Tres Cantos Opcn Lab Foundation FINANCIAL STATEMENTS for the year ended 31 Decernber 2020 •AAe4QZ35' 3010912021 COMPANIES PIOUSE A46
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Company Registration No. 07301222 Charity Registration No. 1142577
Tres Cantos Open Lab Foundation DIRECTORS AND OFFICERS DIREORs Audra Janc Hals Professor Carl FTanti$ N•th•n Proftssor Alan Fairlamb COMPAIYY NUMBER 07301222 REGISTERED CHARITY NUMBER 11425n REGISTERED OFFICE Third Floor, One Imdoll Square Cro&5 Lane5 Guildford SuTrcy GUI IUN AUDITOR RSM UK Audit LLP 25 Farringdon Str¢ct London EC4A 4AB HSBC Bank PIC Global Banking and Markets Level 23 8 Cdoada Square London E14 5HQ Page I
Tres Cantos Open Lab Foundation DIRECTORS, REPORT The Dircctor5 submit their rcport and the awlitrd financial ateExettts of the Tffs Catttos Lab Foundation I'TCOLV) for the yrar ended 31 tkcertthr 2020. The flnancial stsiemenLS have been prwed in accordance with the accounting policie5 out in the notrs lo th¢ accounts and cornpty with the Charity's governing docu( the Chariti¢S A¢t 2011. tbe copani¢S A¢t 2006 Hnd AccountingandRyTtingby ChariiiE5.' Staicmentof Re¢ommendedPra¢ti¢e applicable to¢hariti¢spreporin8 their a¢¢ounts ill o¢¢oTd8n¢e with the Finan¢ial Rcponing Standard apptscable the UK and Ryblic of Irelaod (FRSI 021 effective l January 2019. REFERENCE AND ADMINISTRATh DETAILS Refercncc and administrative detsils of the Charity, incluthg detsils of its Dir101$ (who arc also the Charity TTU5te¢s) and its Adv75er5 are given on pagc l. STRucrU GOVERNANCE AND MANAGEMENr Gowerttittg Dotumtst and Constststio Tres Cantos Otn tAb FOdatIOn is a company limited by guarnntee (Company Nurnbcr07301222) incoTPOrnted on l July 2010 and registcrcd a5 a charity in England and Wales on 24 JwJ¢ 2011. hwnb¢r 1142577. Thc Trc5 Cantos Open L4b Foundation was estsb1l51d undcr 4 McmoTaThdum of Aswcialion that ¢5tablished ils objects and powers and 15 Bovcrned UDdcr its Article5 of A511all a5 uw1a1 10 November 2016. Dir¢ttors The Directors (who are also the Trt¢S of the Charity) durin8 the penod were ¥ follow& Pmfessor Alan Fairlamb Professor Carl Frdnci5 Nathan Audra Hals¢y (apFK>iDtrd 18 DeG¢mbcr 20201 Mr J05e Maria Romcro Rodriguez Irtsigncd 17 De£tmber 2020) Professor Baron Pcter Pioi Iresi8ntd 17 Dcccmbcr 2020) The diretlors are adwsed by a Governing BoaTd forn)ed by renowned lent$ worldwid& Third party inde¥nllity provision for DirtttOTS Qualifying third pary indemnity pfovisLOtt IS in place forthcbcnefirof all DircctOTsof the company. An insurance OVCT h35 E¢en CtraCted to cover any unplanncd costs w¢urred due to negligeJK¢ or4¥mJg¢. Methods for Re¢rnitthg and AppolAtlog Dtre¢tors Following adviceand conseDt by the Governitig Board merniw new Directors of the Charity. in accordaDce with the Articlc5 of Association. are appoinied by ILS sole m¢rnb¢T. G]axoSmithKline (GSKI. New Directo are prowbKd and agr¢ by the Gov¢rnkng Board. GSK then Valida thi$ decision and action th¢ offL¢ial appointm¢ni at the Charities Comm15siI)n. Div¢T5ity Iski115. g¢ography, 8endul is a key eri(crion for election of thc ncw members. There is no Lime ILmii ort the lenxth of setvJ¢e for ihc DirectOf5 due to thc unique nature of the Charity. Membcr5hip of the Govemin8 Board h&$ a limit 012 tetms cadh la5thn8 3 year5. Gluo Group Limited (GGL) 15 a subsidiary of GSK. Polkles for th¢ Ind¥¢tloty #thd Tnltylthg of D&rtttsn New Dircctors are provided wth infoTmat¢on fmm th¢ aJaTity Commission regarding their duties &$ Th"ttetors of the Tres Cantos Open Lab Foundation and are k¢pL infonned of any regulatory update5 as and when required in thc fonnofthc circulation of knfornJationfromth¢ Chan"tyCommissionorthird.party advisers. Additional training is provided if needed on an ad-hoc b&sis. Page 2
Tres Cantos Open Lab Foundation DtRECTORS' REPORT Objects and Aims of the th•rf¢y for ilbt pblIC btnefit Thc principlc obje¢s artd aims of TCOLF are to fund and othetwse supporf res¢ar¢h ai or in collaboTatÉon wi GSK for the treatsnent andlor prevention of diseases of the develoJxnE world (as defulcd in the Articles of As50ciation). and the di$semination of the wful rewlts of tha¢ resear¢h. TCOLF is committed to hclping transfo the pr¢$$ of drug discovery for di5ca5cs of the developing world. TCOLF'S fvndingathd supportaim$to erNbl¢ res¢chth5 tOWOTk in anopcn enviroDwtwh¢ye th¢ wid¢rsharing of ide8$ and findings will drive collaFxJraiive innovaiion. Orgni5211on Strntture Dttislon Making The DiTectors shall managc the ISiDeOf the Charity and rnay exercise all the power5 of the CIEariry tsnles$they are subject to any restri¢tiotts im by the Cottwaoies ACL the Artirles or any spe¢ial resoluti. HLgh-level dccision tnaking is made by the TCOLF GovcrnKng Board (GB). formed by reTwwned xientists worldm'de. including its appointd DiTe¢¢ois. The members of the Boa ew¥luafe the fvndi#g applicions and provide advice on the PfO8Tamme dcvelopm¢ntaDd progress toward5 objecuve5. The maTrag¢menl and control of th¢ activity is ¢onductcd in rtgu14r meetings. $tspFvrted with four-rnonthly progress reports. The B(wd meets usually to three limes a year by teleconference aThl ort¢e a year face-itrface {Amiual GeDeral Meeting), followed by 4 DITector5 meeting to thc Board decision5. Owational and firwlce supp)rt is provided by the GSK Open IAb teArn (2.ri FTES during 2020. 2.71 during 2019) with resp)nsibility for the day-LO-day coordinlon and rnanageTnent incllldithg projects sei up. portfolio Prn8re&s rnonitoring and c4)ntrol. Th¢ GSK am also pro¥iJ¢s ryulatffwiing{scieDtific to the Dtyecs attd Gov¢rnit18 Board for review. Relationships with Other Org4nlsatlon5 The Trts Cant05 Open Lab Foundation with sever¥1 organisations in PUTSUit of its ¢hatithble obj¢¢iive$. in¢lud¢ GSK and the various oll Lab proj¢¢i grno¢& As exp]ain¢d th), GSK provid¢s oP¢rntwnai and firjanrc 5UPPOrt th¢ Chan"ty fr¢¢ Of¢h¥. The Y¢ of thes¢ s¢rvi¢es IG reco8nised as donated seTrices in kind in th¢ Statemeni of Firl¢la Aciiviues. A DiTcaorof the Charity. Aydra Ha]w, is also an ¢mpltsy of GSK. Objectlves for the ye*r 10 31 D¢¢embtr 202• Th¢ objectives for the year were w cany on idents"ffi"n8 and the $rnth Amplem¢t)¥Lion of &9 t)¢w high- quality projects 5uitsbl¢ for OpeD Lab collaborats'on. SignifJ¢Ant Attivitleg In th¢ year Three meerin8s of ihe Dirtctors of the Chariiy and the Governing Board who act in an advisory capacity to the DircctOT5 were held (March. June and November). 24 PTOjCCts were active in 2020= 7 proJeci$ ongoin8, 6 projects sianed, attd I I proje¢LS wer¢ ¢ompl¢i¢d during th¢ p¢riod. 9 ncw PToj¢cts + 8 proj¢cl cxl¢D5ioDs w¢r¢ sclecied for funding in 2020. (In 2019 6 n¢w proj¢¢ts and 3 pioj¢¢t exiensioos were $¢l¢¢t¢d for funding.) Straiegic prioritie$12O19-2O22} tknirt8 th¢ Apnl 2019 Board medin& thenew buw"rt¢ss plans for the 2019-2022 peri1 We approved. Th¢ new strategy COmPri5e5 two pillar4-Early Sra8e Ca4lyst- for¢atalysitig Int¥¥10 itt areasaith¢ early drug discovery stage. and"Ba¢k the Witth¢rs" to eTthl¢ the progression of advanced lead molecules OT clinica] assets. The fo¢us will ¢oniiThye to b¢ malari4 llthr¢ulosis, chagas discasE. leishrDaniasi& enteric infe¢tions aod environrnerrral enteric dysfi]nctton {EED). Page 3
Tres Cantos Open Lab Foundation DIRECTORS. REPORT How the stralegic prioritle5 will be re•lised t ltion.. Quonlity." Steady pipeline of 10 to l2 projects aciive in the Tres Canws faciliLi¢$ adequately resourctd proje¢is at any one Lime, reducing from 14-16 in the first ycars. This reduction in the number of Projects is based on= Focus 0114ufjliiy.' Ideniify projcct5 whcrc thc TCOLF can truly act a5 a catalyst for 5UCC¢55. Adequate resourcing ond GSK support.. Cornmit ihe Itvel of rcsourre rcquir¢d to support projects to achieve success. Type ofpn>jects_. Focus ott projects with high impact potential for drn8 discovery. Early Stage Caialyst IESC).. This fuDdin8 stream is a Continuation of the 0ri8inal TCOLF mod¢l {discovery projects in which co-locaiion is a key factor to be eligible) aligned with $¢i¢tttifLC priorities. The gov¢n53Dc¢ prnccss will ¢or¥tinu¢ as io the previous y¢ars. The allocated budget for an ESC piojrfi is ¢xp¢¢t¢d tct b¢ < £200K (ext¢ptions will always be con5idetred e.8. when price of consumables or assay5 are cxtraordittarily hi8h. if therc 15 strong $cientific ration•lc and high polcniial impact of the project). Back the Winntrs (BTW)". Due to the 8reaier atttitipated cosi of thes¢ projects. th¢ ¢onc¢pt of "winner" will be restricted to.. advanccd Icad rnolecults (robust im vivo activity on reltvAnt models with & clear dcvclopable profjle). ¢linical ¢&ndidate5. and repurposing opporrnniti¢s. Opportunitir$ originaled dunng a TCOLF fuoded project will b¢ prioritized (¢.g. ongoing projccr TCI 39 (Hit discovery for new aniirnicrobials against Shigella spp.). ha$ delivered T¢bipen¢m pivoxil •s a potential Aov¢I th¢tapy t(p treat 5bigellosis). Th¢ allocated budget for a BTW projeet 1$ ¢xpecd to be < £500K. Unlike an ESC proj¢¢t, ¢o- locaiion is noi expecled for this fundin8 Strearn. Howcver. tbe suppo[( will 80 beyond tht financ141 Provision from TCOLF as GSK will continu¢ providing 5UPPOrt (c.g. technical input). As for ESC proj¢cLS funding will come from TCOLF bui final iMpleMetati(Jll will bc Subjected to a restarch collaborative agrcemcnt bctwccn the #pplicant's institIon and GSK. Pro l¢rnenia¢ioTt and o crativc model-. Maximum pioj¢ct duration of 2 y¢ats for d]s¢ov¢ry prtii¢¢ts. R¢Awvable i)nly und¢r exop¢ional circumstances {5uccessful miltsknnts, unexptctrd delays orcxtension wIth1t fijndirtg tocomple work plan) alld after Dtw work plan prtsentstion. Cltar dtfi#itio of project deliverdblcs to ¢5tsblLsh su¢t¢ss or failu[¢ at the end of funding pmod. Ensure inie8raiiort and JOinL planning betweth pharnaceutical and aeademic parther teams. Implem¢ntatson of streamlined pKess fortransnatsonal rnobility of %ientists with a focu5 on individual l¢nL Sustainable fundin To id¢Dlify arld d¢v¢lop sustainable funding source5 by ¢xploriDg novel partnaship with other funding agencies or staktholder5 octivc in ihc ¢ndcrnic infectious discase5 fi¢ld. aTt85 of interc5t After evaluation of the currcni trends in the field. thc scieniific opportunity and the trend in submi55ions during the previous year& the following 5cdion dCribeS the proposed fo¢us areas withith each of ihc discasc areas (including what could be p)tentially game ¢haftging opportunities} where TCOLF investsnettÈ could make a 5i8nifJcant irnpacL Shigellosis and oihei. eweric ivfec1i0- EDi¢TiC infe¢iions *¢ a key arta fot TCOLF due ¢0 the paediatri¢ unmct rnedical nced, high s¢i¢ntifi¢ opportyrtiry and itKrt¥ing inlerest from appli¢artts and fvnders. Invcstrncnts in this atea c4wld addre&s one of the most pre&sin8 unrnet Global Health nee& within the wider anti-microbjal agenda. Page 4
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Etyvironmenthl eRric dysf¥nclion (EED): EED has been receTht]y idthtifitd as an arta of opwwnity in the Global Health field. Besides programmatic approathes to Prevent EED develop( thc idcntification of treatrncnts to mitigatelrclicvc symptom5 are a clw nttd. Howryu. S¢VeTai gaps rxst on djseases uttderstsndin8 and availabiliry of biological platf¢rn th supwt dru8 discovtry. Kinei 185tids rncdiaied di5W TCOLF h&$ invested in 3 kinetopla#ids parasilc&' Trywnosome bne1. Trypanosome cntti and Letshmania donovani. Th¢ new ¢pid¢miological data and the faet that a novcl (ual trcatm¢nt for HAT was approved in 201B Prtcludc fvlthcr invtstment in thi5 disease. Malaria A r¢lativclyunexplorcd aspect OJJ fftlaTi8 reseaY¢b are thc non-erytbwr #ages of the parasite. Cwrently there is a knowledge gxp in the antimalarial community to effettivety supsKwt drng distovtry efforts in these stagcs. In particular. the devclopmeni of translaiionaj biological assay plaifornjs as well 85 idtDts'fic•tion of new themi¢al div¢Tsity inhibitityg liver stsges are areas where TCOLF envisag high irnpa¢i s/• of 2010.2018 fundin8 has bcen fooJsEd ¢JD this diselst. The bigh-burden and the scientific opportunity ettdorse$ the tothtintsatiort of the TCOLF comm1mnI to swrt drng discovery on this diSe with a similar level of budget ailwation. Res¢ar¢h arw in¢lud¢". The developmenr of new plarfoTrnthl$ to develop n(Xk-conventional amiberCUIar drug discovery programs focused Host Pathoge Itsieraciions Developmeni of too15 to unveil the modc of action of hosvvirnlence directrd (herapie5 Targ¢i-ba5ed progrdms with a strong rational deygn componcDI To $upwi the r¢search on re¥ell selecuon and strat¢gies for tt¢athxnt shorDin8 Perf•rmn£¢ in the year 24 projects were aclivr in 2020- 7 proj¢¢ts OD8oing. 6 projcct5 5t4rtcd. and I I projects were ¢ompleted during the period. 9 new projccis + 8 projcci cxtensions wcrc selecttd for fundin8. 9 publicatioThs frorn complctcd TCOLF funded projccts wcrc publishcd during 2020 in iDternatLonal peei•reviewed scienlific journals (TC-004, TC-028, TC-164, TC-167, TC-181, TC- 189, TC-217. TC-246. TC-247). Diseast Type of projert Projett titk TCOLF grantee Proleet st¥t115 Designing optimal regime5 for Djberculosis thwapy using one- 5tcp high C*( dynamic in vitro kn"Il kitKtio assay l]Dked to hollow fiber 5thdies EValu10n of P450 IlWall mou5¢ tnodel (8HUM) as a tty)I assess the impact of drng CombilonS on phannacology Research and Development Agency of Aragon (ARAID) Clinical Candkdatc Profiling Srarttd in 2020 FourKlaiion Platfom) DtveJopmenVScrc¢ninE University of lkndet Started in 2020 Pagt 5
Tres Cantos Open Lab Foundation DIRECTORS. REPORT Dis¢se Typt of project Projett tltle TCOLF grDttt Projetl stabJ5 Optimisatiott of a screen lor antimirrobials thai cnh4nCC pyrazthamide a¢ti¥ity a8•ltt$t Hit Idcnlificalion I Screening Public Health E#gland Strned in 2020 Shortening and improving complian¢¢ to BU11 ulter thcrnpy- Four weeks daily thple Research and Developjnent Agency of Aragon (ARAJD) Fourthtion Harvard T.H Chan Schc4)l of Public Health Clinical Research Stsrted in 2020 R¢capiLulaiion of ATQ it)fe¢iion results using TCOL IIIQ54ULts)eOpJTr5itr4farititic5 Malaria H2tnool Stsrted in 2020 Assay/Platfomx Development Hit Id¢ntifiuiioM I Scrccning High thrwghoui sn1 molecule scr fordrugs that altcr the sbapc of CaTnpylobactrr jtjuni Shigcllosis Univer5iry of Cambridg¢ Sthrted in 2020 TB antivirulence therapeutics.. $ma]I molecule Inhibits) against M. ercl"S rtplieation and p¢rsJsn¢e p3thw3ys as nov¢1 alrnatsv¢s to cIle antibiotiGs sthl& of Kalihinol Analogues with Improvcd Phann3cokinetic and Pharnjacodyiwmic Profile5 A chemogenic o¥erexpre55ion screen to identify rn¥l¥ia liver stage wEets Hii Idthtifitation I Screeoing Univttsity of Zaragou On80in8 2020 Malaria H2LThotsl University of California. Irvinc Ongoittg 2020 Malaria AwyTrlaffonn tkvtlopmcnt Ongoing 2020 Sangu 1rt4ittUt Shigella Hii IdcntifKation I S¢Teenittg Dc5ign of novel inhibilors of Shigella Lpxc Microbiome modulatOTS for the treathnI of tnvironmeTh¢al enteTiC dy5furKtion (EED) and ociated stwit thildhoLKI Univcrsiry of Ongoing 2020 EED Other Univu5ity Tubingen ODgoing 2020 ADiimafaTia] drug th"s¢overy rgeling PTt-erythrocwic stagcs of Pl&)[11uln fal¢ipanmi Generatiot. rharnct¢TiZ4tioTh and in vivo evaluation of a novel live malaria vaccine University of South Florida (USF). Malaria Hit IdentificaiioD I ScTe¢niDg ODgoiDg 2020 Malaria iAt¢ L¢ad Idwtifi¢ation IIM LisF¥a goin8 2020 IBRCONICET UNR In#INde Biologla Molxulary Celular de Rosario Kinetop]a51id Hii IderttifKation I Screenin8 Trypathosoma cn1 bromodomaiDS.' drug8able readers to look outl Completed in 2020 Page 6
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Disease Type of project Project iiile TCOLF granitt Proje 51atU5 Assay / Plarforn? DevelopmeDt "1 Identification Shi8elia High thrwghput S¢rtetsing lor Inhibityrn of Shigella Vinthce University of Wathirtgton Complettd in 2020 Hit Iden¢ifi¢aiioo I Scrttnin8 11-P)isoningof Mycobactrrium Djberculosis by inhibitiDg sidcrLyhore sccretiibn University of Alabawa at Bimiingham Completed in 2020 Shigella Hit IdfflEtsf1tiOTr I Screening Tu8ding Virylcnce Regulathts as a Novel Approach AntIbi1cS for Shigellos55 Llnivcrsity of Mi¢higan Complettd in 2020 Hit discovery for new alltimi¢robials agaiLsi Sbi8ella Oxford University Clinical Research Shigella Hit IdeDtificatiOD I CoTnpled in 2020 Hit IdentifiClon I Screetting Sthicttwal biology and 455ayS •)ablirtg fvIactsn thai tsr8et Mycobatria mbErculosis Oxford Universiry CoTnpl¢¢¢d in 2020 Shig¢lla A55ay I Platform rkvcloprncnt PKIPD rn111g f(Y anti- Sht8ella dwB candidatr5 Utsiversity of Washkngton Cornpleted 2020 Chagas AABLO Ichagas AcyLAminoB¢nzothiozol Lead Opts"mi3Ation) KinelaS¢ld H2L l T1 UttiveTsity of Georsia + Bioas Cornplet in 2020 Shigcl]4 Assay I Plarfonn Drvelopmcnt Unravelling nvw combinalorh thcrapics against Shigellosis Completed in 2020 EMBL Prtdicting Opiimal dosin8 schedule5 and clinbcal OUTcomcs of bets-lac¢am$ for TB th¢w¥y Using PKPD atsd mtthanistic mode15 Carbatxntrn vs. cq>hcrn: th¢ bEta.lattam High throughpur scrccning to idcntify %lcctivc proteasome inhibiwts &$ new aniimalarials with a novcl modc of action. Rcscarch A8enty of Arngon (ARAID) & University of Zarag02a (UNIZAR H2L l Tool Complet In 2020 Malaria Hit Idcntification I Screenin8 UniveTSity of Melbourne Completed iti 2020 Fecdback from the visiting sci¢Thtists on theirexpcricnces in Tre5 Cantos continucs to bc positive. Progress on thc OpEtJ Lab projecLS i5 grvatly WLabled by the in-kind acccss to GSK'S JnrdtfULal rhemistry. in vitrolin vivo biology facilitie5 and the screenirt8 ehnology plarfornL Thc (Jwity is tommitted makin8 th¢ r¢5Utts from the rt5eaTch it fund5 available for bTo&4er public bthefiL Poge 7
Tres Cantos Open Lab Foundation DIRECTORS, REPORT The Charity mi¢wed and approved funding for 9 projccts and 8 cost extcnsion forJx¢vious projts. The atbicvcmcnts during the ycar are line with the obixtivcs of th¢ Cbarity. FINANCIAL REVIEW Durin8 the ycar. paymcnts to In1110$ for projects and (thr ¢o$ts of TCOLF were £2.6m {2019". £1.6ml. The Dire¢LOYS are of the view thai thc financial position of the Charity remains stron8 with net assets of £1.7m (2019.. £3.9m). The cash at bank at 31 Decem2020 was £6.Im (2019.. £5.lrnl Poliey Reserves FTC¢ reserves of the CILarity are repr¢nI¢d by its ullre funds and amountryj ty £1.7m (2019.. £3.9ml. the Chariry will till$¢ th¢ resetves 10 fijnd fiLLure 8rants ITh a¢¢ordan¢e with its ¢haritabl¢ objectives, and io meet the Bencraj nll)Ding ¢OSLS of the CIRrity. The Dirccws sct a wgei LO bave a level olfree rtscrvc5 to be able fubjre granLs and mttt the gencTaJ running cosw which are 1]Y an amount of circa £5)k p¢r year. Thc dircciots will mi)nitor thc IrY¢l offrc¢ rc5erves available b¢fi)r¢r4)rnmitting to any fututr et)sur¢ thatail thc commFtted projccLS will bc funded through w compleiion. Grant mkiftg ptslky The Charity considers applicarions from avarietyof rc5carchorynisatlo%fcff fil[1n& Applications arc Teviewed and lew¢ls of grants payable dccided upon bythe Direct1¥5. Where grallty iDcludingovtss¢as grants, are rnade for specified purwjses. they arc mOnired by the Dircctors to ensutt thai those PUT5¢& arc adhered . Thi5 policy¢nables the Chariry's aims and (JtiVeS to attracithcbe5t prorKwls and award fiuJdiThg to re5ear¢h groups wotldwide to aClerate th¢ discov of nov¢l treaknents foT TB. M3]aTia and kitL¢toplastÉd inf¢¢LlOtIs. The Board sUallY mcets 2-3 timcs w yw. Th¢ informaiion about how to apply and thr rri¢cria for •ccepting new proje¢ts ¢an b¢ fo on www. nlabfourtdaiion.o PTintip•l Fwnding Srres The Charity was establishcd wkth a £Sm donation from Glaxo Group Limited (GGL) in 2010. The Charily reccived a further £Sm donaiion from GGL in 2012 and a fvrther £Sm donaiioll from GGL was approved in Septembcr 2018. By 31 LkccmbcT 2020 thc charity had rcccivcd the majority of this funding from GGL. At the end of year 2020 a total of £4.5m had been aladY committcd for all the projects that will run Ihrough to expected COTrJpletion dat¢$ rarjging from 202110 2023. Th¢ rharity is exploring additional sour$ of fiwdiog ty cLI1nc iwnd 2023. In ¢arly 2020, the exisi¢ll¢¢ of COVID-19 was confurned wkn"¢h has Sill swead au0s5 a significaDt numb¢r of countries leadit)8 todisnJpLion (o economic activityandglobai markets. Living in apcricrfl of considcrdble lItical and OrniC wictrtainry poses very rcal challcng¢5 to the Charity. In particular. ¢h¢ con¢inu¢d lock-dowD peri¢Jd is havjng an impact on thc ChaTity due to the ialx)Atory-b35¢d natt of th¢ project5. It was expect that mile5toThes would not be commiued in the time frarnc apwjved and requtsts for extrnsion5 are likcly lo be 5ubrnittcd. COVID-19 impart report5 wcrc prcpard al prcsentrd to the directors in Marth 2021 ond Junc 2021 and prop05cd cxtensi¢)ns con$idcT¢d ott a ¢w by ¢asc basis. Fundrisille The Charity does not¢aTry OUtfUTra]sinÉ activities other those rnrntsoTd lbowe and does rtoiuse wy third- party fvndraising a8en¢ies. Page 8
Tres Cantos Open Lab Foundation DlliECTORS' REPORT Go6ng ctsn¢¢rn The DIrecTS are of thc vtew thai the Charity 15 a going Trn giY¢n the level of r¢Sve5 h¢]d * the roorting date (£l.7m) and th¢5U5tainability of the rnL%Jel. Ai 31 De£ember 2020, the bank attowitbalance w&$ £6. Im. this amoun( will cover Projects and cxpenses for the Dest 4 with th¢ ¢urrent level of projcct exprndittuc committed to of £45rn. Th¢ dir¢ctor5 will continue to roonjthr the level of fr¢e teserves available before cornmiiling to any thLure grants to ¢n$ure tha¢ all the cornmilled projects will funded thTOU8h to completion. Allowin8 for ibe currenl rate of cxpendirnre and reserves. the Charity should be ablc to carry on sclectlD8 projecls until SeptembeT 2022 and operaiing uniil thts$e art tompletcd. Further funding is exp¢c¢¢d towards the end of 2021 and the Charity is ¢xploring addiiional sources of fw]diJJg to continue beyond 2023. The impa¢tof COVtD-l9 has been considercd and enough itt bejng held w m¢¢t these fullLr¢ ¢ommittnents. Rlsk Mtygtment The DIreCTS have &wssed the risks io whi¢h the Charity may be exrx)sed in the and concluded thatth are gethcrdlly low giveD the atld size of thc Charity. This position is utth Constant review to ensure that this policy is appropriaie. Prin¢ipal risk5 and unccrtainties are folltsws: Pisk l.. TCOLF long term fin8th¢i41 gjstainability at risk thje to tl la¢k of additional ndIng after the initial ¢omEriittn¢n4 ¢ausing the Open tAb ]ng Wbk w s¢lectaddiiion81 pmiects for Aciiort plath". Discs1on with potyitial donoys and funder5 stsrd w atra¢¢ additiowl fvnding and diversify funding sourcrs. Rxsk 2. In5uffi¢ient capacity at the Tres CAnt05 facilitic5 to implemcnt OF¢n IAb projects due io an incrcascd number of quality applirions and overlapping ofprojccts 5elc¢t¢d ID diffe¥eni waves. causing delay5 in getting tbe results or need for exnsions. Aclion plan-. l. RiEorous review and seltttion of proposals- 2. Agreethent ott a steady stale number of 10-12 active projccts in the Trc5 Cantos facilitics- 3. Schcdulc PToJects io makt Usc of availablc taP2tity- Risk 3. TCOLF perly¢d not to bc indepcndent of GSK b¢¢#¥ the ¢ornpaDy 15 thc only majoT funder of TCOLF and no oihcr pharmaceulical partners att currtnily involved. causing a perttived bias Iti selcctbon and implementation of projccis and pcrccption that GSK is benefiLiin8 from the open lab prograzn. Artion plan= l. M¢¢ting rninutC5 rcflcct the iThdcpcniJcnr¢ of the Dircctors and Govcrning Board metnbers in decision making 2. RLgorous adhettnct io TCOLF ronfliit of int¢rcst policjes. Capture thesc conflicts in all Board mteting minuic5. 3. Allowin8 for ihc current Tate of expeThdiwre and reseTVCS. the Charity should be able th carry on selectin8 proj¢ct5 until Septeber 2022 opcrating UDiiI thosc rompl¢t¢d. PLANS FOR THE FUTURE At present the TCOLF srra(egy for the next years is b¢ing reviewed. FuwTeopty)rnrtifi¢S ¢ould irt¢lude a modaliry wostic approach wherc v3ccin¢s and bio108icals mi8hi includcd in the 5cop¢. This will need to be ratified by th¢ Directors it) ¢ours¢. PUBLIC BENEFIT STATEMENT The Dire¢iors ¢onfm thai io ¢x¢r¢ising their werS aThJ firilling thew rewnsibilitie5 as Tn]sttes in pursuit of the areas deffjcrit aVe. they have paid due T¢gd to th¢ guidance on public benefit published by the Charity CommissioD. Puge 9
Tres Cantos Open Lab Foundation DIRECTORS. REPORT AUDTTOR RSM UK Audit LITr has indiated its willingnc5S to continue in office. STATEMENT AS TO DISCLOSURE OF INFORMATION TO THE AUDrroR Thc DiTecu)TS who werc in office on the dak of aroroval of these financial sratements have confirnK& as far as they are awa. that there 15 no relevant audit infomHtion of whj.cb the auditor is unaware. Each of the Directors has confimled thai they hove t¢n o]1 the $L¢PS that they oughi kn hav¢ taken as DirecwTS itt order io make therth%tlve5 aware of any rekvanl audil itifornmtion and to e#blish thai it b&s bets ¢ommwiL¢4i¢d the audilor. This report has been prepre41 in a¢¢ordn¢e with the provision5 wpplirablc lo compttnies entitled to the smlll companies exemptiot y order of the board 4JHslJéy Audra ja Halsey Diie¢tor Date.. 2&Sep2021 Puge 10
Tres Cantos Open Lab Foundation STATEMENf OF DIREORs. RESPONSIBILtrIES The Direct (who are also Tntstets of TT¢S catt Ow tab Foundation for the PUTW of charity law) ar¢ responsible for preparing thc Dirrftors. Report and the financial SfarcmcnLS in accordarKe with applicable law and United Kingdom AecowJtin8 Stsndar(L% (United Kingdom Gtncrally Ac(qed A¢¢oyrJting PTrctice). Company law requires the Directors to prepare financial Staments for cach financial yeaT. under compatry law the Director5 trJu5t not approve the fllwKiaJ statements uD1¢55 thcy arc 11$f thai they give a tru¢ and fairvicw of thE state of affair5 of the charitablc company and of the intoming resourc¢s application of re$ow. includin8 the income artd expthdilijre. of the cbaritable company for peri(xL In preparin8 those finao¢i3] S¢at¢m¢n4 th¢ Dir¢¢tors a rqllired ty: sele¢[ suitable accounting policies th¢n ¥Fyly them ¢OnSiSL¢Dlly; obsery¢ the methods and Wincipl in thc Charities Sta*mcni 0fRnded Practice {SOPPI: make judgements a¢wwiting estimatrs ar¢ r¢aSODabJe and prndenL stste whether appli¢able Unitrd Kingdom •¢mJniin8sWdts have been followtd subj¢ LO any ma¢¢rial dyrtUTeS disclosed and explained in the financial s&ternen4 and Prepatt the financial statements on the 8oitt8 concern b&8is unless it is inappropriate presume that the ompBrry will continue in busincss. Pagell
rNDEPENDEf AUDITOR'S REPORT TO THE MEMBERS OF THE TRFS CATrrros OPEN LAB FOUNDATtON Opinlou We havc audilcd the fvwi¢ial SthL¢m¢ots of Tres Canws OpeD Lab Foundation {the'clwi"tsble cornpaDy'I for the yr ettd¢d 31 Dember 2020 which comprise the Sra(emcnt of Financial Activitics (including Inwrnc and Exp¢ttdiLur¢ A¢¢ouni), the Balance She4 SutrmtDt of Cash Flows and notcs th¢ financial 5tatmthts, includin8 SL8nifieani xcounling p)lici¢s. Th¢ finwjcial reporting frwneth that ha5 been applitd in their preparation is appjicable and unit Kingdom Arunting Ststtdard%. includiu8 FRS 102 'The Financial Reporting Standard 3pplicable in the UK and Republic of Ireland" (Unitcd Kingkn Gcnerally Accepted A¢¢ountsn8 Pwii¢e). In ouropirtion the financial ststements.. 8ive a trije and fair vicw of the state of the charitsb]c ¢OTnnY'S #ffairs as at 31 tkcember 2020 and of its incoming resources and application of resouT¢4 i1b¢i its in¢om¢ aod ¢xwdirur4 for th¢ y¢ar havc been prowly wepared in with Utsit&l KJDgdom Generally Acceptrd Accounting Practice" and have beeD prqjared in accordance with thc rcquircmcDts of the Comwies Act 2Crf)6. Basis for opinio We corJdurl¢d our3udiL in a¢¢oidan¢ewith Internloal stsThdardS4)nAJjtiDgiuK) {ISAs (UKI) and app12cable law. (XLr responsibilities under Lhose stsndards arc further dcscribcd in the Auditor's re5ponsibilitie5 foT th¢ audit of tht fjnanciai s¢alernents section of report. Wc arc irAlcpcndent of the chantsble wmpany irt a¢conlance with the ¢thiul r¢quir¢Tncnts that aTe relevant to our audit ofthe financial stskmcnts tn the UK. including the FRC'S Ethical Ststtdard and we have lfIlled our other ethical responsibilities iTt accordance with these requirernents. We bclieve thatthc audit cvidencewe have obtsintyj is suffi¢ieni al 4yropri)i¢ Ioprovide a basis for ¢)ur opinion. Conclu5ion$ relti#% ¢0 going ¢ofj¢ern In audj.ting the fmathcial surnents. we have colded that thE trust5, Usc of th¢ going conc¢rn basis of accounting in thc preparation of thc find11 statcmEnts is approptiat Based on the work wt have rf0M7ed. wt have not idcntifKd any matcrial unccrtainties relating to cv¢ntS OT condiiions that. individually or colkctivcly. rnay cast significant dbI ott the Charitable ¢omp8ny's abiliry to continue as a going ¢tsn¢¢m for a period of ai I( twelve rn0nd from whcn tht financial 5tatrrnents are authorised for hssv. Our rcsponsibilities and the respotybiliii¢S of the tnLses with resttti to 80iD8 Concern art dc5cribcd in the relevani sections of this repoTL Other ifomti• The other Inforniation comprises the infornuiion included in the Annual Rcport otheT than the financial statem¢ttts and ourauditor'5 rtpon thereon. Thctru5tecs areTrspon5iblc forthetsther infomiaiion ¢othtxin¢d withintheAnttual Report. Our opinion on the financial s¢atrments does no¢ ¢ov¢r the other iJf(inallon an execpi io tht extent otherwise explicitly sthted in Lw re we do w ¢Xpr any form of &$sur conclusion thereon. Our responsibility is rcad the th infomutioo an4 in doiti8 $0, coosider wheth¢r th¢ other infotrnation 15 maTi411y irt¢onsi$ieht with th¢ fit)an¢ial statements or our knowlcdgt obtsincd in thc course of the audit or oth¢twse appears (o be malerially misstated. If wt ideniify wch material inconsi5tencic5 OT apparenl rn3terial mis5trtetntnw we are rquired to deteminc whtthcr this 8IVC5 risc w a material mi5Statcmcnt in thc financia] sratemcns themselves. If, bascd on the work we have rfOrMe& wc conclude that thEr¢ is a tnattrial mi5Staiement ofthi5 other infonnalion. we arc rcquired to rcport that facL We bav¢ nothin8 to in this regard. Page 12
Opinions On other mtt¢ts pres¢tlb¢d by the C•mpthiu Art 11)06 In our opinion. b&sed on the Work undertakcn in the course of the audiL the infoTtnation givcn in the Dirttiors. RcporL which inchmks the DITe¢' Re1 prtPOted for the PUseS of c(Mnp¥ny law, for the fmanciai ye¥r for whi¢h the fuMtt¢ial stst¢m¢t)ts ar¢ preFAred is ConSi£nI with the financial statcmcnts: and thc DIrLor5. Rrport has b¢¢n pr¢pared in accordance with applirabk Icgal rcquircrncnl& Mat¢er5 Y4hich w¢ ar¢ r¢4VIr ¢0 report by eiceptiOD In the Ii8FLi of the knowlcd8c and understsndin8 of the charitabl¢ MpanY and its ¢nvirotlltt¢Dt in the COUTse of the audiL w¢ hav¢ not idcntifjed material misststemtnts in the Dtrtctors. Rwjt Wc have nothing lo rcport in TES of th¢ followJnE TMLtetsAvhue the Companies Aa 2006 reqllirts to rt to you if. in our opinion= a(kquate accouniing records have not been krt tyretsm9Uate forouraudiL have not beet) reteiv)J from brdnth¢s not vi$it¢d by or the fInaCial Stslements are in ayeement with the accouniing records and OT cerrain disclosures of trues' remuncralion specifd by ]•v are not m¥Je' or w¢ havc not Tx¢Iv all th¢ infi)rnlrt and explanations we requitt for our alIt. OT the Direcws wtrc not eniiiled io preparc the financial $tern¢nts ID accordanc¢ with thc small ompani¢5' rcgimc and ¢akc advantsg¢ of th¢ 5tDall cothpHllies Bxcmption from the Tqujremeni to prepare a Strateyt RqKKt orin prqTrann8 the D1c¥s. KWL R¢spwlbllltl¢s of ttuit¢ A5 txplained more fully bn thc Ststement of TTU51¢e5' TponsIbl1]tiCS s¢¢ i)ut on pagc I I, thc tru5¢5 (who a also thr dir¢¢Lof5 of th¢ ¢haTJtable ¢ompany for the pUose$ of company law) are TC5ponsilJlc for thc prcparétion of the financial statrments and for bcing 5attsfied that they give a truc and fair vjcw. 3nd for Such internal control as the trn5ttt5 dcrniLII¢ 15 to cnable the ptep2Ation of firancial stsments that are frtt fmm marial twsstiemtn4 whether due to &aud or error. In prcparin8 the financial statrttteDts. the trustrcs are rc5ponsiblc for aessing the tharitsbl¢ compzny's ability to continuc a5 a going conccrn. di%losin& a5 appli¢able. Tnatters relatrd to gojng cothcem and using the goin8 CODCern basi5 of ¥cowJtiDg uDI¢ss the ttuskts either iniettd to liquidate tht d.ble Company or to ce&sc operations. or have no rcalimie alttsmativt but to do so. Audltor's responslbllities for the audit of the finantial statements Our obj¢ctiv¢5 are to obtain rcasonablc a%surarte aFx)ut whethtt thc fmancial statcmtnts a whole art frtt from material misstaiement, whether due to fraud or trror, and to issuc an auditor's rert that includc5 our opinion. Rcasonablc a&surancc is a high Icvel of assurance bui 15 not a guar4Thtr¢ that an audit condurd in accordon¢c with ISAS (UK) will always detect x rnaterial MissialeftIit wheth it exists. Misststrments can arise from fraud or error and 3re CODsideTed tllar]al If. dIvidUally or in the aggregatr, thty could ruwnably be expected to int]uence the econ(xni¢ decisions of users lak on thc ba515 of thcsc financ ststemcnts. The eitent to Tvhich the Audil was fonsidered capable of deirttiE I1n¢•t& iwtluding fraud Irregularitics are instances of non-cornpliatjcc with laws and regulations. The IA)jectives of oui audit are to obtai sufficient appropria audii evidentt regarduLg tompliance with law5 and relatIonS that havt a direct cffect on the deterniinarion of maicnal amounts and disclosures in the financial 5th1emcnts. to pcrforni audit PToccdures to hclp identify ins¢anccs ofnon-¢omplianE¢ with other laws ond regui2Lion$ that may hav¢ a mario1 effect on the rthathcial statements, at)d to respond appr(yriately to identified or suspethed non-cornpliance wilh laws and regulations identifjed during the audiL ID rclati¢)ft to frau4 the objectives of our alldit are to identify and &sess the risk of material mi$8tatemeni of the fanCial sratements due to fraud, to obtsin sufficLtni 44)ropriatt audit eviderKc reg8rthn8 the asstsstd nsks ol maicrial mi55tatcment thic lo fraud through designing and implerrthting apprLyriate Tesponses and to TespoT appropriately to fraud or fraud identified during the audi¢. Page 13
Howevu. it is the pritnary rLwonsibility of managemen( with the overSiEht of those charged with governaftc¢ to ensure thai th¢ etttity's Operatio are conducted in a¢coTdan¢e wtth the prnwsions of law5 and regulations and for the prevention and #Jereciion of Tra1. In tdentifying attd ass¢&5ing risks of rnaterial mi&statentti in of iffegulariti&s. inCding frall the audii engagemeni team: obtained an unders¢anding of the natt of the Sector. including the legal regUlary fram¢work th81 the charitable ¢OTnp¥lly OP¢Tates in and how the charitsble rJ)mpany 1$ CCmplyin8 with the le8#1 •)d regulathry framework: inquired of mat)agemenL and those charged with govefflance, aFxJut their own identification and a&%e5sment of the risks of irregularities. includin8 any actual. wspected or llcged in5tanccs of frdud: discSSed matters alxjut non-compliaTtce with laws and r¢Bulations and how fraud Might occur including assMen[ of how and where the financial 5tstcments may bc susttptiblc to fraud. As a result of these procedures wc considcrthe most slgnificant laws and regulations thathave a diTect impact on the financial s¢alernents art FRS 102. Charili¢s SORP (FRS 102). Companies A£1 2(KJ6. Chariti¢5 Act 2011. the charitsbl¢ company's govemitt8 do¢um¢ni 2t)d tax legislation. We p0tThed autht procedures io detect non- compliances which may havea material impacton the finatltial sratrmcnLS which included reviewing th¢ financial 51atcrnents including the Tru5tces' Reporl rcmaining alcrt to any ncw or unusual tr3nWtiQD5 which rnay not be in accordaThc¢ with the governLng docuTnenL%. The audit cngag¢m¢n¢ team id¢ntifJed th¢ risk of m8nagrmaJt i)vuride of ¢ontrol$ ¥ the 8reA where the finart¢iil statements were most sus¢q)tible io makrial mis5Umelli due io fraud. Audit Pr perfornied included but wcre not limitd to testing rnanual journal eTrtries and othcr adju5th1ents. evJluating the business ratioftale r¢laiion to signifJGini un%#1 transactions atyl tran5XtioDs ent¢r¢d ourside th¢ n¢)rnial course of busi¢69 and £hallen8in8 jud8menLS and estimates. A further descriptjOD of our resportsibili(i&s for the audLL of the fancial Ststrments is located on the Financial ReportiDg Cowicil'5 w¢b5il¢ at h ..Ilwww.frc.or .uklauditorsrcs onsibililies. This description fornis part of our auditor'$ report. Use of our report Thi5 report LS madt 501tly to the charitablc company"s rnembe a5 • t. in accordance with ChapteT 3 of Part 16.of the Companies Aci 2006. (kn audit Work l*en und¢rt8ken so that we mi8hi stsie to ihe charitable company's members those m8tterswe arcrequired to io them in an auditor.srcp0rtaj for no otherpurpose. To the fvIIc5t extent perrnittcd by ljw. we do not a¢ccpt OT assume responsibility to Jttyone other than thE ¢haritsble company atMI the ¢h¥itybie ¢ompany's rn¢mbMs as • body, for our aydii worL for thi5 reporl or for thc opinions we have formed. PSM UK Hannah Car¢hpfy)I (Senior S¢amtory Auditor) For and on behalfofRSM UK AUDIT LLP, Statstory Auth"tor Chartered Accountants 25 Farringdon Str London EC4A 4AB Dat¢ 29 Scptembcr2021 Page 14
Tres Cantos Open Lab Foundation STATEMENT OF FtNANCIAL AcfrviTIES (tNCLUDtNG NCOME AND EXPENDITURE ACCOUPffj For the ear ended 31 December 2020 Tota] Unrestricttd Fund5 2020 Total Unrt5tri¢¢¢d Funds Notcs 2019 INCOME FROM: Donatson5 and Icgacies 323.824 371,876 TOTAL 323,824 371.876 EXPEIYDITURE ON: Raising funds Charitable activiiies {723) (2,623J39) 3.637 (1,556,509) TOTAL (2.624.062) (1.552.872) NET EXPENDITURE (2JIX).238) {I.I80.996) RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 3.988J47 5.169.343 TOTAL FUNDS CARRIED FORWARD 1.688.109 3.988J47 Page IS
Tres Cantos Open Lab Foundation BALANCE SHEET As at 31 DeceTnbcr 2020 Com istrdtioll No. 07301222 2020 2019 CURRENT ASSETS DcbtOTS Cash at bank and in hand 95.628 6.142.962 2.087.782 5,137.068 6238.55YI 7.224.850 CREDITORS.. Amounts rlIng due within one y¢ar (3.799.764) (2.778 J39) NET CURRENT ASSETS 2.438.826 4.446.511 CREDITORS.. Amounts due after more thaD one ycar (750.717) (458.164) NET ASSETS .688.l¢J) 3.988.347 RESERVES Unrc5triCt funds 1.688.1(P) 3.988,347 Tolal funds 1.688.109 3.988.347 These accounts are prepartyj in attordance with the special provisions of Part 15 of the Cornpanic5 Act relating to small ¢ompanie$ attd¢onstinbt¢ th¢ anTwal o¢¢ounts TequiTrd by the Companies Act2Crf)6and forcirculatiort to membeT5 of the company. Th¢ fhn*Jcial SkL¢ments Ott Pa8es 15 th 25 were approved by the Board and authorised for issu¢ o 24Sep2021 and arc si8ncd OD its bclwwby Audra Jane Halsey DireCr The notes on pages 18 to 25 form part of thrs¢ fillanrial s¢aterncnts. Page16
Tres Cantos Open Lab Foundation STATEMENT OF CASH FLOWS For the year ¢nd¢d 31 December 2020 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Nct cash 8cncrattd by operatin8 activitie 14 i.(X)5.894 3.190.555 INCREASE IN CASH AND CASH EQUIVALENTS fN THE YEAR i.(X)5.894 3,190.555 CASH AND CASH EQUIVALENTS AT THE BEGfKNNG OF THE YEAR 5.137.068 1.946,513 CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR 6.142.962 5.137.068 Puge 17
Tres Cantos Open Lab Foundation ACCOUNTING POLICIES COMPANY INFORMATION Tres Catttos Op¢n Lab Foundation is a private company limid by guaraot¢¢ (CotnpaThy Number 07301222) in¢orFX)raicd on l July 2010 and r¢gi5kred a clwity in England and Wale& on 24 Junc 201 I, number 1142577. Detsi15 of the Tegistercd ol¢¢ addre55 and principal place of iwJ5ine55 arc given on page l of the %¢ts. The cotnpany's operations dnd pnncipal adivits¢s a[¢dC'bed in th¢ Dir¢ctor5' Rcp)rL BASIS OF ACCOUNTfNG The finattcial $tatements have bttn widcr thr hi5torital COSL convcntion and in aOrdanCe vrith the Con)panits Act 21106. Tht financial staiemethts have been prepared in aecordance with the Staitmcnl of Rccomrnendcd Practice.. AccounTinB and Reporting by CThan"tie5 preparing thcir accounts in accordance with the Finartcial Rew>rtirtg Stsndard applicablc in thc UK and R¢publi¢ of Irtlatsl {FRS 1021 (rffc¢tive l January 2019) and iht Charitiu Aci 2011. The Charity ¢onstiruies a wbli¢ benefit cntity as defined by FRS 102. FUNcfioNAL CURRENCY The fiDart¢ial $tst¢nwrtt8 are presertt in srling whith is 81s0 the fvn¢tional cwr¢nry of the ¢h¥ity. Monetary amowits in thc5c finanrial statcmcnts arc rowthd to thc ncarea wlK¥le £1. except whcTC otherwi5¢ indicat. GOING CONCERN The Directors confinn thai ai the iimt ofapprovim8 the financial stanKnts. theTt ss a rtasonable expccwion th the Ch3riLy h35 ad¢quat¢ resou¢ to rontinuc in opernuonaj ryÈ$ten¢¢ for th¢ foTc5eeablc futw¢. In aThiving at this tollclusiots, the Directors have ¢aken a11 of curtcDI and anticipated financial pErfOrnnCe in the current ecouomit condilions. and th¢ Charity's r¢scrvts position. Sincc the $18nifi¢arKc of ihc ctonomic impacts of the COVID-19 outbak hwvc b¢wne opparen¢ the DiT¢CWS hav¢ T¢tw¢d in duail the CIwity'5 P)5ition and the wropTiJte bAsi5 onivhich ioprepare the financial sta¢ern¢nts. The DtTfCtorsantrtipte thalthere will b¢ delays in tbe seiettce in keeping with the fraction of s¢icnti5ts that work in the laiKrttoritk Th¢ Diredors h¥v¢ considered bJdgc¢s and forecasts for pcriod of ai le45t 12 months from the daic of ¥prov•l of the financi3151atements to satisfy thcm5elvcs that th¢ Ch&rity ttjains a going conceTn. The full impact of the COVlfk19 outhreak cannoi ptesently be eslimakd with any certainty. IMJI the stress trSiLng of the Charity's fJJMt)cial posiiion TrS sausfied th¢ Directors that it has adcquaic reservc5 and mitigation strategies available to deal with the imwi of the wtbreak as it unfolds. Whilsi thc Director& recognise that 2021 will be a challenEillE year atyj thjt it may i% rK£e55ary draw on of the Charity's Teserves. SDTne of whith have bttn speeifically estsblislKd ty provide fituncial SlItenee. they have ¢otschth tb it remains appropnare prepar¢ the financial statem2nts of the Chariry w th¢ goiThg wK¢rn bzsi4. INCOME Dottations and grants are recognd wh¢n the SORP itKome ret08nition criterA• of tytidemen¢ pmbabiity and rneasuremcnt have been rneL Setvt¢es in ktnd Are reeognised on an a¢¢nlS b¥sfrs as donattons ift the Statem•Ji of FiTTran¢i81 Actrvities at th¢ bem emimatr of the value of the ben¢fii th¢ Charlty. EXPENDITURE Exp¢nditure is reCOlSed on an acmtals b¥i$ &$ a I"11ry is tncurred. Exp¢ndiftLr¢ include$ any VAT whith cannot be fully rccovtred aTrl i5 rep)rted part of the expenditure which hi relatrs. Gr3nts p3yablc are Jncluded Ln the Sthtvneni of Finanrial Adivities when they have be¢n approved for payment. An a55C55mcnt of individual grdnl liabilities 15 Tnadc atthc balance 5hect datr and any adjus¢mcnts required (these may 2ri5e as a re5uli of foreign currency vernents or diffcrence5 bcTwecn budgctcd and acbjal expenditu in grdnt applicatLonsl to grant liabilities are rccogni5cd as dcbits or credits irt the Stat¢mcnt of Financjal Attivities in grant expenditure. Expenditure on charitable 3ctivitie5 comprises those costs incurred by the Chariry in the delivery of its activilies and services for its beneficiaries. It clUdeS iw)th costs that can be all¢xa¢ed dircctjy to sucb activilies artd those costs of an indirect nature necessary to support them. Poge18
Tres Cantos Open Lab Foundation ACCOUNTING POLICIES All ¢o$ts are allocated ktween the eXpedire categorics of the StstctD¢ni of Financial Activities on a b85iS designed to reflect the usc of the re50urcc. AS there is one charitsble auivity. all support and governart¢e costs havc been allocatrd againsl this activity. FOREIGN CURRENCIES Monetary assets and Itabilitie$ denominated in foreign cDrren¢itS we tsansld at the rate of ex¢hahge njling 8t the balan¢¢ $heei dak. Transaciions in for¢ign atrrencies are rKoYdeAI ai the Tatr Nlittg at th¢ dak of th¢ rrnnsaciion. All diff¢rcnc¢5 4Te raken to the Starncnt of Financial Aaiviiics. FUND ACCOUNTING General fijnds are unres¢ri¢¢ed funds which arc available for usc at the dis¢r¢tion of the DircctOT5 in fuTtherince of th¢ g¢nernl obj¢¢tives of the foUntiOn and whi¢h h•v¢ ttot b¢th d¢sJ"gnat•J for oth¢rpuryxJs¢s. Rcstrictcd fundscornpri$¢ mffii¢s wbcre a rc5triction bbec4 plardon th¢]ru% by adonor (foT a purrf)s¢ whi¢h falls within. bui 15 narrower than the genernl ¢haritsblc objcthivts). Rtstrictcd funds distributed in accordance with thc tern of¢h¢ original r¢stri¢tion. CASH AT BANK AND IN HAND Cash at bartk and tash in hand includes $ and sknrt ttmi highly liquid investhLents with a short maturity of thrtt month5 OT less from the datc of acquisiuon or OFtning of the dwit or 5Lmilar account. FINANCIAL INSTRUMENTS Financial instrwncnts are classified aDd accouDted for accorthg to th¢ substance of thc ¢ctractUal Orrgem¢nI &8 finarteial &sstL8, financial liabili(ies or eqlllty ittstswmthts. An tquity instrumertt is any contract that evidences rc5idual intere51 in thc 455cts of the totity aftu dting all.of its liabiliti¢ Finonciolassets BL51c fjnancial assets. which include otherdebtor5. aremitialty meawrtda1tr8n5acti(m pnce iTJtludinB trattsatiion cosLs and arc subscqucntty curicd 31 amortised COSL FInancl liabili¢ies Basic flnancial liabilitic4 whith iDcludc accnwJ5 and grnDts payablc. initially mea at transaction pricc and 5ubscquentJy at amoni5cd c05L CRITICAL AcCOuNTG ESTtMATES AND AREAS OF JU[EMENT In the application of the Charity's accountin8 poIL¢ie& the DLre£tors are required to makc Judgcmt uhmates and assumpiions about the urryin8 amount of assets and liabiliiies that 3re not adIlY apparent from other sources. The esiimaos and associat¢d a55UrnPtions aTr based oft hiSrical eXp¢n¢¢ and othu f3ctors that are ¢oJJsidtred to relevant. Actual r¢$ts may dtr from thtsc tstirna& The ¢5timat¢5 and erlyIng assU[nl05 are r¢vi¢wryJ OD an oDgoJDg ba5i5. RevisioD5 to xcounting ¢slirn4k5 are recoEnised in the PCTiod in which the esLimatt is revised. Th¢ Directhrs do not consider that thtt¢ •rt arty critKai esfimts or of jtsdgem¥xi that netyj be brought to the attention of the readu5 of thc financial stalem. Page 19
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 December 2020 INCOME FROM IX)NATIONS AND LEGACtES 2020 2019 Scrviccs in kind Unspent rentrned 323.824 356.337 15,539 323.824 371.876 In the year uj 31 December 2020. £Nil (2019.. £nii) of the voluntary income wa5 frorn outsid¢ of the Uni¢¢d Kingdom_ Un$peni grantsr¢wrn¢d of£Nil (2019- £15.5391 relates to fundittg previously awarded from the Europ Cotrunissi¢)n. This futtdirtgwaspr¢vioudy r¢¢ognLs¢d in fvll because li expe¢ied thaL the total amolln( would bt uiilised. The pr0gt8m rtlatin8 to thi5 fitrtdin8 have now all been Compled. and rtmaining funds have bccn relurned io the EuroFan Commission. In 2020, the income frnm donations and legacies was £323.824 (2019.. £371.876) of which £323.824 (2019.. £371.8761 was incom¢ from unreslrirted fids. RAISING FUNDS 2020 2019 Los51lGain) on foreign cxchartgc 723 (3.6371 Ptsge 20
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENrs for ihe ear end 31 December 2020 ANALYSIS OF EXPENDTfuRE ON CHAPJTABLE ACTIVITtES 2020 2019 Granls." London Sch1 of HygieD¢ & Tropical Mdici Univrr5ity of Alabatna ai Bimiinghaz Hospitsl for Tropical Dis¢A5ts. Oxford Univg5ity Clinical RcxaTch Univetsity of Mi¢hiKan- extn Sanger Institute Univ¢rsity of South Flotida Instibjo de MediciDa Molccular Porni8ai Univrr5ity of Dund¢¢ University Hospithl Tubingen Gernwiy HoTvard SclKM)l of Public Hujth Durhatll Univlty Public Health En8land Harvard Medical sch()1 & IrtsEitytde Biologie Srrnctutaie de Grenoble Univctsity of WshttigLOn APAIDIUttiversity of Zara8073. exth The JBRCONICET Arg¢nrina- cx¢n University of ZArag024 ex University of California. ITV¥nC- exm Funda¢ion Agentia AragoTrw Para L4 Y El Desanol University of Dundce ARAID (Spain) RhtS Univcrsjty (South Africa) UnLver5ity of Californi< San Diego Harvard T.H. Cban Sc1KL of Public Health Oxford Univcr5ity Internaional Cthtre for Diarr1ClI Disease University of Dunde¢ 3,532 1.660 50,295 59.283 8.750 I5.(Kl 48.746 147.121 295.509 222,242 281.838 301.151 95.787 16,744 26.640 12.544 32.229 34.783 507.601 245.045 174.142 173.030 372.746 225.312 27.350 115.874 204,293 Carried forward 2.185.475 ,527,382 Page21
Tres Cantos Open Lab Foundation NOTES TO THE FfNANCIAL STATEMENTS for the ear ended 31 D¢¢ernb¢r 2020 CHARITABLE ACTMTl (coniinutd) 2020 2019 Brought fonvard 2.185.47S 1.527.382 Grants rescindcd.. Nottheastrrn UniveItynsl1tylO de BiomeOi¢ina y Parnsitolo8ia StNcturai Gettomics Cotlsortium StNcwral Genomics Consortium University of Britith Columbia HaTvard Mcdical Seh(x)l & Instity¢ do Biologic Str. De Gren ETH Zurich University of Birminarn Univcr5ity of Binningham UDivetsJty of G¢orgi Uftiversity of Birniingham + Tex&$ A&M University LSHTM (99,1001 18.0731 (28.7031 13,3091 (29.4671 (18.6271 {)8.4241 (26,7931 (109.1191 (21.7241 {2,4401 [13.(1) {7.4781 (89,4451 Utrech UnIversity Utrech University Unbver5ity of Washington University of MeliM)ume (6.125) Legal and prnfes5ional fee5 7.654 11.041 2.187.LIM .062.720 Support cost5.. S¢conded staff and offic¢ oveAh¢aJs IrKlircct proj1 costs M4rk¢iing and w¢bsit¢ 323.824 67,051 3.879 356.337 73,763 5.762 Governance costs.. Board tn¢¢ting cxpenx5 Legal and professiotlal fets In5urdncc IDireclor5' and Officer5. Indcmnity Cover) Audit fee$ Bank charges 15,304 24,710 1,898 14.850 1.165 23.855 1,898 14.840 987 2.623.339 1.556.509 Th¢ total number of ncw iDstituiional grants made in the year wa$ 9 (2019.. 9). aw from the Univusity of Dundee who re¢eiv¢d grants this year onty one grant per institution was paid 12019.. only one 8rat)t per instiNtion was paid). 8 extensions were granted to ongoing projects. All grants weTe sirnilar in natt¢ and wen ald the Cat5 ideDtifitd in the Dir¢cts. Report In 2020. th¢¢xpenditUTe ott ¢han"table ¥iivities w&s .640,1 I112019= £I.556.5091 olwhich £2.640,J I I (2019.. £1.556J091 w&5 ¢xpendLtthre from w¢S1nctCd fund5 and £Nil (2019.. £nill wa5 from r¢stri£ted funds. Page 22
Tres Cantos Open Lab Foundation NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Dernber 2020 EMPLOYEES Thcrc were no employces thm"n8 the ycar12019.' nil). Tr D1ctors. who arc the kcy rnmagctnehi PET50nncl of the Charity. r¢ttived no rcmuneyation for their WOTk a5 DircctW5 {2019: £hil). No directors (2019.. None) werc TciMbUts Expsts durin8 the year (2019.. £nil). NET EXPENDITURE 2020 2019 N¢t expenditure is stated after clwgiDgllrrEditinE) tht following". Statutory auditor's fx5". Audit fee {ineludin8 VAT) Current year A¢¢ountsn¢y s¢tvi¢ Foreign exchang¢ Iossllgain) l4.840 23.855 723 14.850 20.383 {3.637) DEBTORS 2020 2019 Other debtors (see note 12) Pr¢pym¢nlS 55,647 39.981 2.0SS.647 32.135 95.628 2.087.782 CREDITORS.. Amwits falling due within Line ye¥ 2020 2019 Grants payable A¢¢nkl$ 3.764.485 35.279 2.752.354 25,985 3.799.764 2.778.339 CREDITORS.. Amounts falling after more than one year 2020 2019 Opening grant creditor5 Grants aword¢d the year net of yants r¢scindc41 Less.. Grants paid durin8 the ye•r 3.2IO,518 2.179.350 1874,666) 3.132.864 1,051.681 {974,027) 4.515.202 3.210.518 In¢lud¢d in ¢uYren¢ I1111¢5 (3.764.485) {2.752.354) Grants payable in more than (rfhe year 750,717 458.164 All grants payable wll be paid frtyn unresthcled funds. Poge 23
Tres Cantos Open Lab Foundation NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 December 2020 MOVEM IN FUNDS 2020 A¢ l January 2020 Income EXpedin¢ Ai 31 [k£emr 2020 Unrestrictcd funds Getlerai 3,988J47 323,824 (2.624,062) 1,688.109 Totsl funds 3.988.347 323.824 (2.624.062) 1.688.109 MOVEMENT tN FtTNDS 2019 At l Jamwy 2019 Jrtom¢ ExpendiD]re At 31 De¢¢mber 2019 Unrestrictrd fvnds General fi]nds 5,169,343 371.876 (1.552,872) 3,988,347 Totsl funds 5.169.343 371,876 11.552.872) 3,988.347 io ANALYSIS OF NET ASSFfs BFfwEEN FUNDS 2020 Totsl Unrestrtthd Funds Current a5Kts CUrn1 liabiliti¢5 Non4utrtht liabililles 6.238.590 {3.799,764) (750,717) 1,688.109 ANALYSIS OF NET ASSETS BEfwEEN FtJNDS 2019 Totsl UDr¢stri¢*d Funds Cwrenl asscts Currtnt liabilLtses Non-cwrent liabilitits 7,224,850 {2,778,339) 1458.164} 3,988.347 LIABTLITY OF MEMBERS The Company i5 limitcd by guaTantre and th)es not havc a thare capital. In the event of the company being wour)d up. the maximum amouni that each membcr is liable to conthbute is £10. Glaxo Group Limit¢d i$ the sole m¢mb¢r of the comp3ny. Poge 24
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEmE[s for the ear ¢nd¢d 31 Decernbcr 2020 12 RELATED PARTY TRANSAcfIoNS Dwi'ng th¢ Year 31 Dec¢mber2020.Gl8xoGYoup Limiied Iihtsole m¢mber,and arelevant legal entity exercising control) through its affiliaie companies. paid expenses or mct payments on ithalf of TCOLF arnounting to £m"l (2019.. £nil) which w45 Pa ¢lllr]ng the year. At JI De¢emb¢r 2020, £55.647 (2019: £2.055.647) was owed by Glaxo Group Limiied. as included in othe¥ debtors (notc 6). lknitig th¢ year, th¢ eompany also rtceivcd £2,tXKJ.000 {20I9.. £4.500,000) from Glaxo Group Limi*d towards the existing dcbtor. No inieTest 1$ ¢harged on this Wance. Tn the yearGlaxo GTOUP Limited prowded £323.824 (2019.. £356.337)Ord(ats service5 the Tharity in the fomi of staff time spcnt on TCOLF xtivili¢5. 13 CORKIRATION TAX Tht C1]arity is cxempt from Ixx on income and 8ain5 undcr sCCtioDs 466 to 493 of tht Corporation Tax A¢t 2010 10 th¢ exknt that thc5c arc applied to its ¢h4ritsble objects. 14 RECONCILIATtON OF NET EXPENDITURE TO NET CASH FLOW FROM OPEPATTrIG ACTIVITIES 2020 2019 NET IEXPENDITURE) FOR THE REPORTNG PERIOD {2.3.238) (1.180.996) ADJUSTMENTS FOR: Decrase in debtors 1.992.154 ,313,978 4.497.868 (l26,317} NET CASH IUSED tNyGENERATED BY OPERATtNG ACTIVITIES 1,005,894 3,190,535 Page 25