Tres Cantos Open Lab Foundation
FINANCIAL STATEMENTS ANNUAL REPORT AND
for the year ended 31 December 2021
Charity Registration No. 1142577 Company Registration No. 0?301222
Tres Cantos Open Lab Foundation DIREcfoRS AND OFFICERS DIRECTORS Audra Jane Halsey Professor Carl Francis Nathan Professor Alan Fairlamb COMPANY NUMBER 07301222 REGISTERED CHARITY NUMBER 1142577 RECISTERED OFFICE Third FIooT, the L¢don Square Cross Lanes Guildford Surrey GUI IUN AUDITOR RSM UK Audit LLP 2S Farringdon Street London EC4A 4AB BANKERS HSBC Bank Ple Global Banking and Markcts Ltvel 23 8 Canada Square London E14 SHQ Poge I
Tres Cantos Open Lab Foundation DIRECTORS, REPORT The Dire¢tOTS submit their rert and the audited fjnancial teMen15 of the Tres Canios Open Lab Foundatiot) I'TCOLF,) for the year ded i l December ?021. The firtancial siaiemen15 have been prq)areAI in accordance wilh ihe accounting policies out in the notesto the actounis and comply with ihe Charity's 8ovemin8 document. Ihe Chariiies 2011. the Companie5 A¢t 2006 and AccouDtingand Reportirtg by ChariTies." Stsiernent of Recommend&1 PTaCti¢e applicable iocharities preparing their a¢¢ounis in accordance with the Finartci81 Reporting Standard applicable in (he UK and RepblIC of Ireland {FRS1021 effecrivc l January 2019. REFERENCE AND ADMINISTRATIVE DETAILS Reference and administrative details of the Tharityfr includirt8 details of its Dir¢¢iors {who are also the Charity Trusiees) and its Advbsers are given on pa8e l. STRUCTURE, GOVERNANCE AND MANAGEMENT Gov¢rDittg Do¢umtht and Constirntio Tres Cantos Opcn Lab Foundation is a company limiTcd by guanntet (Company Numbcr07301222) in¢oryOled on l July 2010 and registered as a Charity in England and Walts ort 24 June 2011, number 1142577. Thc Trts Cantos Ow) Lab Foundation WAS estsblished under o Menmyandum (pf Association thai established its objects and rKJwers and is governed under its Aniclcs of A5la110 a5 upJated on 10 NovcmbeT 2016. Direttors Thc Direciors (who are also the Trnsiees of the Charity) during the penthl were as follows". Professor Alan Fairlamb Professor Carl Fran¢i5 Nathan Atsdr3 J2ne Halsey The Directors are adVId by a Crtlverning Board (GB) fornLd by renowned scicntis WOTldwde. Tbird party indernnity provision for Direetor5 Qualifying ihird parry indemnity provion is in place for the bencfii of all Direciors of thc company_ InJrancc coveT ha5 been conlTacied 10 cov¢r any unplanncd costs incwrcd du¢ to negligcmce OT damage. Method5 for Recrulting and Appointing New Dirttto Followin8 advLce and consent by the Governing Board Memb new Directors of the Chariiy, in accordance with thc Articles of A550ciatioTh, appointed by its 501e mtTnbcr. Glaxo Group Lirnitcd (GGL). GGL Is subsidiary of GlaxoSmithKlirte IGSK}. New Dir¢¢tors are proposed artd agrd by ihe Governing Board. GSK then validate this decision and athlon ihe offjcial aprA)inimeni ai the Chariiies Commission and a Companie5 House. Diversity (5ki115. geogrdphyj gender} 15 a key crilerion for ¢lti of Ihe new memb¢rs. Thete is time limit on the length of servjce for the Dii¢ctors due io the unique nature of th¢ Charity. Membership of Iht Governing Board has a limii of 2 ierms each laming 3 years. Poliebes for the Induttion and TriDing of Dire¢iTrrs New DiTectOTS are PTovided with infoTmaiion from ihe Charity ComTnisston regarding iheir duties as Directots of the Tres Carttos (4)en Lab Foundation and ore kept infomed of any regulalory updates as and when required in the forni ofihecirculation of informaiion from thecharitycornmionorthLrd-partY advisers. Addirional trainhng is provided if nttded on an ad-hoc basi Page 2
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Objeets aims of the tharity for the ptsblit betsefit The principal objttts and atms of TCOLF are to fund and ¢xhcrwise sllpport rc5carch at. OT in ¢ollaboTalion with, GSK for ihc treaimenl andlor prcvenlion of di5ea5es of the developing world las defined in the Articles of Aswciationl, and the disstmLnaiTron of ihe useful results of that re%arch. TCOLF is tommiited to helpin8 transforn) the process of dru8 discovery for diseases of the developing world. TCOLF'S fundin2 and support aimsio enable iesearchers work in anOn environment M,here the wider sharing of ideas and fjndings will drive ¢ollalN)raiivt innowdtion. Organi54tioa SITueture De¢i5iOD M#kinE The Directors shall manage th¢ business of the Chatity and may exercise all th¢ powers of the ChaTlty unles5 they are subject 10 any restriaions imposed by ihe Companies Act. Ihe Articles or any spccial resolurion. High-level decision making is made by the TCOLF Govemirtg Board, f(med by renowned scientists worldwide. including it5 appoinied D)r¢aors. The membersof ihe Board evaluaic rhe fundingappli¢aiitsns and PTovidt advi¢e on the programme development and progress iowards objeLtives. The managemeni and conrrol of the activiry is conducted in regular MeIng4 5upporred wilh four-monthly progress reports. The Board ffteths usually two 10 three time$ a year by tele¢tsnference and oThcc a year fa¢¢-itrface {Annual Genenl Meeting}, followtd by a Direcior5" meeting 10 raiify the Board dccisions. Operalional and finance suppon is Provided by ihe GSK Open Lab team 12.71 FTE5 during 2021, 2.77 during 20201 with responsibility for the day-t&4ay cwrdinaiion 3nd managcmcnt intluding project$ sct UPJ Portfolio progress moniiorin8 and fjnance control. The GSK team also provides re8ular reporting (s¢itytifJt and firtancial) to the Directors and Governirt8 Board for review. Relationships with Other Oreanisatlons TCOLF ttroperate5 With several org3nisaiioiis in purwit of its ¢hariioble obje¢tives. These include GSK and the various OTh Lab woject graniees. As explained above. GSK PTowdes operaiional and finante SlLP]X)rt to the Charity free ofcharge. The valLte of these r¥i££5 is recoEni5ed as donated 5tTvices In kind in the Staremeni of Financial Aclivitic A Dtrethor of ihe Charity. Audra Halsey. is alsct an employee of GSK. Objeciii'es for the year 10 31 Dettmber 2(121 The objectives for ihe year wcrc io carry on Idcniifying and cnwe the sm¢yJth implementstion of 4.6 new high- quality projects suitable for Open Lab Collairation. Signifit*nt Attivitie5 in the year Three meetings of the Directors of the Charity (March, June and November) and iwo of the Governing Board (March and June) who act in an advisory capacity to the Direciors were held. 22 projects were active in 202 1.- 14 piojecis on£oiTrK. 6 projecis started. and 2 projecis were completed during ihe period lin 2020.. 24 Projects weTe aciive. 7 projecls ongoing. 6 projects started, and I I proje¢is were eompleted during ihe p¢iiod). 5 ntw projects + 2 project exiensions were stlected for funding in 2021. (In 2020 6 new projects and 9 projeci ext¢Dsions weie selecied for funding_l Str8tegic priorities (2019-21122) During the April 2019 Board rneetin& the newbusine5splans forthe 2019-2022 peri were approved. A strdicgy rneeiing is planned irt June 2022 10 decide the stTategy for the 2022-2027 perityj. A longer period than before dut to further £5m of funding received during Ihe year fwm GGL. Page 3
Tres Cantos Open Lab Foundation DIRECTORS, REPORT The strategy for the 2019-2022 comprises two pillars, -"Early Sthge C8tal)'5r"" for caraly5ing Innovation in areas at the early drug discovery stsge. and-:Ba¢k the WiThn¢rs'" lo cn#bl¢ the progression of advanc¢d l¢ad molteules or clinLeal assets. The fo¢us will coniinut io be malari4 tubetculosik chagas disease, leishmaniasi4 enteric infcclions and enviTonmcnTal enieri¢ dysfunaion IEED). How the Sirategit priorities will bt rexlised seleaion.. Quaniiiy." Steady pipeline of 10 to 12 projetts active in the Tre5 Cantos facilities adequaiely resourced projects at any one time. reducing from 14.16 irb ihe frrst years. This reduction in ihe number of project5 is based on". Focus on qualily. Idcniify projects whert thc TCOLF can rruly aci as a caialy51 for success. Adequaie resourcing ond GSK supwn_. Commit the levcl of resource r¢quir¢d to support projccts to aehicve success. Type ofprojecis." Focus on proje¢15 Wjth high impaci potential for drug discovery. Early Stage Calaly5t IESC).. Th?s funding $tre3rn 15 a conlinuaijon of the original -ILOL model (discovery projects in which co-locaiion Is a key factor io be eligible) aligned wilh scientific prioriiics. The governance process will coniinue as in the Previous years. The alloeaied budg¢i for an ESC projtcl is eNpeeied he < £?nflK {excepiinnq will xlwayq be. considered c.g. when pri¢e of consumables or assays are exlraoidin8rily high, if there is strong seieniific raiionalc aThd high potential impaci of the projcctl. 8ack the Winners18TWI". Duc 10 Ihe grcaier aniicipaied c05t of these projects. the tonccpt of 'iYbnner-' Ivill bt Tesiricied io-. advanctd lead rnolccults Irobusi in vivo aciiipjty on relevani models wirh a clear developable profile), clinical candidatcs. and repurposing opportuni¢ies. Opportuniiies originated during a TCOLF funded proje¢t will be priorliized le.g. origoing PTOJCCI TCI 39 (Hii discovcry foT new aniirnicrobials againsi Shigella spp.). has dtliv¢Tcd Tebipenem pivoxil as a poiential novel theTapy 10 Ir¢3t shigellosisl. The allocated budgei for a BTW projeci is expecied to be < £iOOK. Unlik'e an ESC project, eo- locarion is nor expeci¢d foi rhis funding sircam. However, Iht suppori will go beyond the rbnancial provision frorn TCOLF as GSK will crjniirtue providing suppori (e.g. technical input). As for ESC projetts funding will Come frorn TCOLF bui final irnplementaiion will be subjecitd io a research collaboraiive a8reemenL btiwetll Lhe applieani s Insiiiuiion and GSK. Pro cci im l¢rn¢ntation and o eralive model.. Maximum project duration of 2 years for disCovY projects. Re¢Wable only under exceptioThal CITCUmStan¢es {succtSsful mileSA¢S unexpected delays or exiens11)n wjthoui fvnding to ¢omplete work plan) and afier new work plan presentation. Clear definilioll of projea delivcrable5 10 eablish success failure ai ihe end of fvnding peTithI. Ensure Integraiton and joint planrting between pharniaceuiical and 3(xdemic partner teams. Implemeniation of streamlined process lor transnational mobiliiy of scieniisrs with a f(Kus on individual talertl. Sustainabl¢ fundin To identify aThrf develop Sustsinable fundin8 sourr¢s by explorjne partnvship wjih oth¢T fvnOi]J8 agenc?es or 5Mkeholders aciive in ihe endemic infeciious dise&Ys field. areas of iniere After ¢valualion of the ¢urrent trcnds in the field. the sci1]fiC opportunity and ihe trend in submissions during the previous years, the following se¢iiort d¢scribe5 rhe proposed frKus area5 within each of the disease areas (including what could be potentially game ehanging opp(Ktunilie5) where TCOLF investment could make a significant tmpacl. Poge 4
Tres Cantos Open Lab Foundation DIRECTORS, REPORT Shigll0sis ond other enieric infeciions.. Enteric infcctions are a key arca foT TCOLF due to the pacdiairic unmct medical need, high scieniifbc opportunity and incrwng inieresi from applicanis and funder5. Investments in this area could address one of ihe m¢)st pressing unma Global Hcalih needs within the widcr artti.microbial og¢rtda. Envimnmeniol enieYtG dysfvnciion (EED)". EED has been entlY ideDlified as an area of oppmuniiy in the Global Health field. Besides programmaiir APPToaches io prevent EED development, the identificaiion of ¢reatmcnis io rnitigatelrelicve 5yrnplOrnS arc a clw need. HoweveT, several g3ps exist on diseas&s understanding and availability of biolwcal plaif(ms io supwt thug discovery. ineto lastid5 rntdiated dLaSC5 TCOLF has invc5tcd in 3 kinetopla5rids par3Site5'. TrywJK050me bce1. Tryryftosome crnzi fJnd LeishmGni4Y donovarti. The new epidtmioloEical dats and the fact thai a novel oral treatment for HAT was approved in 2018 pr¢¢lude fvrther invc5tmcnt in this dis¢Js¢. Malaria A relatively unexplored aspect on malaria research are the non-eryihrocytic stsge5 of the parasite. CuTrcnily there is a knowledge gap in ihe aThlLmalarial community io tffcctively support drug diwvcry effons in Ihcst stages. 1 particulaT, the development of translational bioltsgical assay plaifotms as well as Idlif1¢tion of new chernical diversiiy inhibiiing liver stagts are areas where TCOLF envisages high impact. Tubcrculosis s/0 of 2010-2018 funding has bcen focuscd on this dis$¢. The high-burdcn and ihe scientifi¢ opportunity endorses the tontinuation of the TCOLF commitmeni to support dtug discovery on this disease wilh a similar levcl of budgcr allc¢ation. Research arw includc-. Thr developmertt of new platf0m10¢•ls io develop non*tVentIOnal aThiittEbtscular drug discovery programs focused on Host Paihogen Interaeikons Development of tools to unvejl the mode of a¢tLOrt ofhoylvirulethce direcioj therapies Target-based programs wilh a strong rational desi Compr1 To support the rese8r¢h on rewmen sel#Tion and stratewes foT treaimeTri shortenin£ Perf•rmanct in the year 22 PToje¢ts were 3clive in 202 1= 14 proje¢ts on8oing. 6 projecis started, and 2 projecis were compltied during iht period. 5 new projetis + 2 prtsj¢¢t extensions weTe selecied for funding. 6 publications from compleied TCOLF funded projetts were published during 2021 in Iniernaiional pccr-revitwcd scieniific Journals ITC-239. TC-206. TC-164, TC246, TC-232. TC149). Also 2 publi¢ations about the tnod¢l were published irt the Joumal of Experimental Medlcine and Nature Reviews Drug Discovery. Poge 5
Tres Cantos Open Lab Foundation DJRECTORS. REPORT Disease Proj¢¢t JD Typ¢ of projeet Project tide TCOLF grantee Project sttus Assay / Platform Develo mertl Malaria 53287 Addressing dnjg resi#artce in chemo prophylaxis Harvard T.H. Chan School or Publie He4lih Stsrting in 2021 Malaria Lead Discovery Engine.. A Fa Track approath to id¢ntify novel antimalarial chemical classes wilh mult1-age acTivity Tebjpentm-pivoxil as an aliernaiive io ceftriaxone for ¢littically non-r¢sp¢)nding children wilh shig¢llosi5 DThaJ-DnaK-GrpE complex as a selective drtss iargd in cnhacterium Ivherculnsi< Developmeni of a Drug Discovery Plarfom Tar8etin8 Salmonella Typhimurium Pcr515t¢r Cells Swdies on Nuclcophilic Cymeine Enzymes Involved in Bacterial Cell Wall Bi05ynihc5is- ICASE Designing optimal regime5 for berculosis iherapy using One- step high content dynamic in vitro kill kinrfic assay linkcd to hollow fibTe studies Evalvatitsn of P450 humanized mouse mthlel {8HUM) as a tool io assess the impact of drug )mbinaliMs on phartnaeoloEY Optimisaiion of a scrttn for aniimicrobials thai enhance pyrazinarnide activity again cobaclerium Tubetculosis University of Californi4 San Diego Malaria 531( Ideniifjcation I Scrttning Startin8 in 2021 Intcrnational ctTe foi Di3h0¢al Disease Resw¢h Shigellosis TBD- TC283 Efficacy clinical UdY Siafting in 2021 Assay I Plaiforrn Dev¢lopmeni TB 52917 R¢¢$ University Starting i 2021 Assay I Platforn) Development. EED 53291 UniveTSlty of Dundtt Starting i 2021 Target Validation I Idenlificaiion TB 52237 Oxford Universiry Sianing in 2021 R¢sear¢h and Development Agency of Aragon IAIiAID) Foundation Clinical Candidate PTofiling TB 52915 Ongoing 2021 Plaifom) Development I Scte¢ning T8 52913 University of Dundee Ongoing 2021 T8 52833 IdcniificatioTh I Scteening Public Health England Ongoing 2021 Shortening and impiovirt8 ¢ompliante 10 Buruli ulcer therapy- Fouf weeks daily iriplc taladarn Research and Development Agency of Aragon {AFiAIDI Foundaiion .Harvard T.H. Chan School of Public Health TB NP-CDP 200C4)31 Clinical Research Ongoing 2021 Rewiiulaiion of ATQ infection T¢1 ung TCOL mosquii0eslparasiifaCIll1lts Malaria 52829 H2L l Tool Ongoing 2021 Assay I Plaiforn) Developmeoi High throughpui small rnolecule screcn for drugs thai alter the shap¢ of Campyloba¢ter jejuni Shigellosis 52919 University of Cambridge Ongoing 2021 Idenrifl¢[ion IScre¢nin Page 6
Tres Cantos Open Lab Foundation DIRECTORS. REPORT Di$¢i$e Prtsjttt ID Type of projttt Projeet tirfe TCOLF gr8ntee Project 5tafu$ TB antivirnlence Iherapeuiics.. Small molcculc inhibitors again51 M_ luberculosis replicaiion and perSIenCe pathways 2$ novEI alternatives io classic antibiotics Synihe5i5 of Kalihinol Analogt$ with ImpmveA Pharmacokinciic and Pharma¢odynamic Profiles A chernogcnotnie overexpression screen to identify malaria liver stage targets Hit Idcntificaiion I Scrttning TB 52441 University of Zaragoza Ongoing 2021 Molaria 52803 H2L l Tool University of C21ifornia. Irvi Ongoing 2021 Assay I Platforn) DeYeloptn¢rtl Hil IdeThlifiL31ion / Screening Malari3 52537 SangeT In*itute Ongoing 2021 ShiEella 52663 Design of novcl inhibitors of Shigella Lpxc University Dundee Ortgoing 2021 Microbiome m¢y]ulators foT the treatment of environmcnial enTeri¢ dysfurtclion IEEDI aTJd asslated nIell childho(xJ gtowth EED 52665 (Jher Universiry Tubingcn Ongoing 2021 Aniimalarial drug dixovery targeiing prt-erythrocyiic ageS of Plasm1]uM faltiparum Universiry of South Florida IUSF), WFiAIR aTMI NIH Malaria 52577 Ideniifi¢atiort I Scre¢ning Ongoing 2021 Late Lead IdentifiGqti Gcneration. characierization and in vivo evaluation of a novel livr rnalaria vaeciThe M213ria 52661 Ongoing 2021 IMM Lisboa IBR- CONICET UNR Tryparrna cru bromcAlomains.' dNggable aders io look oui! IrtSliiUlO dt BiologiA MoleculaT y Celular de Rowio Kinctoplaslid 52445 Identifieaibon I S¢ieening Ongoing 2021 Strueiural biology and 3wys enabling P-lactams thai rargei Mycobatierja tuberculosis High ihroughput stteening io kdeniify selective proica50 inhibitors as ntw antimalarials with a novcl of action. TB 52237 Identifi¢ation / Screening Oxford University Completed in2021 Malaria 52145 Idenrificaiion I Sereenin8 UnivcTsity of Melbourne Completed in 2021 Fccdback from the visiting xitstiY$ 011 their eXpericeS in Ties (OS continues be posiiivc. Progress on the Open Lab projects is being greatly enabled by the in-kind access 10 GSK'5 medicinal chemistry, in vitrolin vivo biolo faciliiies and the 5CTe£ning iechnology platfortn. The Charity is corwnitted to making th¢ results from the research it funds available for broader public ber)efil. Tbe Charity reviewed and approv¢d fvndirtg for 5 projects and 9 cou exiension for Previous projects. Poge 7
Tres Cantos Open Lab Foundation DIRECTORS. REPORT The achi¢v¢ments the year are in line with the obje¢tiv¢s rjfthe Charity. FINANCIAL REVIEW During the year, p2ynents to Institutions for projecE5 and ¢xher running costs of TCOLF wer¥ £1.3in {2020.. £2.6m). The Dirtciors are of ihe view Ihal Ihe financial position of ihe Charity remains strong wilh nei asse15 of £5.7rn12020.. £1.7m). The ush at bank at 31 Dccember 2021 was £1 O. (2020. £6_Iml and has increased due to £im received from GGL in the year. Polity on Reserves Free reserve5 of the Chariiy aTe represenied by its unrestrtaed fij[$ and amounied 10 £5.7m (2020.. £1.7ml, the Charity will vlilise ihe re5crvcs lo fund fvture granis in accoTdaDc¢ Wbih its Charlb]e obje¢tive5. and 10 meet ihe general running co$ of Ihe Chariry. The Direct5 set a larg io have a level of free reserves io be able to fund future grants and meet the gerwdl TunniDg COS. which are usually an amouni of circa £5tK>k Per year. Ai the end of year 2021 a iothl of £4.3m had been already cornmilted for all ihe projecis thai will Tun through to expected completion dates ranging from 2021 to 2024. The addiiional lunding of £5m was received November 2021 and Iherefore ihe curreni level of reserves Is higher than is needed and IhLS will be reviewed at a SiTaiegy meeting due to be held in June 2022. The Dir¢tiors wll monitor the level of frte rescTVCS available before committing to any fuitsrc grants ¢0 et)sure that all the comrnined projects will bt funded through to cpId10n. Crartt making policy The Chxnty considcrsapplicalions from avaricty of re5earchorg?nisations foT funding. Applicationsarc reviewed and levels ofgrants Payable are decided upon by th¢ Direct$. Where gTani4 includJn8 overseassranii are madt for specified purposes. they aJe moniiored by iht Dirtaors lo ensure thai ihose purpose5 are adhered to. This policy enables the Ch#Tily'saiThs and obj¢eiive5 aiTraci theb¢ proFrf)5a153nd #ivard fundin8 to r¢sear¢h groups worldwide 10 accelerate thediscovuy of novel treatments for TB. Malaria and kinetoplastid infeaions. The Board usually m¢¢ts 2-3 iimts per year. The infom)ation aboui IK)w to apply and the crlteria for accepting new proje¢is ¢aD be found on www. foundaiion.or Principal Funding Sources The Chaiily was established wilh a £5m donaiion from GGL in 2010. The Chariiy reteive4J a funher £5m donation from GGL in 2012 and further £5m donation s from GGL were approved in 2018 and in 2021. By 3 1 December 2021 ihe charity had received all the funding due fTom GGL io date. The charity is cxplorin8 additional swrces of fundin8 10 conrinuc bcyond 2027. In early 2020. Ihe exisieiict of COVID-l9 was confLrnied which has since spread acros5 a 5ignific4ni number of ountrics leadsng to disruption to001¢ acliv¢ty and global market5. Living in a [1 ofconsiderablc paliliral nd economic uncotsinty poses very real challenges 10 the Charity. In parti¢uloT, th¢ toniirtwd Ik-dOWn peri is having an impact on rhe Charity due io the labordlory-based nature of the projecis. It w&s expected that rnileston¢s would TH)t bc cornmitt in the lime frame approvd and reqUeS for extensions are likely lo be bmitied. COVID-19 Impaci reports were prepared 2nd presenled io the Dire¢iors irt March 2021 and lune 2021 and propokd e¥tensions are considered on a case by case basis. Fundrgising The Charity does not carry out fundraising athvities oiherthan those mentioned alM)ve and does not use any third- party fvndraising agcncies. No complain15 aboji lundraising auivitics have bttn Teccivcd12020.. Nill. Going concern The Directors arc of tht view Ihai the Charity is a going eoncern given the level of reserves held at ihe reporting dale {£5.7ml and the suslainability of The m(NJel. Al 31 December 2021: the bank accouni balance w&$ £IO.Im, Page 8
Tres Cantos Open Lab Foundation DIRECTORS, REPOR T this am(puni will cover proje¢ts and expcnses for ihe next S Yea with the ¢UTr¢nr level of project expendiliir¢ commiiied LO of £4.4rn. The Direciors confim that ai the lime of apptoving the fin#n¢ial statements, Ihert is a Teasonable expectation ihar the Charity has adequate resources 10 continue in operdiional exbAence for the foreseeable future. In arriving at this conclusion. the DirecioTS have takcn a¢¢oynt of turTcnt al antt¢ipated financial perfomance in th¢ cvrremi economic condiiions, and iht Charity's rtserves wTrsilion_ The full impacL of Eht COVID-19 outbreak cannot pre5enLly be esiirnated )'e¢, bui the siress iesiing of the Chariry"s financial wsition has Wi5fird the DIT¢ciors thai it has adtquatc TCStrYes aTMI mitigaiion 5trai¢gi¢s available lo dcal wilh the Impacl of lh¢ wibreak as it unfolds. Ri$k Managtm¢ttt The Directors have assessed the Tisks 10 which the Charity may be exposed in the fvture and concluded ihai they art generally low given the natuie and size of ihe Chariry. Thi5 ptio is kept under coDstaNI revi¢w to ensure (hat this policy Js apwopriate. Princip¥l risks and uncertainties ore ks follows= Risk l.. TCOLF long tem finaneial su¥ainability ai risk du¢ to the laek of additional fvnding afier the initial commiimeni. causing the Open Lab being unable to selcci addirional projecis for funding. Action plan.. Discussion wih potential doD¢Jrs and fundcrs &artcd ro attract additional fvnding and divcr5ify funding source5. Risk 2. Insufficient capacity ai the Tr¢5 Cantos facilities io implwncnt Opth Lab projects due 10 8n increased nurnber of qualiiy applicationsand overlappingof Projeasselttted in diffcrcnt wave& causing delays in geiiing lh¢ resulis or need for exi¢nsiiMs. Aciion plan.. l. RigoTOUS review and sclec¥ion of proposals- 2. Agreerneni on • steady state nun)b¢r of 10- 12 active proj¢cis in ihe Tres Can105 faciliiies- 3. Schedule projecis io make use of available Capacity. Risk 3. TCOLF perceived not 10 be tndependenr of GSK because rhe company is the only rnajor funder of TCOLF and no other pharma¢euti¢al partners are ¢urrerttly involved. ¢ausing a perceived bias in seleciion and implementation of projects and perception ihat GSK is benefitting from the open lab program. Action plan.. l. Meeting minuies reflccl the independ¢n¢c of tht Direc¢ors and Goyerning Boaid members In decision mak2nE.' 2. Rigorous adheience to TCOLF conflici of inieresi polieics. Capturt thcse confli¢is in all Board mecting minuies. PLANS FOR THE FUTURE Ai present the TCOLF #rategy ftr ihe 5 years to 2027 15 bcing rwcwed. A Straicgy meeting is planneAI for June 2022. PUBLIC BENEFIT STATEMENT Thr Dire¢tors confinn that. in cxcrc15ing Iheir powcr5 and fvifilling their re5ponsibilitie5 as Trustees in pursuit of the ateas de5crib¢d 3bov¢, thty have paid due regard LO the gvidantt on public bEn¢fit published by th¢ Charity Commi55ion. AUDITOR RSM UK Audit LLP has inditsted its willineSS io contiThue in otTice. Page 9
Tres Cantos Open Lab Foundation DIRECTORS. REPORT STATEMENT AS TO DISCLOSURE OF INFORMATION TOTHE AUDITOR The DireLtors who were in office on the dale of approval of these financial statemcnls have confirmed, as far a5 they are aware, that there is no relevant audit Infomiaiiort of which the audiior is unaware. Each of ihe Direciors has ¢onfimcd thai they have taken all ihe s¢¢ps that they oughr io have iaken as Diveciors in order io make themselves awaTe of any relevant audit Infomation and to establish Ih2t il has been communicated 10 Ihe auditor. This report has been prepared in accordan¢e wth the provision5 applitable io companies eniitled 10 the small companic5 exemptions. By order of ihe board Audra lane Halsey Direcior Date.. 23-May-2022 Poge 10
Tres Cantos Open Lab Foundation STATEMENT OF DIRECTORS: RESPONSIBILITIES The Dir¢titrs {who arc alw Tru#ees of Tres Cantos {rn Lab FoLthdaiion for the purptssts of charity lawl arc rtsponsiblt for preparing Ihe Diteciors- Rtport and ihe finantial siaiemtrtts In accordance w'iih applicable law and Unitcd Kingdom Atcouniing Siandard5 (Uniird Kingdom Generally Acccpted Atcounling Practice). Company law requircs ihe Direciors to Prqtare fynancial statements for each financ5al year. under company law Ihe Direcrors MUST approve Ihe fJnan¢ial sial¢rnents unless ihey are 5alisfia th31 they give a true and fair view of th¢ state of affairs of the ¢hariiable company and of th¢ ithcomirt8 resources and application of resouTCCS. including the income and expenditure. of the charirable company for Ihai period. In preparing th[ financial Statemen ihe Direaors are requir&1 10." select suitable accounting wli¢bes and ihert apply ihem ¢onsisttstly- observe the Meth1$ and principles In the Charities Staiement tsf Recommended Pra¢ri¢e ISORP),. make judgements and accounting e5timares ihat aTe reanable and pent.. 5raie wherher appli¢able Uniied Kingdom accouniing standards have been followal subjca 10 any material departures dixlosel and cxplaintyj in ¢he finan¢io1 atcmeDE and prepare the fin2ncial aiements on ihc going conccrn basis uDIc5S it 15 inappTopriatC TO presurne that the Company will continue In business. Poge IJ
INDEPENDENT AUDITOR".S REPORT TO THE MEMBERS OF THE TRES CANTOS OPEN LA8 FOUNDATION Opinion Wc have audited the financial SLements of Tre5 Cantos Opcn Lab Foundaiion lthe'charitsble company,) tor the ycar cnded 31 Decembcr 2021 whith comprise the Siattmtnt of Financial A1vIlle5 (including Incorne and Expenditure Accouni). the 8alanet Sheei. Staiemcni of Cash Flows and notes ro the financial statements, including significkni accouniing p)Iicic5. Thc financial rep)rting framework (hai has been applied in thcir preparation Is applicable law and United Kingdom Acc(NJntinE Siandards, Jncluding FRS 102 -:The Financial Rryuiliii¥ SLdn4JdriJ dpplicible in the UK and Republic of Irtlat)d:: (Unitrd King(k)m lJenerJlly Acctpled Accountin8 Pr2ciicel. In our opinion the fjnancial stsiemenis.. give a true and fair ot-lht se of the charTrtsblt company"s afiairs as at 31 Dccembu 2021 and of ils incoming resources and applI10Th Of resouTCCS including its in¢ome and expenditur< for the year then ended.. have been properly prepared in aecofdancc with Uniied Kingdom Gcner411y Acccptcd AOunting Practice." and have been prepared in &¢ordance the requirtmeJLts of the Companies Ath 2(X)6. Basis for opinion We condu¢ted OUT audit in acwrdan¢e wth Int¢mational Standards m Audtiing (UK) {15As {UK)} and applicable law. Our responsibiliiies undty Ihose standards are further described in the Auditor's resw)nsibiliiie5 tor the audit of Ihe financial staternenis scction of our report. We are Jndepcndent of the ch2riiable company in accordance wjth the ethical requiremenis thai are relevant 10 ¢Jur audit of ihc flnancial siatcmenis in ihe UK, including the FRC'S Ethical Sundard we have fulfjlled our other ethical resF¥)nsibilitits in accordante 1th these iequirements. We believe thai the audit evidtnee wc have obtained is sufticieni and appropriaie io providc a basis for our opinion. Conclusions relating to g04ng toneer In audiiing the financial siai¢m¢nis. we have u)ncluded thai the trustees. use of the 80in8 concern basi5 of accounting in ihe preparation of the financial alen15 is appfopriaie. Based on the work we hav¢ perfornie41. we have noi ideniified any rnaierial uncertainties relaTing to ev¢nts condiiions ihaL individually o c4)IleciiYelv. may significant dou on th¢ ¢haritabl¢ company's abiliry io ¢oniinue as a going con¢¢rn for a period of ai leasr iwtlve months from when the financial siaiernents ar¢ aurhorised for issue. Our TesFK)nsibiliri¢s and the Tesponsibililies of ihe trustee5 rewi its going conc¢m are d¢scribed in the relevani se¢iions of this TCPOrt. Other information Thc oiher information eompri5es ihc information included ID the Annual Report otheihan the financial staiemenrs and ourauditor's rewrtther¢on. The trustees arertsw)nsiblefor the oihtT ifbfomiation conthintd within ihe Annual Report. OUT cpjnion on the financial 51atcmenis d¢xs cover iht othcT inform3tion and. cxccpt to tht extent othcTwise cxpliciily stsied in our TeporL wc do not express any form of 355urantt Co7u5]0n thcTeA)n. Our Tesponsibilily is to read the otheT ijformaiion an(L in doing so, tonsider whether th¢ Olher infonnaiion is materially inconsi#¢nt with the financial statements or ow knowledge oained in ihe Course of the audii or otheTWi5e appears io be mari8]lY mi5Aaied. If we ideniify such material 1COnSiSte¢1es or apparent njaterial Misal¢mentS, we are required io derermine whether this gives risc to a material miwtemeni in ihe financial statetn¢nlS themselves. If. bad on the work we have perfomitst we conclude that thwt is a material misstatement of this other inforni81i(Mi, Ive are requkred io Teport that faa. We have Ahing 10 report in this regard. P4ge 12
Opinions on other matters prestril>ed by the Comp#nies Act 21JJ6 In our opinion, based on Iht WOTk undertaken in the cOLSe of rhe audil- Ihe infomation given in the Directr>rs RerM)Q which intlude5 the DireaoTS"- RerM)rt prepared for ihe purpose5 of company law. foT the financial year whKh the financial ateMentS are prepared is consisicnt with the flnancial stalcrnent% and the Direciors, Report has been prepared in accdanCe wilh applicable legal rcJ4uiremenis. Matters on wfvlth we are re4uired to report by txttption In ihe lighi of ihc knowledge and undcTsranding of Ihe charitable company and its ¢ThronMent Obtairt in the course of the audil Wt haye noi idenufied maierial Misstalemen in the Direciots. Rep)tL Wc have nothTng 10 rep(t in rtspe¢t of the follown8 matters wh¢re the Companies Act 2006 require5 us 10 report to you If, in our opinion= adequaie a¢wuniing records h3ve noi k¢pL or rnurnsade4u3¢e for our audii have noi been received from branches Th)t visited by us.. or Ihe financial 5taiemenis are in agTeemeni wth the accouniing records and rern or cenain di$closurcs of Irusie¢5" rcrnuneration sp¢cifJed by 12w are not made,. or we have noi received all the informaiion ar explanations we require for OUT audit.. or the DiT¢Ctors were nor eniitled to prepate the fin3n¢ial statemertis in accoid2nCe With the small companies, regirn¢ and take advantage of (he small companits extmpiion from the requiremcnt to prepare a Straiegic Report or in preparing the Directors" Repjrt. Resp0Tr5ibilitie$ of tT¥Stees As explained more fully In the Ststement of Directors. responsibilities su oui on pagc I I, the trut¢S (who are also thc Dir¢¢itsrs of the tharitable company for the purp05cs of cotnpany law) ate rtsponsiblt fot the preparaiion of the fiThantial statemen15 and foT being satisfied ihai they give a true and fair view. and for such iniernal control a5 (hc tru5rees d¢t¢rtnine is necessary io cnablt thc prcp3fdrion of financial 5¢akm¢nlS thai arc frce fro(n mater181 rnissiat¢rThenl, wh¢iher due to fraud or error. lrt preparin8 the financial statements, the trusitts are res>s•ble for assessing ihe charile companv's ability to continue a5 a going concern, disclosing, as applicable, mallers relatAI to going concern and usirtg the going con¢trn basi$ of accouniing unless the truYVS either intend ¢0 liquidat¢ th¢ charitsble ¢ompany or io cease operdrions, or have no realistic aliernaiive bur io ¢Jo $0. Auditor's responsibilities for iht iudii ofthe financial siatemenis OUT objectives are to obtain ieasonable assurance aboui whdher the financial llaiements as a whole are frec fro maierial missiat¢mcni. whether due io frdud or error. and io issue an audiiors ptsr[ thai includes oui opinion. Reasonable assurance is a high level of assurance but is not ¥ guanntee thai an audit cortducted in accordance th ISA5 IUKI will always detect a maierial mismatcmeni when li ex15. Mismaiernents can arise from fraud or error and arc considcrcd material if. individually or in the awcg3t4 thry cwld reag)nably b¢ ¢xpectttl 10 intluence the eeonomie decisions of ustis taken on Iht basis of these financial aicments. The extent to wljicb the audit Was tonsidered capable of detecting irreEularitie& iDtluding fraud Irr¢gul3Titi¢s are in4#rit¢5 of non-complian¢e with laws and regulo1iotJs. Th¢ ¢)bjtttivts of our audit aTe to obtain sufficient appropriate audit ewdeo¢e regarding eomplian¢e wilh laws and regulaiions ihai hav¢ a direei effect on th¢ dderniinaiion of material amotsnis and disclosure5 in the fjnancial #aiemeni& 10 PCTfonn audit procedure5 10 help identify instances of non-£ompli#n¢e with othw laws regulations ihai may have a material effect on the financial staiemeni& and to resp)nd appropriately io identified or sus¢*1 non-wmplian¢e with laws atMI regulations idcniifitd durin8 the audhi. In relarion 10 fraud, Ihe ¢Jbjettives of our audit are io identify and a5$ the risk of matenal misstatement of rhe financial siai¢men15 duc to fraud. io obta2n suffieieni appropriate audtt evidenct regarding the assessed risk5 of In21erial mis#atement dthe to fraud through designing and implcmcniing appropriate responses and to respond appropriately 10 fraud or suspeda fr4ud identified durmg thc audit. Poge 13
How¢ver, it Is tht primary responsibility of management. with Ihe overrighi of ihosc ch¥ged th governanK to ensure thai ihc eniily's operdiion5 arc conductcd in accordaThcc with the Provisions of laws and regulations ard for Ihe prevention and deieaion of fraud. In identifying and assessing risks of maierial Misslement in resttti of irregyiarilLes. including fraud, Ihe audii engagern¢nÈ team-. obiaincd an understanding of the nalurc of thc sc¢tor. tn¢luding the legal and regulatory framework th ih¢ ch2riiable comp8ny Oper¢S in and how the diarLlable wmpany is eomplying with the Icgal and regulaiory framework.. inquired of managcmcnt. and those charged with govemanc¢. alm1 ih¢ir own identifiraiion and assesstnent of ihe risks of irregulariiies, including any known actual, suSped or alleged instance5 of fraud,. discussed mailer5 about non-tompliancc wilh laws athd regulations and how fraud might occur including a55eS5ment of how and where the fjnancial statements may be susceptiblc to froud_ As a result of these prothlures we conder the MOA silfIe4n1 laws and regulations tha¢ have a direct impa¢1 on Ihe financial ststemenis aT¢ FRS 102. Chariiies SORP IFRS 1021. Companies Aei 2(M)6. Charllies Act 2011. the charitable companv's goveTnin8 document. and legislation. Wt perfomed audii pro¢eduTeS 10 d¢le¢t non- compliances whb¢h may have a Jnat¢rial impact on th¢ financial 0mlS which Included reviewingihe financial staiemenl$ Illtluding The TTusiees' Resx>rt, remaining alert ty any new or unusual transacrions which may [1 be in accordance with iht governing d¢xuTlltht5. The audit eng2gemenr learn idelllified the risk of mageMent override of conlToIs as Ihe are4 where Ihe financial sialemenls were MO suscepriblc io malerial missiatemcni duc io fraud. Audir pr(*edur¢s perfornJed in¢luded but were not limiied to iesiiThg manual journal enrries and othtt adjugmcntg tva]U31ing the business tslionale in relation to significant, unusual Iransaeiions and transaction5 entered Lnio ou15idc the normal Course of business and challenging judgments and cstimalc A further d£riplI0n ofour rcspoD$ibilities foT ihe audit of the financial S¢aiem¢rtis is located w th¢ Financjal R¢poTting Council's itrebsiie ai htt '.Ilwww.fre.o .uklaudiiorsfts onsibiliiie5. This description forns part of our audi(or's report. Use of our reptsrt This rtp)rt is made solely to ihe charitsble eomwdnv"s member& a5 a body, in accoTdan¢e with Chapier 3 of Part 16 of the Companies Acr 2006. OUT audit work has been undertakth $0 thai we mighi 51atc to the charirable company s membtTS thosc matiers wt are required LO stsie them in an audstor s rcp)n and for no other purpose. To the fulle cxieni pennitted by law, we do not acccpi or assumc reynsibility io anyone other than ihe chariiablt company and the tharitablt company's rnembers as a body.. for our audii work, for ihis reporL or for the opinion5 we have formed. PSM UK LLP Hannah Catthpwl (SenioT Staiut¢>ry AuditOT) For and on behalf of RSM UK AUDIT LLP. Siaiurory Auditor Ch2rtertd Actouniants 25 Farringdon Streei Londo EC4A 4AB Dale 12107122 Ptsge 14
Tres Cantos Open Lab Foundation STATEMENT OF FINANCIAL ACTIVITIES {tNCLUDING INCOME AND EXPENDITURE ACCOUNT) For the ear ended 31 December 2021 Total Vnrcstritted Fund5 2021 Total UJJrestritted Funds 2U2U Nolcs INCOME FROM: Donaiion5 and legacies 5.312,398 323.824 TOTAL 5,312.398 323.824 EXPENDITURE ON: Raising funds Chariiable activities 263 {1.305,7271 1723) {2.623,339) TOTAL (1.305.464) 12.624,062) NET INCOMEI (EXPENDITURE) 4,(,954 (2,300,238} RECONCILIATION OF FVNDS TOTAL FUNDS BROUGHT FORWARD 1.688.109 3.988.347 TOTAL FUNDS CARRIED FORWARD 5.695.(H3 1.688,109 Ptsge 15
Tres Cantos Open Lab Foundation BALANCE SHEET As at 31 December 2021 Re istration No. 07301222 Noies 2021 2020 CURRENT ASSETS Debiors Cash 41 bank and in hand 33,564 10.097,059 95,028 6.142,962 10,130,623 6.238,59Q CREDITORS= Amounts falling due wiihirt one year 13,689.139) {3,799,764} NET CURRENT ASSETS 6,441.484 2,438,826 CREDITORS.. Amounts dye after more than on¢ year (746,44Jl {750,7171 NET ASSETS 5,695,043 1,688,109 RESERVES Unrestncled tunds 5.695,043 1,688.109 Total funds 5,695.043 1.688,109 These accounis are prepared in accordance with the special provisions of Part IS of the Companie5 Act Telaiing io synall companie5 and ¢on*iiuic Iht aDnual accounis rcquired by thecompanies A¢t 2006 aDd aTe for circulaiio io members of the company. The finan¢ial gaiemenis on pages 15 10 24 wert approved by the Board arkd authorised for issue on 23-May-è02.>........... and are signcd on its behalf by Audra Jane Halsey Dire£ior The notes On pages 18 to 24 form part of these financial $emEntS. Page 16
Tres Cantos Open Lab Foundation sTATEmEr OF CASH FLOWS For the year ended 31 D¢cember 2021 Noie5 2021 2020 OPERATING ACTIVITIES Cash generated from operdlions. 14 3.954,097 1,005,894 INCREASE IN CASH AND CASH EQUIVALENTS IN THE YEAR 3.954.097 1,005,894 CASH ANDCASH EQUIVALENTS ATTHE BEGINNING OF THE YEAR 6.142,962 5,1 J7,068 CASH ANO CASH EQUIVALENTS AT THE END OF THE YEAR 10,097.059 6.142.962 Poge 17
Tres Cantos Open Lab Foundation ACCOUNTtNG POLICIES COMPANY INFORMATION Tres Cantos Open Lab FoJndation is a privaie company limiied by guaranitt (Company Number 07J012221 incorporai¢d on l July 2010 and rcgistued a5 a charity in England and Wales on 24 Junc 2011, number 1142577. Details of the re8lSItTed office address and principal pl&¢ of business are &Ven on page l of the accounts. The company"s operations and principal aciivilLes are described in the Directors. ReJx)rt. BASIS OF ACCOUNTTNG The financial siatem¢nis have been prepaTed under the histtiTi¢JI ¢ost ¢onYffition and in 8¢udanCe with the Companies Aci 2006. The financial yatements have been prepared in attordance wih ihe Siaiement of Re¢ornrnended Pro¢tice= A¢¢oun¢ing and Rcporting by Chariiies prcpaTing their accounts in a¢¢ordan¢e th the Financial Reporting Standard applicable In the UK and Republic of Ireland {FRS 1021 {effective l January 2019) and Ihe Charities Att 2011. Th¢ Charity con5ti¢utes a public knefii entiry as defjncd by FRS 102. FUNCTIONAL CURRENCY The financial aleMentS are presented in steT]ing which is also the functional ¢UTr¢ncy of the ¢harity. Monetory amounts in these firtancial $tsiernerbts ar¢ Tounded th¢ nearest whole £1, excepi where otherwise indicated. GOING CONCERN The DiTt£tors confirni that at the time of approvjng ihe financial yaleMlS there is a rta£nn%hle txpp.r.raiion Ihai th¢ Charity has adequate resource5 10 continue in operaiional ex1¢nC¢ for the foreseeable fuiure. In arriving at this ¢on¢lusion, the Dir¢ciors have takeD a¢¢ow)i orcufft and anijeipated financial performance In the current economic condi(ion5. and the CharitV"5 reseivtt Fxjsition. The stress ielling of the Charity"s financial p05iiioD h&% sa115ficd the Directors Ihat il has ad4uate SerVeS and miiigation sttaiegies available 10 deal wth the impact of the ouibreak as it unfolds. INCOME Incomc is re£ognised wh¢n the charity ha5 cntitltrnent to thc fvnd% any pcrfonnance conditions attached 10 the itemlsl of Income have been rnei. li is prd)able thai the income will be Tectived. and the amount can bc rneasured reliably. Income from an1% is recognised wheTh th¢ chariiy ha5 ¢ntitlemeni to the fund5. any pcrforniance conditions allached io the granis have been met. jl IS PTobable Ihc income will be rC)ved and thc amount Can bt m¢asumJ r¢liably and is not deferred. Service5 in kind are recogni5ed on an accruals basis as dOnlon9 in ihe Staiemcnt of Financial Activities at Ihe besi estimate of the value of the tfit to the Chariiy. EXPENDITURE Expenditurc is r¢gnIsed on an awuals basis as a liability is incurr¢d. Expenditurc inclLhJes any VAT whith cannot be fully recover and is rg>Ort as part of the eXpd]rure io whbch it rel&es. Grants payable are included in the Statemtht of Financial ActiLi¢S when they hav¢ been approved for paymeni. An assessm1 of individual grant liabililies is made at the balantt shea date and any adjusrmentsrequired Iih¢se rnay arise a5 a resuli of forei currency movemenis or diffemices beN¢ert budgeied and actual expendiiure In grant xpplicatTonsl 10 an1 liabilities arc rEwised as dcbits or tredils in the Siaremeni of Finantial Atlivities in grant expendiiure. Expendire on charitabl¢ activiiies compriw those costs in¢urred by the Charkty in th¢ delivery of its activities and services for ils benefjciaries. li includts bb coms that ¢an b¢ alloca*d di1]Y io such a¢Xivitie5 and ihose costs of an indiiett rtaiure necc5W to Sup)rt Ihcm. All costs are allocaied beiween the expdItre eaiegories of the Staiement of Financial Activities on a basis designed lo rcflect the use of the resource. As ihcre is only one charitable aciivity, all support and govcrnance costs have betn allocated agairtg this ¥¢ivity- Poge 18
Tres Cantos Open Lab Foundation ACCOUNTtNG POLICIES FOREIGN CURRENCIES Mondary assets and 118bilities denominated in foreign currencies aye Iranslaied ai the rate of exchange ruling ai the balance 5hcei date. Transaction5 in foreign currcncies are rccordcd ai Ihc raic ruling al ihe date tsf thc translin. All diffu¢n(xs aTe taken lo th¢ Statement of Financial AdivitiC5. FUND ACCOUNTING Generdl funds are UrenCIed fvnd5 whtch are available for use at the drscretiort of the Direciors in furtherance of ihe geneTal objeciive5 of the foundarion ar whith have no¢ been dcsignaied for oiher purposes. Restricted fvnds comprise monie$whe a resrricli¢)n has bttn placed on their usc by a (for a purp)s¢ wthi¢h falls within, bur is narrower Ihan Ihe gthetal charithble obje£tives}. Rt#ricied funds art distribuied in accordance with ih¢ lerrns (pf the original rcstTiCtion. CASH AT BANK AND IN HAND Cash ai bank and Cash in hand includes cash aTMI short term highly liquid investments with a short maturity of three months or les5 from the daic of acquisition or openirtg of the deposit or &milar account. FINANCIAL INSTRUMENTS Financi21 Instrnmenis art Classified and 2ccounied for accoTding to ihe substsnte of the contractual arrangemeni as financial as5Cts. financial Itabiliiies o* Cquily Insirurnenis. An equity in5trumeni is any coniraci thai evidcncc5 a residual irtterest In th¢ assets of the enltly aft¢r d&lucting all of its liabilities. Firjortciol o%sÉis Basic fin3ncial asset4 which includc oiherdebtors are initially meawjred ai tran70Th price includingtransa¢¢ion costs and are subsequetttly caJTied * amortised c. Basic financial liabiliiie5. which include accwa15 and grants payablc. arc initially rncasured ar iran5action pricc and subsequently measured ai ammised to#. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT In Lhe appltcaiion of the Charity-"5 accourbtins pTrlicies. the Directors are required io make judgements. e51irnates and as5UTnptions about the rryIng arnounl of asscts and liabiliii¢5 Ihat are not Teadily apparcnt from other sources. The esiirnaies and a5xK1at asgJmprion5 are b&%d on historical experience and oiher faciots that are considered to be relevaDt. A¢tual results may differ fmm these ¢#imotes. The esiimtties aftd undcrlying assumptions 3re reviewed on an gOIng basi5. Rcvisions io aruNJntin8 tstjmaies are rccogni5cd in Ihe peri¢ in which ihe t)matt is revised. The Directors do not consider that there are any criiical tlmateS or areas of judgemeni thai need lo be brought 10 the attention of the rradets (pfihe financial atementS. Page 19
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 December 2021 INCOME FROM t)ONATIONS AND LEGACIES 2021 2020 Granls recejved Service5 ITh kind 5,000,0(M) 312.398 323,824 5.312.398 323.824 Fn 2021, th¢ incon]t from dojjations and legacies was £5,312,39812020.. £323,824) of which £5,312,398 12020.. £323,824) was ineome from unrestricied funds. RAISING FUNDS 2021 2020 IGainyLoss on fe18n exchange 12631 723 ANALYSSS OF EXPENDITUREON CHARITABLE AcfiviTIES 2021 2020 Granis.. London School of Hyg]ene &'l ropical Medicine UDiversiiy of Michigan- extn Sanger Insiituie University of South Florida Harvard M¢dical Sehwl & Insti[ de Biologi¢ Struciurale de Grenoble Univ¢tsity tsf WaShinOn ARAID/University of Zaragoza- cxtn The IBRCONICET UNR. Arg¢ntitha- extn University of Zaragoza, exin Universiiy of Califomia. IrVi_ eytsj Fundacion Agencia Ara8onesa Pard La Inv Y El De$arrollo Univer5iiy of Dundee ARAID (Spain) Rhod¢5 University ISr*Jih Afn"ca) Vniversily of Califotni4 SaD Dicgo Harvard T.H. Chan Schcol of Public Health OxfoTd UniveT8ity Iniernational Centre for Diarrhoeal Di1$e Un?v¢rsity of C3Tnbiidge Cenire of Molecular infl res {CEMIR) UniveT5ity of Texas University Hospital Cologne Univ¢Tsidad nacinal de San MartiD (UNSAM) 3,532 47.014 31.027 16,744 2,099 26,640 12,544 32,229 34,783 507.601 2 J83 5.214 5,560 13,296 6,887 4.267 ,324 386,626 198,571 93,841 131,070 65.173 245,944 449,338 174,142 173,030 372,746 225.312 27.350 15.874 Carried forwd 1238,197 2.185.475 Page 20
Tres Cantos Open Lab Foundation NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Decernber 2021 CHARITABLE ACTIVITIES (continued) 2021 2020 Brought fonvard 1.238.197 2,185,475 Granrs rescircd.. Univ¢Tsily of Alabama al BifflJin8ham Biomedical Prirnaie Research CeniTC Hospital for Tropical Diseases, Oxford uni¥$1ty Clinical Research Oxford Unii'crsiry University of Mtchigan- exin ARAID l Univ ZaTagaza University of W&shington Universiiy of Souih Florida Universidad nacin31 dc San Martin {UNSAM) Universiiy of Melbourne (37,6441 15.3 ljl 14.509) 17.?.5-) (10.6891 (12.722) 190,662) (4.579) (245,944) 16,1251 Legal and profe&sional fees 1.295 7.654 820,171 2.1¥7,IM)4 Support coAs'. Seconded staff and offi¢e overheads lrtdireci project cOS Marketing and websile 312,398 19,170 3,012 323,824 67.051 3,879 Governance c05ts". Legal and profession fees Insurance (Directors" and Ot)icer5" Indemniiy Cover) Audit fees Bank charge5 24.660 1.898 24.202 210 23,855 1,898 J4,840 987 1,305,727 2.623.339 The ioial numb¢T of ntw in*irutional niS made in the ytai was 5 12020.. 91. only one grani per insliluiion was paid 12020- only one grani PCT instirulion wa5 paid exYpl for Univcysiiy of Dundecl. 9 {2020..81 exiensions were granied 10 ortgoJrt2 projects. All grathts were similar in naiure and were io aid the ¢auses identified in the Dii¢cior$"- Rep)rL No gtartts io individuals were Jnade Jn the year 12020.. None) In 2021, Iheexpendilure on charithblea¢tiwlies was £1.305.72712020.' £2,623,339) of ivhich £1.305,727 12020: £2.623.339) w&$ c¥ndItre frnm unrc5triaed funds and £nil 12020". £nill wa5 from restriued funds. Poge21
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 D¢cember 2021 EMPLOYEES There were no employees during the year 12020.. nill. The Director& who are Ihe key management peTsonnel of Iht Charity. re¢eiv¢d no remuneratioTr foT theii Work as Directors12020.. £nill. No DiTe¢iors 12020: Noncl wcrc rcimbur5cd cxpense5 during the yeaT12020.. £nill. Poge 22
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 December 2021 NET INCOMEI{EXPENDITURE) 2021 2020 Nei in¢otnellexpendiDJre) is sialed after chargingl(crediiing) Ihc following.. Siatiitory audiLOT'S fees". Audit ftc (including VAT) Current year PrioT year Accouniancy services Forei exchange (gain}noss 19.932 4.270 24,591 1263) 14.840 23,855 723 DEBTORS 2021 2020 hei debtors (see note 12) PTepaymen15 55,647 39.981 33.564 33.564 95.628 CREDITORS= Amounts falling due wiihin one year 2021 2020 Grants payable A¢cruals 3.650.351 38.788 3.764,485 35,279 3.689.139 3.799.764 CREDITORS.. Amounts fallin% due after more than one ye¥ 2021 2020 Opening grant cieditors Grants awarijed during the year Grants rescinded Lcs5'. Gnnts pabd during the year {nei of forex movernenis) 4515,202 1.238.196 (419J14) (937,292) 3,210.518 2,185,475 (6,t25) (874.666) 4.396.792 4,515.202 Included in curreni liabilities 13.650,351) 13.764.485) Grants payable in more than one ye8r 746.441 750.717 All t$ payable wll be paid from urwestricied fvnd& Page 23
Tres Cantos Open Lab Foundation NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 December 2021 MOVEMENT IN FUNDS 2021 At l January 2021 Incomc Expcnditur¢ At 31 Deermb¢t 2021 Unrestricted funds General funds A:ts88.l(PJ 5.312 JY¥ 11,3U5.4641 5.695,U43 Tothl funds 5.312.398 {1.305.464) 5.695,043 1.688.1( MOVEMENT IN FUNDS 2020 At l January 2020 In¢ome Expenditure At 31 December. 2020 Unrestricted furtds Gcncral funds 3.988.347 323.824 12.624.062) Totsl funds 323.824 {2.624.&52) 1,688.109 3,988.347 io ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Total Unr¢stricted Funds Curreni assets Curreni liabilities Non-curreni liabiliiies 10,130.623 13,089,139) 1746.441) 5,695,043 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020 Toul Unrc5tticted Funds Current assets Current liabili¢ies Non-curreni liabilities 6.238,590 13,799.7641 (750,7171 1,688,109 LIABILITY OF MEMBERS The company is limited by guardntee and docs not have a share capital. In the eveni of the company bein8 wound up, the maximum amount that each memlxr is liable to conlribute 15 £1 O. Glaxo Group Page 24
Tres Cantos Open Lab Foundation NOTES TO THE FfNANCIAL STATEMENrs for the ear ended 31 December 2021 Limited is the sole member of the Company. 12 RELATED PARTY TRANSAcfioNS During the yeat to 31 De£embtr2021: GlaxoGroup Limkied{the sole member. and a ttltvani le881 eniity cierci5ing c¢)ntroll through 115 affililllc companics, paid or mcl paym¢nts on behalf of TCOLr amouniin8 LO £nil12020: £nil} which was pajd the year. Ai 31 D¢¢ember 2021, £nil {2020." £55.647) was owed by Glaxo Group LimiteA. as Included in other dcbiors Inoie 61. During the year. the company received £5.0.000 (In 2020 £2.(M)O,000 was received in settlerneni of a prevbou5 debtor) from Glaxo Group LiTnite41 and the ouistanding amow)i of &55,647 was wriltem off. No intere51 was charged on ihis balance. In rhe yearGla.xo Group Limiied providtd £312,398 {2020.. £323.8241 of daled service5 10 the Charity in the f¢)nn of aff tirn¢ spent on TCOLF aakviiies. 13 CORPORATION TAX The Charity is exempt from thx on income and gains Under sections 466 10 493 of the Corporarion T Act 2010 10 ihc lh* rhese are applied lo it5 charitable objects. 14 RECONCILIATION OF NET INCOMEJIEXPENDITUREI TO NET CASH GENERATED FROM OPERATIONS 2021 2020 NET INCOMEI{EXPENDITURE) FOR THE REPORTING PERIOD 4.1.934 12.3(X).238) ADJUSTMENTS FOR.. Decrease in debiors (Decreaselllrtcrease in creditors 62.064 1114,901) 1.992.154 ,313.978 NETCASH GENERATED BY OPERATIONS 3,954.¢J97 1.005.894 Poge 25