Envelope ID: BC800C62-2A9D-4ECA-B04E-8F2348098695

· The impact of the company’s operations on our local community and the environment

The Crick engages closely with the local community, in particular, encouraging an interest in science and science careers in schoolchildren in Camden. More details of the charity’s public engagement activities can be found on page 23.

The Board received an annual report in June 2024 on progress in delivering our sustainability strategy in 2023/24. The Crick is using the recommended UK Green Building Council (UKGBC) Net Zero Carbon Buildings Framework to meet our net zero carbon targets. As an example of progress, compared to the baseline year of 2019/20, the Crick generated 20% fewer carbon emissions in 2023/24 (18,806 vs 15,064 tCO2e). For further detail splease see page 42.

Statement of trustees’ responsibilities

The trustees (who are also directors of The Francis Crick Institute Limited for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

· Desirability of the company maintaining a reputation for high standards of business conduct

Maintaining our reputation for high standards of business and ethical conduct is important to the Crick. As the charity relies predominantly on funding from our founder members and the generosity of supporters, maintaining a reputation for the highest standards of research and business is imperative. The trustees are kept informed on any matters that may pose a reputational risk to the charity that includes details of mitigating action being taken.

· The need to act fairly as between members of the company

Each of our six founder shareholders is represented on the Board. Engagement with them is through Board meetings, through a ‘funders’ group and a university partners group. Engagement, collaboration and partnership with them is an ongoing process.

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also extends to the ongoing integrity of the financial statements contained therein.

Disclosure of information to the auditor

The trustees who held office at the date of approval of this trustees’ report confirm that, so far as they are each aware:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Auditor

BDO LLP have held office as company auditor following appointment by resolution of the Board on 16 December 2019, and have indicated their willingness to be reappointed for another term.

Approval

The trustees’ report incorporating the strategic report and directors’ report was approved by the Board of Trustees and signed on its behalf by:

Lord Browne of Madingley Chair Date: 3 October 2024

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 46

~~Independent auditor~~ ’ ~~s report~~

| THE FRANCIS CRICK INSTITUTE

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 47

Independent auditor’s report to the members of The Francis Crick Institute Limited

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of The Francis Crick Institute Limited (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities (incorporating the income and expenditure account), the Balance sheets, the Consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company’s ability to continue as

a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The other information comprises: the Trustees’ report (incorporating the strategic report and directors’ report). Our opinion on the financial statements 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 thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 48

Responsibilities of Trustees

As explained more fully in the Statement of trustees’ responsibilities, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group’s and the Parent Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting 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 irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations

Based on:

we considered the significant laws and regulations to be the applicable accounting framework, Companies Act 2006, Charities Act 2011, Fundraising Regulations and UK tax legislation.

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be Employment Law, Health & Safety Legislation, the Animals (Scientific procedures) Act 1986 and Amended Regulations 2012 (A(SP)A) and Data Protection.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 49

Docusign Envelope ID: BC800C62-2A9D-4ECA-B04E-8F2348098695

Based on our risk assessment, we considered the area’s most susceptible to fraud to be management override through accounting estimates and inappropriate journal entries.

Our procedures in respect of the above included:

Use of our report

This report is made solely to the Charitable Company’s members, as a body, 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 matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Fiona Condron (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK

Date: 30 October 2024

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 50

~~Financial statements~~

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 51

Consolidated statement of financial activities (incorporating the income and expenditure account)

YEAR ENDED 31 MARCH 2024

Unrestricted
Restricted
Endowment
Total
Total
funds
funds
funds
2024
2023
Notes
£000
£000
£000
£000
£000
Income from
Donations and legacies
3
160,720
56,157
—
216,877
201,493
Charitable activities
5
1,946
91
—
2,037
2,637
Other tradingactivities
6
8,390
—
—
8,390
6,967
Investment income
2,016
293
274
2,583
1,760
Other income
1,324
16
—
1,340
332
174,396
56,557
274
231,227
213,189
Expenditure on
RaisingFunds
1,556
—
—
1,556
1,177
Charitable activities
7
186,731
49,333
25
236,089
209,114
Share of associates results
13
5
—
—
5
—
Total expenditure
188,292
49,333
25
237,650
210,291
Netgains/(losses)on investments
788
1,095
2,532
4,415
(1,001)
Net(expenditure)/income before transfers
(13,108)
8,319
2,781
(2,008)
1,897
Transfers between funds
19
108
(108)
—
—
—
Net movement in funds
(13,000)
8,211
2,781
(2,008)
1,897
Reconciliation of funds
Total funds at 1 April
492,670
37,965
37,244
567,879
565,982
Total funds at 31 March
19
479,670
46,176
40,025
565,871
567,879
All results are from continuing operations.
There were no recognised gains or losses other than those listed above.

Notes 1 to 27 form part of these financial statements.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 52

Docusign Envelope ID: BC800C62-2A9D-4ECA-B04E-8F2348098695

Balance sheets 31 MARCH 2024

Group Group Charity Charity
2024 2023 2024 2023
Notes £000 £000 £000 £000
Fixed assets
Intangible assets 11 27 42 27 42
Tangible assets 12 478,157 482,799 477,776 482,630
Programme-related investments
Non associates 13 2,191 2,343 2,191 2,343
Associates 13 400 — 400 —
Investments 13 93,832 84,031 93,832 84,031
574,607 569,215 574,226 569,046
Current assets
Debtors 14 58,072 56,805 59,552 59,175
Cash at bank and in hand 11,092 11,640 10,703 11,005
69,164 68,445 70,255 70,180
Liabilities
Creditors fallingdue within oneyear 15 (73,977) (69,447) (75,616) (71,335)
Net current (liabilities) (4,813) (1,002) (5,361) (1,155)
Creditors: amounts fallingdue after more than oneyear16 (3,923) (334) (3,923) (334)
Net assets 565,871 567,879 564,942 567,557
Funds
Unrestricted funds
Called upshare capital 18 629,566 629,566 629,566 629,566
Sharepremium 18 12,751 12,751 12,751 12,751
General funds 19 (162,647) (149,647) (163,536) (149,930)
Restricted funds
Restricted funds 19 46,176 37,965 46,136 37,926
Endowment funds
Expendable endowment funds 19 39,025 36,244 39,025 36,244
Permanent endowment funds 19 1,000 1,000 1,000 1,000
565,871 567,879 564,942 567,557

Notes 1 to 27 form part of these financial statements.

A separate statement of financial activities and income and expenditure account for the charity has not been presented as the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The consolidated statement of financial activities is for the group as a whole. Total income for the charity was £229.7m (2023: £212.6m) and net gains on investments were £4.4m (2023: loss £1.0m). Total expenditure for the charity was £236.7m (2023: £210.3m). The net expenditure for the year of the parent charity was £7.0m (2023: net income £1.3m).

The financial statements of Francis Crick Institute Limited were approved and authorised for issue by the Board of Trustees on 3 October 2024 and signed on its behalf by:

Lord Browne of Madingley

Chair

Company registration number: 6885462

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 53

Consolidated cash flow statement YEAR ENDED 31 MARCH 2024
2024
2023
Notes
£000
£000
Cash fowsgenerated byoperatingactivities
23
43,212
24,879
Cash fows from investingactivities:
Investment income
2,583
789
Interest expense
(1)
(1)
Proceeds from sale of equipment
—
54
Proceeds from sale ofprogramme-related investments
8
5,896
Proceeds from sale of investments
53,000
43,500
Investment additions
(57,500)
(54,500)
Purchase ofprogramme-related investments
(725)
(480)
Purchase of tangible fxed assets
(45,048)
(19,054)
Net cash fows used in investing activities
(47,683)
(23,796)
Cash fows from fnancingactivities:
Cash infows from new borrowing
3,923
352
Repayments of borrowing
-
(18)
Net cash fowsgenerated from fnancingactivities
3,923
334
Net(decrease)/increase in cash and cash equivalents
(548)
1,417
Cash and cash equivalents at beginningofyear
11,640
10,223
Cash and cash equivalents at the end of theyear
11,092
11,640
Analysis of changes in net cash:
At 31 March Other non- At 31 March
2023 Cash fows cash changes 2024
£000 £000 £000 £000
Cash and cash equivalents
Cash 4,640 3,952 - 8,592
Cash equivalents 7,000 (4,500) - 2,500
11,640 (548) - 11,092
Borrowings
Debt due after oneyear (334) (3,589) - (3,923)
Total 11,306 (4,137) - 7,169
Notes 1 to 27 form part of these fnancial statements.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 54

Notes to the financial statements YEAR ENDED 31 MARCH 2024

1. Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation and uncertainty in the preparation of the financial statements are as follows:

a. Basis of preparation

The Francis Crick Institute Limited is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The charity’s registered office is shown on page 38.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP 2nd Edition (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Francis Crick Institute Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The charity has taken advantage of the disclosure exemptions available to it in respect of its separate financial statements, which are presented alongside the consolidated statements. Exemptions have been taken in relation to presentation of a cash flow statement.

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available to qualifying entities:

b. Going Concern

Following the successful outcome of the quinquennial review concluded in 2022 that confirmed core-funding until 2028/29, the generation of new income streams and targeted reduction of spend in capital and recruitment has allowed the Crick to mitigate inflationary changes and cost of living increases. The trustees consider that the charity has adequate resources to continue in operational existence for the foreseeable future. They have reached this position after having made appropriate enquiries including the review of cash flow forecasts covering the 12-month period subsequent to the date of signature of

these accounts and having confirmed support from the shareholders. The trustees additionally consider that the charity will continue to have adequate resources through shareholders’ committed funding to cover all existing capital commitments.

Accordingly, the trustees have concluded that there are no material uncertainties relating to going concern and continue to adopt the going concern basis in preparing these financial statements.

c. Group financial statements

The financial statements consolidate the results of the charity and its wholly owned subsidiaries, Francis Crick Trading Limited and UKCMRI Construction Limited, on a line-by-line basis. The results of the subsidiaries are disclosed in note 13.

d. Fund accounting

Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of Francis Crick Institute Limited. Restricted funds are funds that have been donated or granted for a specific use. These funds are expended in accordance with the requirements of the donor or grantor. Endowment funds are funds that have been donated to the charity to be invested and retained by the charity. The use of capital or income generated from these funds may be either restricted or unrestricted depending on the wishes of the donor.

e. Income

Income is recognised in line with the SORP requirements for entitlement, probability and measurement. The charity’s core funding is in the form of multi-period but time-limited grants which are subject to annual renewal from funders based on a review of science and the agreement of annual budgets. These grants are recognised on an annual basis.

Research grants fall largely into two categories: paid on a reimbursed expenditure basis or paid on a science milestone basis.

Income on reimbursed expenditure grants is recognised in line with the relevant expenditure, and in line with achievement of milestones on the science milestone basis. The reimbursed expenditure and science milestone requirements represent donor-imposed conditions that otherwise limit the recognition of income.

Donations and grants with donor-imposed restrictions are recognised in income when the institute is entitled to the funds. Income is retained within the restricted reserve until such time that it is utilised in line with such restrictions. Donations and grants with no restrictions are recognised in income when the institute is entitled to the funds. Where the donor has requested that the charity invest or retain the donation or grant for future use an endowment is recognised. Income from that endowment will then be used

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 55

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

in accordance with the requirements imposed by the donor. In the case of the endowment created from funds received from the MRC, then the terms and conditions stipulate that some underlying capital should be protected, but that income and surplus gains can be used to fund direct science projects that further the Crick’s objectives. On a regular basis, at least annually, 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 science projects.

Trading income is recognised when the significant risks and rewards are considered to have been transferred. The supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, income represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Investment income represents the interest receivable on short-term cash deposits.

f. Gifts in kind

Gifts in kind represent donated premises and associated facilities at an estimated market value. Donated services for seconded staff are estimated on the charity’s salary bandings for equivalent posts.

g. Expenditure and irrecoverable VAT

Expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable activities expenditure comprises the costs of the primary activities of Tthe Francis Crick Institute Limited, including establishing a centre for medical research and innovation. Other expenditure represents those items not falling into any other heading.

Termination payments are recognised when the employee(s) involved have been informed of 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 classed either wholly or in part as directly charitable (on a time basis), or as support to the institute.

Support costs are defined as those costs incurred in the operational teams providing support in finance, IT, HR, building services, 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 support costs across the charitable expenditure headings is in proportion to the directly incurred costs under each heading as a proxy for the size of that activity and the effort involved in supporting each type of charitable work.

No support costs are currently allocated to cost of raising funds due to the materiality of the balance.

i. Pension 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.

The defined benefit pension scheme is the Medical Research Council Pension Scheme (MRCPS). Employees of the former National Institute for Medical Research who transferred to The Francis Crick Institute Limited on 1 April 2015 have remained members of this scheme.

MRCPS is a multi-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 accounted for on the same basis as for a defined contribution scheme.

j. Intangible fixed assets

The Francis Crick Institute is engaged in research for the purposes of discovery and/or enhancement of existing knowledge. This is not driven by, but on occasion can result in, patentable or potentially exploitable discoveries. Any internally generated intangible assets arising in this way are not capitalised.

On the founding of the institute, following the 1 April 2015 transfers from the National Institute of Medical Research and the London Research Institute, the Crick became

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 56

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

1. Accounting policies (continued)

owner of certain patents and other intellectual property. These were recognised in the financial statements at fair value (based on the present value of expected future cash flows) and are amortised on a straight-line basis over the life of those assets and cashflows, for terms between two and 18 years, subject to annual reviews for impairment where material in value.

k. Tangible fixed assets

Tangible fixed assets are held at cost less accumulated depreciation. Assets over a value of £15,000, individually or grouped in aggregate, are capitalised.

Depreciation is calculated using the straight-line method to allocate the cost of each asset to its residual value over its estimated useful life. Depreciation commences from the date an asset is brought into service.

The period over which assets are depreciated is as follows:

• IT equipment and software: 3 years
•
•
•		 Corporate systems
Fixtures, fttings, furniture
Scientifc equipment		 7 years
5 years
5 years
•
•		 Vehicles
Leasehold buildings (fabric)		 5 years
Term of the lease

• Building plant and infrastructure 3 – 50 years Accumulated costs for assets which are not completed are classed and reported as ‘assets under construction’ and will not be subject to depreciation until complete and in use.

An asset donated during the period and held for sale is not subject to depreciation as it is anticipated to be sold in the subsequent period at the current balance sheet value.

l. Fixed asset investments

The charity’s investments in its trading subsidiaries are stated at cost, measured by reference to the nominal value only of the shares issued.

The charity invests in spin out companies used to further its translational science objectives. Investments in spin out companies are classed as Programme Related or Mixed Motive Investments and will be held at a fair value of zero until there is publicly available, relevant and reliable market data available to revalue a holding, based on a share issue or buy back in the last 24 months.

Undertakings in which the Group has significant influence (i.e. the power to participate in the financial and operating policy decisions but not control or joint control over those policies) are classified as associates. The Group’s share of the results, other comprehensive income and equity of associates, is accounted for using the equity method based on the associate’s financial statements to 31 March. Any

share of losses are only recognised to the extent that they do not reduce the investment balance below zero as the group has no obligations to make payments on behalf of the associate, and any share of subsequent profits shall be accounted for once the unrecognised profits are equal to the unrecognised losses.

All unrealised profit or losses on transactions with the associate are eliminated to the extent of the Group’s interest, except where unrealised losses provide evidence of an impairment. Where necessary, adjustments are made to bring the accounting policies of the associate into line with those used by the Group. Dividends received from the associate reduce the carrying amount of the investment.

Losses in an associate in excess of the carrying amount of the investment in that associate are not recognised unless the Group has incurred obligations or has made payments on behalf of the associate, in which case as a provision is recognised.

The charity has also made investments in the form of convertible loans to further its translational science objectives. These programme-related loans are initially recognised at the amount paid, with the carrying amount adjusted to reflect any repayments. The charity does not charge interest on the loans.

The repayment date will be 31 December 2026, unless there is a conversion event. Once converted, as with spinout organisations, values will be maintained at zero value until there is a publicly available, relevant and reliable market value based on a share issue or buy-back within the last 24 months.

m. Heritage assets

Heritage assets are books, manuscripts, specimens, objects or other assets that have historic, scientific, artistic, technological, geophysical or environmental qualities and are held and maintained principally for the contribution to knowledge and culture. The Crick holds heritage assets inherited from its predecessor institutes (National Institute for Medical Research and London Research Institute) comprising mainly objects and artefacts of scientific and historical interest. The collection is held in storage on site at the Crick with the intention to place some of the collection on permanent display. These assets have not been capitalised as the value is not considered material.

n. Taxation

As a registered charity, Francis Crick Institute Limited is exempt from taxation on its income and gains falling within chapter 3 of part 11 to the Corporation Taxes Act 2010 and section 256 Taxation of Chargeable Gains Act 1992, to the extent that these are applied to charitable purposes.

The trading subsidiaries do not generally pay UK corporation tax because their policy is to donate distributable profits to the charity as a qualifying charitable donation.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 57

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

o. Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

p. Financial instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of managed investments which are held at fair value and gains and losses recognised in the Statement of Financial Activities. Convertible loans are initially carried at cost, however, the loans will be measured at fair value should appropriate information become available.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash in hand and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Investments in the expendable endowment fund are revalued as unrealised gains and losses in line with the latest valuation provided by our external investment managers (based on the bid price of shares). Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, which are described in note 1, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Tangible fixed assets

Tangible fixed assets represent a significant proportion of the institute’s total assets.

The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. Increasing an asset’s expected life or its residual value would result in a reduced depreciation charge in the statement of financial activities.

The useful lives and residual values of the institute’s assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets.

Gifts in kind

Seconded staff in relation to university attachments account for £6.4m of total donated services which is an estimation based on the charity’s salary bandings for equivalent posts. Other gifts in kind include seconded staff from the CRUK Philanthropy team which account for £1.2m of total donated services based on actual costs to CRUK and donated facilities of £1.5m in relation to the land on which the Francis Crick Institute laboratory has been built and has been made available at nil cost by the Medical Research Council, Cancer Research UK, Wellcome Trust and University College London which is based on the estimated market value of the annual rent.

Programme related investments

All of the spin-out investments and share participations have arisen from relevant research activity or investments through the KQ Labs initiative and are supported as part of our strategic objectives for translational activity. This has driven their recognition as programme-related or mixed motive investments. Fixed asset investments have been reviewed in line with our policy to determine whether an updated market value could be reliably measured.

Achilles Therapeutics PLC is publicly listed and is therefore valued at the market price at 31 March 2024, resulting in an increase in year of £8k. Adendra Therapeutics Ltd became an associate holding for the Crick towards the end of the year and has therefore been valued using equity accounting resulting in an impairment to the carrying value of £5k. An additional 19 companies have had recent share issues (in the last 24 months to 31 March 2024) which have been used to value the Crick’s holdings. The remaining holdings are held at zero value as there is no recent activity to suggest value.

Donated assets held for sale

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Assets held for sale relate to the donation of a property in Barbados, which is valued at £381k in line with an initial independent valuation and is on the market to be sold. The gain or loss in value to be reported in the 2024/25 accounts.

Management considers that the following are its critical accounting estimates.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 58

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

3. Analysis of income from donations and legacies

Unrestricted Restricted Endowment 2024
funds funds funds Total
£000 £000 £000 £000
Core fundingfrom foundingshareholders 140,200 — — 140,200
Researchgrant funding 7,284 32,893 — 40,177
Othergrants 1,114 5,769 — 6,883
Totalgrant income 148,598 38,662 — 187,260
Donated services and facilities 9,379 — — 9,379
Donations 2,718 17,123 — 19,841
Donated assets — — — —
Prizes 25 372 — 397
160,720 56,157 — 216,877
The total donated services and facilities of £9,379k represent gifts in kind.
Prior year Unrestricted Restricted Endowment 2023
funds funds funds Total
£000 £000 £000 £000
Core fundingfrom foundingshareholders 147,110 899 — 148,009
Researchgrant funding 125 32,524 — 32,649
Othergrants 1,245 8,064 — 9,309
Total grant income 148,480 41,487 — 189,967
Donated services and facilities 8,354 — — 8,354
Donations 1,513 1,236 — 2,749
Donated assets 413 — — 413
Prizes — 10 — 10
158,760 42,733 — 201,493

The total donated services and facilities of £8,354k represent gifts in kind.

4. Analysis of grant income by funder type

Unrestricted Restricted Endowment 2024
funds funds funds Total
£000 £000 £000 £000
Research councils 61,997 7,083 — 69,080
UK-based charities 78,624 13,943 — 92,567
UK-based higher education institutions 6,195 4,776 — 10,971
UK-based industry,commerce andpublic corporations 1,069 1,072 — 2,141
EUgovernment bodies 300 6,566 — 6,866
Other overseasgrants 261 5,184 — 5,445
Othergrants 152 38 — 190
148,598 38,662 — 187,260

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 59

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

4. Analysis of grant income by funder (continued)

4. Analysis of grant income by funder (continued)
Prior year
Unrestricted
Restricted
Endowment
2023
funds
funds
funds
Total
£000
£000
£000
£000
Research councils
71,066
13,807
—
84,873
UK-based charities
71,445
12,555
—
84,000
UK-based higher education institutions
5,624
5,218
—
10,842
UK-basedgovernment bodies
45
223
—
268
UK-based industry,commerce andpublic corporations
169
1,237
—
1,406
EUgovernment bodies
—
5,234
—
5,234
Other overseasgrants
94
3,174
—
3,268
Othergrants
37
39
—
76
148,480
41,487
—
189,967

5. Analysis of group income from charitable activities

5 Ali f i f hitbl tiiti
. nayss o group ncome rom carae acves
Unrestricted
Restricted
Endowment
2024
funds
funds
funds
Total
£000
£000
£000
£000
Researchgrants
—
85
—
85
Research conferences
576
6
—
582
Staff restaurant
971
—
—
971
Buildingletting
399
—
—
399
1,946
91
—
2,037
Prior year
Unrestricted
Restricted
Endowment
2023
funds
funds
funds
Total
£000
£000
£000
£000
Researchgrants
—
878
—
878
Research conferences
664
2
—
666
Staff restaurant
821
—
—
821
Buildingletting
249
—
—
249
Contract research
23
—
—
23
1,757
880
—
2,637

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 60

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

6. Analysis of group income from trading activities

Unrestricted
Restricted
Endowment
2024
funds
funds
funds
Total
£000
£000
£000
£000
Premises licence and service charges
6,935
—
—
6,935
IT service contracts
105
—
—
105
Consultancy
1,350
—
—
1,350
8,390
—
—
8,390
Prior year
Unrestricted
Restricted
Endowment
2023
funds
funds
funds
Total
£000
£000
£000
£000
Premises licence and service charges
6,503
—
—
6,503
IT service contracts
314
—
—
314
Consultancy
150
—
—
150
6,967
—
—
6,967

7. Analysis of group expenditure on charitable activities

7. Analysis of group expenditure on charitable activities
Direct
Support
2024
costs
costs
Total
£000
£000
£000
Communityandpublic engagement
708
348
1,056
Scientifc research and translation
156,793
76,885
233,678
Developingand trainingscientists
910
445
1,355
158,411
77,678
236,089
Prior year
Direct
Support
2024
costs
costs
Total
£000
£000
£000
Communityandpublic engagement
1,012
573
1,585
Scientifc research and translation
128,205
78,373
206,578
Developingand trainingscientists
607
344
951
129,824
79,290
209,114

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 61

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

8. Analysis of support costs

Community Scientifc Developing
and public research and and training 2024
engagement translation scientists Total
£000 £000 £000 £000
Governance 5 1,068 6 1,079
Finance 21 4,579 27 4,627
Information Technology& Services 64 14,286 83 14,433
Human Resources 28 6,171 36 6,235
BuildingServices 219 48,352 281 48,852
Communications and Public Engagement 11 2,427 14 2,452
348 76,883 447 77,678
Prior year Community Scientifc Developing
and public research and and training 2023
engagement translation scientists Total
£000 £000 £000 £000
Governance 5 687 3 695
Finance 29 3,951 17 3,997
Information Technology& Services 88 12,071 53 12,212
Human Resources 43 5,896 26 5,965
BuildingServices 383 52,353 230 52,966
Communications and Public Engagement 25 3,415 15 3,455
573 78,373 344 79,290

9. Net (expenditure)/income for the year

2024 2023
£000 £000
Net(expenditure)/income is stated after charging (crediting):
Depreciation of owned assets 39,341 33,616
Amortisation of intangible fxed assets 15 15
Operatinglease rentals 182 232
Foreign exchange losses 1 60
Proft(loss)on disposal of fxed assets 225 (35)
Auditor’s remuneration:
Fees for the audit of the charity’s annual fnancial statements 88 96
Fees for taxation services to thegroup — 12
Fees for the audit of subsidiarycompanies 14 14

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 62

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

  1. Analysis of staff costs, trustee expenses and the cost of key management personnel

  2. a. The average number of employees was:

2024
2023
Total
Total
No.
No.
Charitable activities
1,280
1,255
Support activities
313
258
1,593
1,513

b. Their aggregate remuneration comprised:

2024
2023
Total
Total
£000
£000
Wages and salaries
78,061
80,181
Redundancyand termination
1,577
1,234
Social securitycosts
7,863
7,963
Pension costs
7,628
6,784
95,129
96,162

Remuneration includes stipends paid to PhD students of £5,101k (2023: £4,710k). PhD students are not employees of the institute.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 63

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

  1. Analysis of staff costs, trustee expenses and the cost of key management personnel (continued)

c. The number of employees whose emoluments, excluding pension contributions and employer’s national insurance but including benefits in kind, were in excess of £60,000 was:

2024
2023
Total
Total
No.
No.
£60,000 - £69,999
85
66
£70,000 - £79,999
39
38
£80,000 - £89,999
38
33
£90,000 - £99,999
31
20
£100,000 - £109,999
9
15
£110,000 - £119,999
11
8
£120,000 - £129,999
5
4
£130,000 - £139,999
5
6
£140,000 - £149,999
5
6
£150,000 - £159,999
7
5
£160,000 - £169,999
2
4
£170,000 - £179,999
2
—
£180,000 - £189,999
3
2
£190,000 - £199,999
3
3
£200,000 - £209,999
1
—
£210,000 - £219,999
—
3
£220,000 - £229,999
3
—
£230,000 - £239,999
1
2
£240,000 - £249,999
1
3
£250,000 - £259,999
1
—
£260,000 - £269,999
1
—
£270,000 - £279,999
1
£280,000 - £289,999
—
1
£290,000 - £299,999
1
1
£360,000 - £369,999
—
1
£420,000 - £429,999
—
1
£450,000 - £459,999
1
—
£460,000 - £469,999
1
—
257
222

d. Key management personnel

The key management personnel of the charity and group are listed on page 40. The total remuneration (including pension contributions and employer’s national insurance) of the key management personnel for the year totalled £3,106k (2023: £2,576k).

e. Trustees’ remuneration

No trustees received remuneration during the current or prior year. Travel and subsistence expenses for governance duties were claimed by one trustee this year for £1,453 (2023: £645). One trustee received a payment of £10k to cover international travel in connection with CEO recruitment.

Throughout the year and prior year the charity has maintained Trustees’ and Officers’ liability insurance for the benefit of the charity and its trustees. The cost of this insurance for the year was £16k (2023: £14k).

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 64

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

11. Intangible fixed assets
11. Intangible fxed assets
Group and charity
Intellectual
property
£000
Cost
At 1 April 2023 and 31 March 2024
281
Accumulated amortisation
At 1 April 2023
239
Charge for theyear
15
At 31 March 2024
254
Net book value
At 1 April 2023
42
At 31 March 2024
27

12. Tangible fixed assets

12. Tangible fxed assets
Fixtures,
Leasehold
Donated
fttings, IT equipment
Scientifc Assets under
Total
Group
buildings
asset held
furniture and software
equipment
construction
£000
for sale
£000
£000
£000
£000
£000
Cost
At 1 April 2023
572,122
433
28,698
27,682
107,917
3,537
740,389
Additions
310
—
2,387
7,548
2,048
22,631
34,924
Disposals
—
(52)
—
—
(637)
—
(689)
At 31 March 2024
572,432
381
31,085
35,230
109,328
26,168
774,624
Accumulated depreciation
At 1 April 2023
142,394
—
17,216
20,798
77,182
—
257,590
Charge for theyear
25,591
—
2,931
1,844
8,975
—
39,341
Disposals
—
—
—
—
(464)
—
(464)
At 31 March 2024
167,985
—
20,147
22,642
85,693
—
296,467
Net book value
At 31 March 2024
404,447
381
10,938
12,588
23,635
26,168
478,157
At 1 April 2023
429,728
433
11,482
6,884
30,735
3,537
482,799

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 65

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

  1. Tangible fixed assets (continued)
Fixtures,
Leasehold
fttings, IT equipment
Scientifc Assets under
Total
Charity
buildings
furniture and software
equipment
construction
£000
£000
£000
£000
£000
£000
Cost
At 1 April 2023
572,430
28,698
27,682
107,917
3,537
740,264
Additions
2
2,386
7,547
2,048
22,633
34,616
Disposals
-
-
(637)
-
(637)
At 31 March 2024
572,432
31,084
35,229
109,328
26,170
774,243
Accumulated depreciation
At 1 April 2023
142,438
17,216
20,798
77,182
-
257,634
Charge for theyear
25,547
2,931
1,844
8,975
-
39,297
Disposals
-
-
-
(464)
-
(464)
At 31 March 2023
167,985
20,147
22,642
85,693
-
296,467
Net book value
At 31 March 2024
404,447
10,937
12,587
23,635
26,170
477,776
At 1 April 2023
429,992
11,482
6,884
30,735
3,537
482,630

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 66

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

13. Fixed asset investments

a) Investments in subsidiaries

The Francis Crick Institute Limited owns the entire issued share capital of UKCMRI Construction Limited (Company registration number 06589905) and Francis Crick Trading Limited (Company registration number 10792548), both companies incorporated in the United Kingdom and registered in England and Wales with their registered offices at 1 Midland Road, London NW1 1AT. UKCMRI Construction Limited provided design and construction services to The Francis Crick Institute Limited and is being maintained until

the final warranty 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.

Francis Crick Trading Limited’s key objective is to carry out various trading activities within the premises owned by The Francis Crick Institute Limited. The shares are held at cost, being £4 for UKCMRI Construction Limited (2023: £4) and £1 for Francis Crick Trading Limited (2023: £1).

A summary of UKCMRI Construction Limited’s results is shown below.
2024
2023
Total
Total
£000
£000
Proft & loss account
Operatingcosts
7
(6)
Other income and expenditure
(20)
—
Operating proft/ (loss)
13
(6)
Other interest receivable and similar income
—
—
13
(6)
Tax
—
—
13
(6)
Distributionpayable(qualifyingcharitable donation)
—
—
Retainedproft/ (loss)for theyear
13
(6)
Openingshareholder’s defcit funds
(62)
(56)
Closingshareholder’s defcit
(49)
(62)
Balance sheet
Current assets
75
58
Current liabilities
(124)
(120)
Total net liabilities
(49)
(62)
A summary of Francis Crick Trading Limited’s results is shown below.
2024
2023
Total
Total
£000
£000
Proft & loss account
Turnover
8,390
6,990
Cost of sales
(7,133)
(6,722)
Grossproft
1,257
268
Operatingcosts
(122)
(56)
Operating proft
1,135
212
Other income
—
413
Tax
—
—
1,135
625
Distributionpayable(qualifyingcharitable donation)
(807)
(73)
Retainedproft for theyear
328
552
Openingshareholder’s funds
649
97
Closingshareholder’s funds
977
649
Balance sheet
Fixed assets
381
433
Current assets
2,811
1,035
Current liabilities
(2,215)
(819)
Total net assets
977
649

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 67

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

13. Fixed asset investments (continued)

b) Programme-related investments

At the balance sheet date, the Group and Charity held the following early stage investments which are all classified as Programme Related or Mixed Motive investments.

2024
2023
Holding
Proportion
Proportion
held %
held %
Non-associates
Achilles Therapeutics Ltd
36,697
0.09%
0.09%
BaseImmune
8,000
1.03%
1.44%
Bold Health
973
0.66%
0.66%
Charco Neurotech
11,560
0.16%
0.28%
ConcR
23,465
1.00%
1.53%
Cortirio
12,894
1.12%
1.12%
Eliptica
263,000
8.28%
10.23%
Enara Bio
150,000
Warrants
Warrants
Jiva.ai
313
1.02%
1.13%
Juniver
113,360
0.94%
-
Little Journey
1,380
0.62%
0.63%
Mendelian Ltd
7,766
0.60%
0.60%
Metacognis Limited
470
19.03%
19.03%
MyPersonal Therapeutics/Vivan
1,213
0.60%
0.64%
Myricx Ltd
37,750
0.22%
0.49%
Neurovirt
22,100
1.17%
-
Okko Health Ltd(formerlyOkulo Ltd)
16,730
0.80%
0.80%
Oxford Cancer Analytics(OXcan)
1,000
0.62%
0.62%
PentaBind
6,570
0.58%
-
Pharmenable
20,000
0.62%
0.70%
Respira t/a BeneTalk
5,943
2.69%
-
Sano Genetics
7,672
0.25%
0.31%
Siloton
167
0.88%
-
StoreGene
1,589
1.34%
-
Stroll
8,080
0.49%
-
Tuune(formerlyPexxi/UniqHealth)
922
0.40%
0.35%
Zetta Genomics
1,417
0.59%
0.59%
Associates
Adendra Therapeutics
750,000
26.78%
5.66%

All of the above investments are in limited companies incorporated and registered in England and Wales.

As part of the KQ program the Crick has invested another £320k into 8 companies using convertible loan instruments (2023: £480k into 12 companies), whilst also writing off £480k for 12 previous investments (2023: None). The Crick will not charge interest on these loans and the repayment date will be 31 December 2026, unless there is a conversion event. Six loans were converted to equity during the year (2023: no loans).

All investments were reviewed as part of the fair value assessment which resulted in fair value adjustments for one investment.

There were no disposals of shareholdings during the year.

During the year, the Crick increased its investment in Adendra Therapeutics Ltd from 5.66% to 26.78%. As such this programme related investment has been reclassified as an associate. As such, this investment is now accounted for under the equity method in the group accounts.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 68

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

13. Fixed asset investments (continued)

Name of undertaking Registered Offce Proportion of nominal value of Nature of business Nature of business
ordinary shares held directly
Adendra Therapeutics Limited Five Ways, 57-59 Hatfeld Road, 26.78% Research and experimental
Potters Bar, Herts EN6 1HS development on biotechnology
Group & charity 2024 2023
Total Total
£000 £000
Convertible loans 1,120 1,280
Quoted investments 428 28
Unquoted investments 1,043 1,035
2,591 2,343
Movements Group Group Charity Charity
2024 2023 2024 2023
£000 £000 £000 £000
At 1 April 2,343 7,702 2,343 7,702
Additions(non associate) 320 480 320 480
Additions(associate) 405 — 405 —
Disposals — (5,962) — (5,962)
Impairment (480) — (480) —
Netgains 8 123 8 123
Share ofproft/loss after taxation (5) — (5) —
At 31 March 2,591 2,343 2,591 2,343

c) Financial investments group & charity

i) Investments at market value

c) Financial investments group & charity
i) Investments at market value
2024
2023
Total
Total
£000
£000
Conventionalgilts
6,185
1,280
Corporate bonds
21,018
18,050
Overseas fxed interest
1,806
1,982
UK equities
7,766
9,838
Overseas equities
26,915
18,720
Property
2,069
1,837
Alternative assets
5,228
4,969
Treasurybills
1,715
1,264
Supernationals & agencies
404
238
Mortgage-backed securities
1,706
1,123
Cash
19,020
24,730
93,832
84,031

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 69

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

13. Fixed asset investments (continued)

13. Fixed asset investments (continued)
2024
2023
Total
Total
ii) Investments over 5% of the portfolio

£000
£000
Royal London Asset Management Short Term Fixed Income Enhanced Fund
23,375
16,043
Royal London Asset Management Short Term Fixed Income Fund
—
10,328
Royal London Asset Management Short Term MoneyMarket
9,715
5,883
Goldman Sachs SterlingLiquid Reserves Fund
—
5,300
33,090
37,554

13. Fixed asset investments (continued)

iii) Movements

iii) Movements
13. Fixed asset investments (continued)
2024
2023
Total
Total
£000
£000
At 1 April 2023
84,031
73,179
Additions
69,169
63,434
Disposalproceeds
(66,894)
(50,369)
Net movements in cash and short-term deposits
4,860
(1,212)
Net realised investmentgains/(losses)
741
(814)
Net unrealised investmentgains/(losses)
1,925
(187)
At 31 March 2024
93,832
84,031

iv) The historical cost of the Group and Charity investments at 31 March 2024 was £87,300 (2023: £79,750).

14. Debtors

14. Debtors
Group & charity
Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
Trade debtors
2,131
1,826
2,679
1,531
Prepayments and accrued income
29,064
13,128
28,998
13,058
Amounts owed by groupundertakings(note 25b)
—
—
998
2,773
Amounts owed byrelatedparties(note 25b)
26,315
41,463
26,315
41,425
Other debtors
562
450
562
450
Provision for doubtful debts
—
(62)
—
(62)
58,072
56,805
59,552
59,175

15. Creditors: amounts falling due within one year

Group & charity
Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
Trade creditors
7,840
4,330
7,777
4,330
Accruals
13,488
15,150
13,469
15,017
Deferred income
13,218
16,690
13,081
16,664
Deferred income – relatedparties(note 25b)
34,672
27,096
34,672
27,096
Other creditors
3,869
2,829
3,666
2,792
Amounts owed to relatedparties(note 25b)
890
3,352
890
3,350
Amounts owed togroupundertakings(note 25b)
—
-
2,061
2,086
73,977
69,447
75,616
71,335

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 70

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

15. Creditors: amounts falling due within one year (continued)

Analysis of deferred income

Group
Charity
£000
£000
At 1 April 2023
16,690
16,664
Recognised as income inyear
(16,690)
(16,664)
Deferred inyear
13,218
9,131
At 31 March 2024
13,218
9,131

The total £13.2m at 31 March 2024 (2023: £16.7m) relates to research grant income received in advance.

Analysis of deferred income – related parties

Group
Charity
£000
£000
At 1 April 2023
27,096
27,096
Recognised as income inyear
(27,096)
(27,096)
Deferred inyear
34,672
38,622
At 31 March 2024
34,672
38,622

£24.1m (2023: £19.1m) of the total deferred income from related parties relates to core funding received in advance and £10.5m (2023: £8.0m) relates to research grant income received in advance.

16. Creditors: amounts falling due after more than one year

Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
Chris Banton Foundation Commercial Fund
3,923
334
3,923
334
3,923
334
3,923
334

The Chris Banton Foundation Commercial Fund is a loan arrangement, provided with zero interest, that makes a total of £50m available to the Crick to invest in translational research projects and/or commercial projects (such as spin-out company start-ups). The termination date for this agreement is 31 December 2037.

If a commercial return is generated by any of these projects, it will be used to repay the amounts loaned. All amounts repaid may be recycled back into the Fund and made available to the Crick for future drawdown. Where commercial returns are insufficient to repay amounts loaned, these amounts will be written off by the Chris Banton Foundation.

The creditor balance reported therefore represents amounts loaned which have not yet been expended by the Crick. Following the expenditure being incurred, the loan amounts will, over time, either be written off or be repaid via commercial returns.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 71

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

17. Financial instruments

The carrying values of the Group and Company’s financial assets measured at fair value through profit or loss are summarised by category below. The Group has no financial liabilities measured at fair value through profit or loss.

The carrying values of the Group and Company’s fnancial assets measured at fair value through proft or loss are summarised by
category below. The Group has no fnancial liabilities measured at fair value through proft or loss.
Group
Group
Charity
Charity
2024
2023
2024
2023
£000
£000
£000
£000
Fixed asset investments
Investments at market value(note 13c)
93,832
84,031
93,832
84,031
Interest income
Total interest income for fnancial assets at
amortised cost(SoFA)
2,583
1,760
2,583
1,760
Fair value gains/(losses)
On fnancial assets measured at fair value
throughproft or loss(SoFA)
4,415
(1,001)
4,415
(1,001)

18. Called up share capital

2024
2023
Total
Total
£000
£000
Allotted, called up and fully paid
Ordinaryshares of £1 each
629,566
629,566
Sharepremium account
12,751
12,751
642,317
642,317

In accordance with the Articles of Association, shareholders are not permitted, at any time, to transfer all or part of its shares to another person, except with the prior written consent of all the other shareholders. The charity cannot declare or pay dividends or other distributions to its shareholders.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 72

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

19. Movements in funds

1 April
2023
Group
£000
Unrestrictedfunds
Share capital – par
629,566
Share premium
12,751
642,317
General funds
(149,647)
Total unrestricted funds
492,670
Restricted funds
Crick Lab set-up
24
Research
24,962
Other
12,979
37,965
Endowment funds
Permanent funds
1,000
Expendable funds
36,244
37,244
Total funds
567,879		 1 April
2023
£000
629,566		 Income
£000
—		 Expenditure
£000
—		 Gains on
investments
£000
—
—
—
788
788
—
—
1,095
1,095
—
2,532
2,532
4,415		 Transfers
between funds
£000
—
31 March
2024
£000
629,566
12,751
642,317
(162,647)
479,670
24
44,621
1,531
46,176
1,000
39,025
40,025
565,871
12,751 — — —
642,317 — — —
(149,647) 174,396 (188,292) 108
174,396
—		 (188,292)
—		 108
—
24,962 56,157 (36,390) (108)
12,979 400 (12,943) —
37,965
1,000		 56,557
—		 (49,333)
—		 (108)
—
36,244 274 (25) —
37,244 274 (25) —
567,879 231,227 (237,650) —
Charity
Unrestricted funds
Share capital – par
Share premium
General funds
Restricted funds
Crick Lab set-up
Research
Other
Endowment funds
Permanent funds
Expendable funds
Total funds		 1 April
2023
£000
629,566		 Income
£000
—		 Expenditure
£000
—		 Gains on
investments
£000
—
—
—
788
—
—
1,095
1,095
—
2,532
2,532
4,415		 Transfers
between funds
£000
—
31 March
2024
£000
629,566
12,751
642,317
(163,536)
24
44,582
1,530
46,136
1,000
39,025
40,025
564,942
12,751 — — —
642,317 — — —
(149,930) 172,838 (187,340) 108
24 — — —
24,923 56,157 (36,390) (108)
12,979 399 (12,943) —
37,926
1,000		 56,556
—		 (49,333)
—		 (108)
—
36,244 274 (25) —
37,244 274 (25) —
567,557 229,668 (236,698) —

Transfers between general funds and restricted funds of £108k (2023: £263k) consist of the release of excess funds received of £108k (2023: £724k), in line with the terms and conditions of the individual funders, and the financing of a deficit of £0k (2023: £513k) on 105 completed grants (2023: 119 completed grants) as well as an amendment to adjust misallocated income received in prior years of £0k (2023: £51k).

The shareholders provided funds to the charity for the purpose of establishing the institute. Restricted funds relate to scientific computing and individual scientific projects. Included within the table above, the institute holds endowments totalling £39.8m without distinction between capital and income, applying them in furtherance of the charity’s objectives. Best endeavours will ensure that an agreed level of indexed capital is protected and maintained in the fund, with any surplus income and capital gains to be used to fund science activities.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 73

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

19. Movement in funds (continued)
Group
Unrestricted funds
Share capital – par
Share premium
General funds
Restricted funds
Crick Lab set-up
Research
Other
Endowment funds
Permanent funds
Expendable funds
Total funds		 1 April
2022
£000
629,566		 Income
£000
—		 Gains/(losses) on
Expenditure
investments
£000
£000
—
—
—
—
—
—
(172,864)
40
—
—
(34,683)
(39)
(2,627)
—
(37,310)
(39)
—
—
(117)
(1,002)
(117)
(1,002)
(210,291)
(1,001)		 Transfers
between funds
£000
—
31 March
2023
£000
629,566
12,751
642,317
(149,647)
24
24,962
12,979
37,965
1,000
36,244
37,244
567,879
12,751 — — —
642,317 — — —
(145,749) 168,663 (172,864) 263
24 — — —
22,451 37,493 (34,683) (260)
9,461 6,148 (2,627) (3)
31,936 43,641 (37,310) (263)
1,000 — — —
36,478 885 (117) —
37,478 885 (117) —
565,982 213,189 (210,291) —
Charity
Unrestricted funds
Share capital – par
Share premium
General funds
Restricted funds
Crick Lab set-up
Research
Other
Endowment funds
Permanent funds
Expendable funds
Total funds		 1 April
2022
£000
629,566		 Income
£000
—		 Gains/(losses) on
Expenditure
investments
£000
£000
—
—
—
—
—
—
(172,834)
40
—
—
(34,683)
(39)
(2,627)
—
(37,310)
(39)
—
—
(117)
(1,002)
(117)
(1,002)
(210,261)
(1,001)		 Transfers
between funds
£000
—
31 March
2023
£000
629,566
12,751
642,317
(149,930)
24
24,923
12,979
37,926
1,000
36,244
37,244
567,557
12,751 — — —
642,317 — — —
(145,477) 168,078 (172,834) 263
24 — — —
22,412 37,493 (34,683) (260)
9,461 6,148 (2,627) (3)
31,897 43,641 (37,310) (263)
1,000 — — —
36,478 885 (117) —
37,478 885 (117) —
566,215 212,604 (210,261) —

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 74

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

20. Analysis of assets and liabilities between funds

Current year
Unrestricted
funds, non-
charitable
trading
funds and
Restricted
Endowment
31 March
share capital
funds
funds
2024
Group
£000
£000
£000
£000
Intangible fxed assets
27
—
—
27
Tangible fxed assets
458,628
19,529
—
478,157
Investments
58,177
—
38,246
96,423
Current assets
43,855
23,709
1,600
69,164
Current liabilities
(73,598)
(379)
—
(73,977)
Non-current liabilities
—
(3,923)
—
(3,923)
Total net assets
487,089
38,936
39,846
565,871
Current year
Unrestricted
funds and
Restricted
Endowment
31 March
share capital
funds
funds
2024
Charity
£000
£000
£000
£000
Intangible fxed assets
27
—
—
27
Tangible fxed assets
458,246
19,530
—
477,776
Investments
58,177
—
38,246
96,423
Current assets
45,035
23,620
1,600
70,255
Current liabilities
(75,237)
(379)
—
(75,616)
Non-current liabilities
—
(3,923)
—
(3,923)
Total net assets
486,248
38,848
39,846
564,942
Prior year
Unrestricted
funds, non-
charitable
trading
funds and
Restricted
Endowment
31 March
share capital
funds
funds
2023
Group
£000
£000
£000
£000
Intangible fxed assets
42
—
—
42
Tangible fxed assets
453,514
29,285
—
482,799
Investments
48,609
2,091
35,674
86,374
Current assets
29,109
37,737
1,600
68,445
Current liabilities
(38,605)
(30,814)
(30)
(69,447)
Non-current liabilities
—
(334)
—
(334)
Total net assets
492,670
37,965
37,244
567,879

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 75

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

20. Analysis of assets and liabilities between funds (continued)

Prior year
Unrestricted
funds and
Restricted
Endowment
31 March
share capital
funds
funds
2023
Charity
£000
£000
£000
£000
Intangible fxed assets
42
—
—
42
Tangible fxed assets
453,346
29,285
—
482,630
Investments
48,609
2,091
35,674
86,375
Current assets
30,883
37,698
1,600
70,181
Current liabilities
(40,493)
(30,813)
(30)
(71,336)
Non-current liabilities
—
(334)
—
(334)
Total net assets
492,387
37,927
37,244
567,558

21. Employee retirement benefits

The Francis Crick Institute Limited operates both defined contribution and defined benefit pension scheme arrangements.

New employees are entitled to join the defined contribution pension scheme. Employer contribution rates vary according to the contribution rates of individual employees. The amount paid in employer contributions to the defined contribution scheme was £7,155k, of which £1,213k was paid from restricted funds (2023: £6,150k, including £922k paid from restricted funds). The balance outstanding at the year-end was £NIL (2023: £NIL).

The defined benefit pension scheme is the Medical Research Council Pension Scheme (MRCPS). Employees of the former National Institute for Medical Research who transferred to The Francis Crick Institute Limited on 1 April 2015 have remained members of this scheme.

MRCPS is a funded multi-employer defined benefit pension scheme that prepares its own scheme statements. Benefits accrue at the rate of 1/80th of pensionable salary for each year of service. In addition, a lump sum equivalent to three years’ pension is payable on retirement.

Members pay contributions of between 6.0% and 6.5% of pensionable earnings to the Scheme. The Francis Crick Institute Limited pays contributions of 16.9% (2023:16.9%) of pensionable earnings to the Scheme. The amount paid in employer contributions to the defined benefit scheme was £472k, of which £NIL was paid from restricted funds (2023: £635k, including £35k paid from restricted funds). The institute is indemnified against an employer contribution rate in excess of 16.9% (2023:16.9%) for current members, under an agreement whereby the Medical Research Council would reimburse the institute for costs incurred at any future rate greater than 16.9% via grant funding. The balance outstanding at the year-end was £51k, of which £NIL was payable from restricted funds (2023: £70k, including £2k payable from restricted funds).

The required contribution rates are assessed every three years in accordance with the advice of the Government Actuary. The latest finalised actuarial assessment of the MRCPS was 31 December 2022.

2022
valuation
£m
Market value of assets
1,791
Actuarial scheme liabilities
(1,208)
Surplus
583
Scheme fundinglevel
148%

The results above are for the fund as a whole and do not reflect the institute’s share as there is insufficient information available to separately identify underlying assets and liabilities or to allocate them to individual employers. As a result, this is treated as a defined contribution scheme by the charity.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 76

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

22. Financial commitments

Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases for each of the following periods are:

Group and charity
2024
2023
Land and
Land and
buildings
Other
buildings
Other
£000
£000
£000
£000
Within oneyear
260
1
244
5
Between one and fveyears
204
—
451
1
After fveyears
—
—
—
—
464
1
695
6
Capital commitments

Capital commitments

As at 31st March 2024 the Crick had £1.1m capital commitments contracted but not accrued relating to purchase of equipment supporting delivery of science; and ongoing development and maintenance of the building (2022/23 £5.0m). These are funded by a combination of core-funding and grants. It also had £5.4m capital commitments contracted but not accrued relating to development of the 8th floor (2022/23 £3.6m). The 8th floor is primarily funded by a one-off donation for which the income has been received and is recognised in the accounts.

23. Reconciliation of net (expenditure) income to cash generated by operating activities

Group
Group
2024
2023
£000
£000
Net(expenditure/income)for theyear
(2,008)
1,897
Depreciation and disposal adjustments
38,877
33,597
Amortisation of intangible fxed assets
15
15
Fundingreceived from fnancingactivities
(46)
(18)
Investment income
(2,583)
(1,760)
Investment management charges
66
134
Investment(gains) /losses
(4,415)
944
Interestpayable
1
1
29,907
34,810
(Increase)in debtors
(1,348)
(29,941)
Increase in creditors
14,653
20,010
Cashgenerated byoperatingactivities
43,212
24,879

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 77

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

24. Comparative consolidated statement of financial activities

Unrestricted
Restricted
Endowment
Total
share capital
funds
funds
2023
£000
£000
£000
£000
Income from
Donations and legacies
158,760
42,733
—
201,493
Charitable activities
1,757
880
—
2,637
Tradingactivities
6,967
—
—
6,967
Investment income
847
28
885
1,760
Other income
332
—
—
332
168,663
43,641
885
213,189
Expenditure on
Raisingfunds
1,177
—
—
1,177
Charitable activities
171,687
37,310
117
209,114
Total expenditure
172,864
37,310
117
210,291
Netgains/(losses)on investments
40
(39)
(1,002)
(1,001)
Net(expenditure)/income before transfers
(4,161)
6,292
(234)
1,897
Transfers between funds
263
(263)
—
—
Net movement in funds
(3,898)
6,029
(234)
1,897
Reconciliation of funds
Total funds at 1 April 22
496,568
31,936
37,478
565,982
Total funds at 31 March 23
492,670
37,965
37,244
567,879

25. Related party transactions

The charity’s related parties are its shareholders who have entered into a Joint Venture Agreement which establishes the basis on which funding will be made available to the charity and how it is operated. They are: Cancer Research UK, United Kingdom Research and Innovation (formerly known as the Medical Research Council), Wellcome, UCL, Imperial College London and King’s College London.

The charity also has two wholly owned subsidiaries:

a. Funding from shareholders including shares allotted

No shares were allotted during the year.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 78

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

25. Related party transactions (continued)

b. Other transactions

Year ended 31 March 2024
Amounts
Income and
due to related
Purchases
recharges
Amounts
parties
from
from and to
due from
(including
related
related
related
deferred
parties
parties
parties
income)
£000
£000
£000
£000
UKRI(formerlyknown as Medical Research Council)
(4)
64,187
17,182
(22,387)
Cancer Research UK
–
62,777
38
(6,158)
Wellcome
(3)
24,281
2,649
(5,772)
UniversityCollege London
(1,785)
4,452
2,259
(946)
Imperial College London
(1,735)
2,695
2,429
(180)
King’s College London
(905)
4,123
1,758
(119)
(4,432)
162,515
26,315
(35,562)
Year ended 31 March 2023
Amounts
Income and
due to related
Purchases
recharges
Amounts
parties
from
from and to
due from
(including
related
related
related
deferred
parties
parties
parties
income)
£000
£000
£000
£000
UKRI(formerlyknown as Medical Research Council)
(65)
75,784
28,012
(17,839)
Cancer Research UK
(163)
63,695
1,358
(9,242)
Wellcome
(12)
25,195
5,149
(163)
UCL
(2,288)
3,693
2,253
(974)
Imperial College London
(1,191)
2,767
2,385
(803)
King’s College London
(1,100)
3,043
2,306
(1,427)
(4,819)
174,177
41,463
(30,448)

These balances do not include transactions related to the UKRI (formerly known as the Medical Research Council) pension scheme which are disclosed in note 21.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 79

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

25. Related party transactions (continued)

The following are transactions between the charity and its subsidiary companies:

Year ended 31 March 2024
Income and
Purchases
recharges
Amounts
Amounts
from
from and to
due from
due to
related
related
related
related
parties
parties
parties
parties
£000
£000
£000
£000
Francis Crick TradingLimited
—
7,133
880
(1,987)
UKCMRI Construction Limited
—
—
118
(74)
—
7,133
998
(2,061)
Year ended 31 March 2023
Income and
Purchases
recharges
Amounts
Amounts
from
from and to
due from
due to
related
related
related
related
parties
parties
parties
parties
£000
£000
£000
£000
Francis Crick TradingLimited
—
6,746
2,753
(2,012)
UKCMRI Construction Limited
—
—
20
(74)
—
6,746
2,773
(2,086)

c. Donated services and facilities

2024
2023
Total
Total
£000
£000
Services
7,854
6,829
Land
1,525
1,525
9,379
8,354

Donated services, included in both income and expenditure, for seconded staff relating to university attachments are estimated based on the charity’s salary bandings for equivalent posts and also includes Philanthropy team staff seconded from Cancer Research UK. Details are included in note 25d below.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 80

Notes to the financial statements (continued) YEAR ENDED 31 MARCH 2024

25. Related party transactions (continued)

d. Other related party transactions

The land on which the Francis Crick Institute laboratory has been built has been made available at nil cost by the Medical Research Council, Cancer Research UK, Wellcome and UCL. A gift in kind of £1,525k (2023: £1,525k) has been recognised, the estimated market value of the annual rent.

Cancer Research UK incurred costs on behalf of Francis Crick Institute Limited, which it has recharged, totalling £NIL (2023: £162k) in hospitality charges and providing seconded staff. Philanthropy team staff have been seconded to the Crick at nil cost, a gift in kind of £1,236k (2023: £1,125k) has been recognised for these services. Income received included £60,500k (2023: £58,558k) core funding, £NIL (2023: £NIL) donation income and £1,041k (2023: £5,137k) research grant funding and other income.

The Wellcome Trust incurred costs on behalf of The Francis Crick Institute Limited, which it has recharged, for £3k (2023: £12k) for training costs. Income received included £18,745k (2023: £18,684k) core funding and £5,536k (2023: £6,511k) research grant funding and other income.

UKRI (formerly known as the Medical Research Council) incurred costs on behalf of Francis Crick Institute Limited, which it has recharged, of £4k (2023: £65k) in providing seconded staff and lab consumables. Income received included £56,527k (2023: £65,829k) core funding and £7,660k (2023: £9,955k) research grant funding.

Imperial College London incurred costs on behalf of Francis Crick Institute Limited, which it has recharged, of £1,735k (2023: £1,191k) in providing seconded staff, lab consumables and course fees. Research lab staff have been seconded to the Crick at nil cost, a gift in kind of £1,059k (2023: £1,556k) has been recognised for these services. Income received included £654k (2023: £1,388k) core funding and £982k (2023: £1,379k) research grant funding.

UCL incurred costs on behalf of Francis Crick Institute Limited, which it has recharged, of £1,785k (2023: £2,288k) for student tuition fees, lab consumables and seconded staff. Research lab staff have been seconded to the Crick at nil cost, a gift in kind of £1,996k (2023: £2,166k) has been recognised for these services. Income received included £727k (2023: £1,550k) core funding and £1,729k (2023: £2,143k) research grant funding.

King’s College London incurred costs on behalf of Francis Crick Institute Limited, which it has recharged, of £905k (2023: £1,100k) in providing seconded staff and lab consumables. Research lab staff have been seconded to the Crick at nil cost, a gift in kind of £3,154k (2023: £1,982k) has been recognised for these services. Income received included £907k core funding (2023: £1,834k) and £62k (2023: £1,209k) research grant funding.

Trustees’ expenses are disclosed in note 10e. Consistent with 2022/23, Dame Kate Bingham is a director of Enara Bio in which the Crick holds warrants over ordinary shares. The warrants are not currently considered to have a value to the Crick as no consideration was paid and there is currently no publicly available, relevant or reliable market value on which to value the investment; the trustee was not involved in the investment decision.

Two trustees donated a total of £650k (2023: two trustees, £632k) during the year, of which £622k (2023: £622k) was shared equally between the institute and CRUK in line with the fundraising agreement.

Six trustees represent the founders as shown on page 39. These trustees or their employers may be involved in projects with the Crick and/or funding the operations of the Crick. The Crick has a policy for managing potential conflicts of interest that may arise in any decision making.

26. Contingent liabilties

The Crick has entered into a guarantee with HSBC Bank PLC in favour of the Environment Agency for the value of £110k. The guarantee was required in order to obtain a licence to dispose of radioactive sources used by an item of scientific equipment.

27. Post balance sheet events

The property donated to the Crick in 2022/23 held within Francis Crick Trading Ltd as a tangible fixed asset for sale has been marketed for some time. In August 2024 an offer to purchase the property was received and expect that the sale will complete in the following months.

In August 2024 the Chairs committee approved an investment in shares in Enara Bio Limited of £2,500k.

THE FRANCIS CRICK INSTITUTE ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 81

The Francis Crick Institute 1 Midland Road London NW1 1AT Telephone: +44 (0)20 3796 0000 Email: info@crick.ac.uk www.crick.ac.uk