Tres Cantos Opcn Lab Foundation
FINANCIAL STATEMENTS
for the year ended
31 Decernber 2020
•AAe4QZ35'
3010912021
COMPANIES PIOUSE
A46
#168
Company Registration No. 07301222
Charity Registration No. 1142577

Tres Cantos Open Lab Foundation
DIRECTORS AND OFFICERS
DIRE￿ORs
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 co￿pani¢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 Dir￿101$ (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 Ot*n tAb FO￿datIOn 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 estsb1l51￿d undcr 4 McmoTaThdum of Aswcialion that ¢5tablished ils
objects and powers and 15 Bovcrned UDdcr its Article5 of A5￿￿￿￿11all 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 C￿traCted 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 p￿blIC 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.
Org*ni5211on Strntture Dttislon Making
The DiTectors shall managc the I￿SiDe￿Of 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 applic*ions and
provide advice on the PfO8Tamme dcvelopm¢ntaDd progress toward5 objecuve5. The maTrag¢menl and control of
th¢ activity is ¢onductcd in rtgu14r meetings. $tspFvrted with four-rnonthly progress reports. The B(wd meets
usually to three limes a year by teleconference aThl ort¢e a year face-itrface {Amiual GeDeral Meeting),
followed by 4 DITector5 meeting to thc Board decision5.
Owational and firwlce supp)rt is provided by the GSK Open IAb teArn (2.ri FTES during 2020. 2.71 during
2019) with resp)nsibility for the day-LO-day coordin￿lon and rnanageTnent incllldithg projects sei up. portfolio
Prn8re&s rnonitoring and c4)ntrol.
Th¢ GSK *am also pro¥iJ¢s ryulatffwiing{scieDtific to the Dtyec￿s attd Gov¢rnit18 Board for
review.
Relationships with Other Org4nlsatlon5
The Trts Cant05 Open Lab Foundation with sever¥1 organisations in PUTSUit of its ¢hatithble
obj¢¢iive$. in¢lud¢ GSK and the various o￿ll 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 Fir￿l¢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 $rn￿th Amplem¢t)¥Lion of &9 t)¢w high-
quality projects 5uitsbl¢ for OpeD Lab collaborats'on.
SignifJ¢Ant Attivitleg In th¢ year
Three meerin8s of ihe Dirtctors of the Chariiy and the Governing Board who act in an advisory
capacity to the DircctOT5 were held (March. June and November). 24 PTOjCCts were active in 2020=
7 proJeci$ 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 peri￿1 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 ￿l￿tion..
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$ ¢xpec*d 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 iMpleMe￿tati(Jll will
bc Subjected to a restarch collaborative agrcemcnt bctwccn the #pplicant's insti￿tIon 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 wIth￿1t 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 pK*ess 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 d￿CribeS 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 eR*ric 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 bn￿e1. 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 fft*laTi8 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 comm1m￿nI to swrt drng discovery on this diS￿e with a similar
level of budget ailwation.
Res¢ar¢h arw in¢lud¢".
The developmenr of new plarfoTrnthl$ to develop n(Xk-conventional ami￿berCUIar 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 shor*Din8
Perf•rm*n£¢ 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
EValu￿10n of P450 IlW￿all￿
mou5¢ tnodel (8HUM) as a tty)I
assess the impact of drng
Combi￿lonS 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 gr*Dttt
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 BU￿11 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 sn￿1 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. ￿￿erc￿l￿"S rtplieation and
p¢rsJs*n¢e p3thw3ys as nov¢1
al*rnatsv¢s to cI￿le antibiotiGs
s￿th￿l& 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
treath￿nI 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#IN￿de Biologla
Molxulary Celular
de Rosario
Kinetop]a51id
Hii IderttifKation I
Screenin8
Trypathosoma cn￿1
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 IdfflEtsf1￿tiOTr I
Screening
Tu8ding Virylcnce Regulathts
as a Novel Approach
AntIbi￿1cS 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
CoTnple*d
in 2020
Hit IdentifiC￿lon I
Screetting
Sthicttwal biology and 455ayS
•)ablirtg fvIactsn￿ thai tsr8et
Mycoba￿tria mbErculosis
Oxford Universiry
CoTnpl¢¢¢d
in 2020
Shig¢lla
A55ay I Platform
rkvcloprncnt
PKIPD rn￿111￿g f(Y anti-
Sht8ella dwB candidatr5
Utsiversity of
Washkngton
Cornpleted
2020
Chagas AABLO Ichagas
AcyLAminoB¢nzothiozol Lead
Opts"mi3Ation)
Kine￿laS¢ld
H2L l T￿1
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 proj￿ts.
The atbicvcmcnts during the ycar are line with the obixtivcs of th¢ Cbarity.
FINANCIAL REVIEW
Durin8 the ycar. paymcnts to In￿1￿110￿$ for projects and (thr ¢o$ts of TCOLF were £2.6m {2019".
£1.6ml. The Dire¢LOYS are of the view thai thc financial position of the Charity remains stron8 with net assets of
£1.7m (2019.. £3.9m). The cash at bank at 31 Decem￿2020 was £6.Im (2019.. £5.lrnl
Poliey Reserves
FTC¢ reserves of the CILarity are repr￿¢nI¢d by its ullre*￿ funds and amountryj ty £1.7m (2019.. £3.9ml. the
Chariry will ￿till$¢ 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 m*kiftg 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 mOni￿red by the Dircctors to ensutt thai those PUT￿￿5¢& arc adhered ￿. Thi5
policy¢nables the Chariry's aims and (￿J￿tiVeS to attracithcbe5t prorKwls and award fiuJdiThg to re5ear¢h groups
wotldwide to aC￿lerate 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 S￿￿rres
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 al￿adY 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 c￿LI1n￿c 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.
Fundr*isille
The Charity does not¢aTry OUtfUT￿ra]sinÉ activities other those rnrntsoT*d lbowe and does rtoiuse wy third-
party fvndraising a8en¢ies.
Page 8

Tres Cantos Open Lab Foundation
DlliECTORS' REPORT
Go6ng ctsn¢¢rn
The DIrec￿TS are of thc vtew thai the Charity 15 a going ￿T￿rn giY¢n the level of r¢S￿ve5 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 M*ty*gtment
The DIreC￿TS 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 W￿bk w s¢lectaddiiion81 pmiects for
Aciiort plath". Disc￿*s1on with potyitial donoys and funder5 stsr*d 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 applir*ions and overlapping ofprojccts 5elc¢t¢d ID diffe¥eni waves. causing delay5 in getting
tbe results or need for ex*nsions.
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 per￿ly¢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 Septe￿ber 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 fi￿rilling thew rewnsibilitie5 as Tn]sttes in pursuit of
the areas deffjcrit￿ a￿Ve. they have paid due T¢g￿d 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 prep*re41 in a¢¢ord*n¢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 DIRE￿ORs. 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(q￿ed A¢¢oyrJting PTrctice).
Company law requires the Directors to prepare financial Sta￿ments 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 0fR￿nded Practice {SOPPI:
make judgements a¢wwiting estimatrs ar¢ r¢aSODabJe and prndenL
stste whether appli¢able Unitrd Kingdom •¢mJniin8sWd￿ts 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

rNDEPENDE￿f 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
y￿r ettd¢d 31 D￿ember 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 Ar￿unting 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 ¢OTn￿nY'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 Intern￿lo￿al stsThdardS4)nA￿JjtiDgiuK) {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$ rel*ti#% ¢0 going ¢ofj¢ern
In audj.ting the fmathcial su￿rnents. we have co￿l￿ded that thE trust￿5, Usc of th¢ going conc¢rn basis of
accounting in thc preparation of thc find￿1￿1 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 d￿bI 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 tnLs*es with resttti to 80iD8 Concern art dc5cribcd in the
relevani sections of this repoTL
Other i*fom*ti•
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 $0, coosider wheth¢r th¢ other infotrnation 15
ma*Ti411y irt¢onsi$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 m*tt¢ts pres¢tlb¢d by the C•mp*thiu 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¢￿￿' Re￿1 prtPOted for the
PU￿￿seS 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 DIr￿Lor5. 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 tyretsm￿*￿9Uate forouraudiL have not beet) reteiv)J
from brdnth¢s not vi$it¢d by ￿ or
the fIna￿Cial Stslements are in ayeement with the accouniing records and OT
cerrain disclosures of tru*es' remuncralion specif￿d by ]•v are not m¥Je' or
w¢ havc not Tx¢Iv￿ all th¢ infi)rn￿l￿rt and explanations we requitt for our a￿lIt. OT
the Direcws wtrc not eniiiled io preparc the financial $￿tern¢nts ID accordanc¢ with thc small
ompani¢5' rcgimc and ¢akc advantsg¢ of th¢ 5tDall cothpHllies Bxcmption from the Tqujremeni to
prepare a Strateyt RqKKt orin prqTrann8 the D1￿c￿¥s. KWL
R¢spwlbllltl¢s of ttuit¢
A5 txplained more fully bn thc Ststement of TTU51¢e5' T￿ponsIbl1]tiCS s¢¢ i)ut on pagc I I, thc tru5*¢5 (who a
also thr dir¢¢Lof5 of th¢ ¢haTJtable ¢ompany for the pU￿ose$ 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 dc*rniLII¢ 15 to cnable the ptep2Ation of fir*ancial sts*ments that are frtt fmm ma*rial
twsst*iemtn4 whether due to &aud or error.
In prcparin8 the financial statrttteDts. the trustrcs are rc5ponsiblc for a￿essing 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 re￿rt that includc5 our opinion.
Rcasonablc a&surancc is a high Icvel of assurance bui 15 not a guar4Thtr¢ that an audit condur*d in accordon¢c
with ISAS (UK) will always detect x rnaterial Missialeft￿Iit wheth it exists. Misststrments can arise from fraud or
error and 3re CODsideTed tlla*r]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 deirtti*E I￿￿1*n¢•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 re￿latIonS 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 ma*rio1 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
f￿anCial 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 Tra￿1.
In tdentifying attd ass¢&5ing risks of rnaterial mi&staten*tti in of iffegulariti&s. inC￿ding frall￿ the audii
engagemeni team:
obtained an unders¢anding of the natt￿ of the Sector. including the legal regUla￿ry fram¢work th81
the charitable ¢OTnp¥lly OP¢Tates in and how the charitsble rJ)mpany 1$ CC*mplyin8 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:
disc￿SSed matters alxjut non-compliaTtce with laws and r¢Bulations and how fraud Might occur including
a￿ssMen[ 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 p￿0t￿Thed 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 mis5U*melli 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 f￿ancial 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.srcp0rta￿j 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 r￿lIng 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
DireC￿r
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 limi￿d 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 o￿l¢¢ addre55 and principal place of iwJ5ine55 arc given on page l of the %¢￿￿ts. The
cotnpany's operations dnd pnncipal adivits¢s a[¢d￿C￿'bed in th¢ Dir¢ctor5' Rcp)rL
BASIS OF ACCOUNTfNG
The finattcial $tatements have bttn widcr thr hi5torital COSL convcntion and in a￿OrdanCe 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 $tst¢nwrtt8 are presertt￿ in s*rling whith is 81s0 the fvn¢tional cwr¢nry of the ¢h¥ity.
Monetary amowits in thc5c finanrial statcmcnts arc rowthd to thc ncarea wlK¥le £1. except whcTC otherwi5¢
indicat￿.
GOING CONCERN
The Directors confinn thai ai the iimt ofapprovim8 the financial sta*nKnts. theTt ss a rtasonable expccwion th￿ the
Ch3riLy h35 ad¢quat¢ resou￿¢￿ to rontinuc in opernuonaj ryÈ$ten¢¢ for th¢ foTc5eeablc futw¢. In aThiving at this
tollclusiots, the Directors have ¢aken a￿￿￿11 of curtcDI and anticipated financial pErfOrn￿nCe in the current ecouomit
condilions. and th¢ Charity's r¢scrvts position. Sincc the $18nifi¢arKc of ihc ctonomic impacts of the COVID-19
outb￿ak hwvc b¢wne opparen¢ the DiT¢CWS hav¢ T¢￿tw¢d in duail the CIwity'5 P)5ition and the wropTiJte bAsi5
onivhich ioprepare the financial sta¢ern¢nts. The DtTfCtorsantrtip*te thalthere will b¢ delays in tbe seiettce in keeping
with the fraction of s¢icnti5ts that work in the laiKrttoritk Th¢ Diredors h¥v¢ considered bJdgc¢s and forecasts for
pcriod of ai le45t 12 months from the daic of ¥prov•l of the financi3151atements to satisfy thcm5elvcs that th¢ Ch&rity
ttjains a going conceTn. The full impact of the COVlfk19 outhreak cannoi ptesently be eslimakd with any certainty.
IMJI the stress trSiLng of the Charity's fJJMt)cial posiiion Tr￿S sausfied th¢ Directors that it has adcquaic reservc5 and
mitigation strategies available to deal with the imwi of the wtbreak as it unfolds. Whilsi thc Director& recognise that
2021 will be a challenEillE year atyj thjt it may i% rK£e55ary ￿ draw on of the Charity's Teserves. SDTne of whith
have bttn speeifically estsblislKd ty provide fituncial ￿SlItenee. they have ¢otschth tb* it remains appropnare
prepar¢ the financial statem2nts of the Chariry w th¢ goiThg wK¢rn bzsi4.
INCOME
Dottations and grants are recogn￿d wh¢n the SORP itKome ret08nition criterA• of tytidemen¢ pmbabiity and
rneasuremcnt have been rneL
Setvt¢es in ktnd Are reeognised on an a¢¢n￿lS b¥sfrs as donattons ift the Statem•Ji of FiTTran¢i81 Actrvities at th¢
bem emimatr of the value of the ben¢fii ￿ th¢ Charlty.
EXPENDITURE
Exp¢nditure is reCO￿lSed on an acmtals b¥i$ &$ 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$ts are allocated ktween the eXpe￿di￿re categorics of the StstctD¢ni of Financial Activities on a b85iS
designed to reflect the usc of the re50urcc. AS there is one charitsble auivity. all support and governart¢e
costs havc been allocatrd againsl this activity.
FOREIGN CURRENCIES
Monetary assets and Itabilitie$ denominated in foreign cDrren¢itS we tsansl*d at the rate of ex¢hahge njling 8t
the balan¢¢ $heei dak. Transaciions in for¢ign atrrencies are rKoYdeAI ai the Tatr Nlittg at th¢ dak of th¢
rrnnsaciion. All diff¢rcnc¢5 4Te raken to the Sta*rncnt of Financial Aaiviiics.
FUND ACCOUNTING
General fijnds are unres¢ri¢¢ed funds which arc available for usc at the dis¢r¢tion of the DircctOT5 in fuTtherince
of th¢ g¢nernl obj¢¢tives of the foUn￿tiOn and whi¢h h•v¢ ttot b¢th d¢sJ"gnat•J for oth¢rpuryxJs¢s.
Rcstrictcd fundscornpri$¢ mffii¢s wbcre a rc5triction b￿bec4 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 ￿$￿ and sknrt ttmi highly liquid investhLents with a short maturity of
thrtt month5 OT less from the datc of acquisiuon or OFtning of the dwit or 5Lmilar account.
FINANCIAL INSTRUMENTS
Financial instrwncnts are classified aDd accouDted for accorthg to th¢ substance of thc ¢c￿tractUal Orr￿gem¢nI
&8 finarteial &sstL8, financial liabili(ies or eqlllty ittstswmthts. An tquity instrumertt is any contract that evidences
rc5idual intere51 in thc 455cts of the totity aftu d￿￿ting all.of its liabiliti¢
Finonciolassets
BL51c fjnancial assets. which include otherdebtor5. aremitialty meawrtda1tr8n5acti(m pnce iTJtludinB trattsatiion
cosLs and arc subscqucntty curicd 31 amortised COSL
FInanc￿l liabili¢ies
Basic flnancial liabilitic4 whith iDcludc accnwJ5 and grnDts payablc. initially mea￿￿ at transaction pricc
and 5ubscquentJy at amoni5cd c05L
CRITICAL AcCOuNT￿G ESTtMATES AND AREAS OF JU[￿EMENT
In the application of the Charity's accountin8 poIL¢ie& the DLre£tors are required to makc Judgcm￿t￿ uhmates
and assumpiions about the urryin8 amount of assets and liabiliiies that 3re not ￿adIlY apparent from other
sources. The esiimaos and associat¢d a55UrnPtions aTr based oft hiS￿rical eXp￿¢n¢¢ and othu f3ctors that are
¢oJJsidtred to relevant. Actual r¢$￿ts may d￿tr from thtsc tstirna*&
The ¢5timat¢5 and ￿￿erlyIng assU[n￿l0￿5 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 esfim*ts 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
Compl￿ed. 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 fi￿ds.
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 Sch￿1 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 Univ￿lty
Public Health En8land
Harvard Medical sch(￿)1 & IrtsEitytde Biologie Srrnctutaie de
Grenoble
Univctsity of W*shttigLOn
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)
Rh￿tS Univcrsjty (South Africa)
UnLver5ity of Californi< San Diego
Harvard T.H. Cban Sc1K￿L of Public Health
Oxford Univcr5ity
Internai*onal Cthtre for Diarr1￿ClI Disease
University of Dunde¢
3,532
1.660
50,295
59.283
8.750
I5.(K￿l
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 Unive￿Ity￿nsl1tylO 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 Birmin￿arn
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 proj￿1 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 Ca￿t5 ideDtifitd in the Dir¢c￿ts. 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 D￿ernber 2020
EMPLOYEES
Thcrc were no employces thm"n8 the ycar12019.' nil). Tr D1￿ctors. 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￿ Exp￿sts 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¢ I￿￿1111¢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
EXpe￿din￿¢
Ai 31 [k£em￿r
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
CUr￿n1 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