## **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 re￿rt 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 Rep￿blIC 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¢oryO￿led
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 A5￿￿la110￿ a5 up*Jated 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 adVI￿d by a Crtlverning Board (GB) fornLd by renowned scicnti*s WOTldwde.
Tbird party indernnity provision for Direetor5
Qualifying ihird parry indemnity provi*on is in place for the bencfii of all Direciors of thc company_ In*Jrancc
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 agr￿d 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 ¢l*ti￿ 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 Tr*iDing 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 thecharitycornmi￿onorthLrd-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 anO￿n 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 Me￿Ing4 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 O￿Th 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 Collai￿ration.
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 disCov￿Y projects. Re￿¢Wable only under exceptioThal
CITCUmStan¢es {succtSsful mileS￿A¢S unexpected delays or exiens11)n wjthoui fvnding to ¢omplete work
plan) and afier new work plan presentation.
Clear definilioll of projea delivcrable5 10 e￿ablish 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 sci￿1]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
Shig*ll0sis 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 dL*aSC5
TCOLF has invc5tcd in 3 kinetopla5rids par3Site5'. TrywJK050me b￿ce1. 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 Id￿lif1¢￿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 platf0m1￿0¢•ls io develop non*t￿VentIOnal 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￿ Compr￿￿1
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.
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Tres Cantos Open Lab Foundation
DJRECTORS. REPORT
Disease
Proj¢¢t JD
Typ¢ of
projeet
Project tide
TCOLF grantee
Project
st*tus
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
c￿tTe foi
Di3￿h0¢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￿ u*ng TCOL
mosquii0eslparasii￿faCIll1lts
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
perSI￿enCe pathways 2$ novEI
alternatives io classic antibiotics
Synihe5i5 of Kalihinol Analog￿t$
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
ass￿lated ￿￿nIell childho(xJ
gtowth
EED
52665
(Jher
Universiry
Tubingcn
Ongoing
2021
Aniimalarial drug dixovery
targeiing prt-erythrocyiic ￿ageS
of Plasm￿1]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
Trypar￿rna 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 eXperi￿ceS 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 Charl￿b]e obje¢tive5. and 10 meet ihe
general running co￿$ of Ihe Chariry. The Direct￿5 set a larg￿ io have a level of free reserves io be able to fund
future grants and meet the gerwdl TunniDg CO￿S. 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 c￿￿pId10n.
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 to￿0￿0￿1¢ 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 I￿k-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 reqUe￿S 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 p￿tio￿ 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 willin￿eSS 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 Meth￿1$ and principles In the Charities Staiement tsf Recommended Pra¢ri¢e ISORP),.
make judgements and accounting e5timares ihat aTe rea￿nable and p￿￿ent..
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 S￿Lements of Tre5 Cantos Opcn Lab Foundaiion lthe'charitsble company,) tor the
ycar cnded 31 Decembcr 2021 whith comprise the Siattmtnt of Financial A￿1vIlle5 (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 s￿e of the charTrtsblt company"s afiairs as at 31 Dccembu 2021 and of
ils incoming resources and applI￿10Th Of resouTCCS including its in¢ome and expenditur< for the year
then ended..
have been properly prepared in aecofdancc with Uniied Kingdom Gcner411y Acccptcd A￿Ounting
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 ￿al￿en15 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 othe*ihan 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 Co￿7u5]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 o￿ained in ihe Course of the audii or
otheTWi5e appears io be ma￿ri8]lY mi5Aaied. If we ideniify such material 1￿COnSiSte￿¢1es or apparent njaterial
Mis￿al¢mentS, we are required io derermine whether this gives risc to a material miwtemeni in ihe financial
statetn¢nlS themselves. If. ba￿d 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 A￿hing 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 cOL￿Se 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 acc￿danCe 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 ¢Th￿ronMent 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 re￿rn* 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 tru￿t¢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 chari￿le 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 $0.
Auditor's responsibilities for iht iudii ofthe financial siatemenis
OUT objectives are to obtain ieasonable assurance aboui whdher the financial llaiements as a whole are frec fro
maierial missiat¢mcni. whether due io frdud or error. and io issue an audiiors ￿ptsr[ thai includes oui opinion.
Reasonable assurance is a high level of assurance but is not ¥ guanntee thai an audit cortducted in accordance
th ISA5 IUKI will always detect a maierial mismatcmeni when li ex1*5. Mismaiernents can arise from fraud or
error and arc considcrcd material if. individually or in the awcg3t4 thry cwld reag)nably b¢ ¢xpectttl 10
intluence the eeonomie decisions of ustis taken on Iht basis of these financial *aicments.
The extent to wljicb the audit Was tonsidered capable of detecting irreEularitie& iDtluding fraud
Irr¢gul3Titi¢s are in4#rit¢5 of non-complian¢e with laws and regulo1iotJs. Th¢ ¢)bjtttivts of our audit aTe to obtain
sufficient appropriate audit ewdeo¢e regarding eomplian¢e wilh laws and regulaiions ihai hav¢ a direei effect on
th¢ dderniinaiion of material amotsnis and disclosure5 in the fjnancial #aiemeni& 10 PCTfonn audit procedure5 10
help identify instances of non-£ompli#n¢e with othw laws regulations ihai may have a material effect on the
financial staiemeni& and to resp)nd appropriately io identified or sus￿¢*1 non-wmplian¢e with laws atMI
regulations idcniifitd durin8 the audhi.
In relarion 10 fraud, Ihe ¢Jbjettives of our audit are io identify and a￿5$ 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 ar*d for
Ihe prevention and deieaion of fraud.
In identifying and assessing risks of maierial Miss￿lement 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¢. alm￿1 ih¢ir own identifiraiion and
assesstnent of ihe risks of irregulariiies, including any known actual, suSp￿ed 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 con*der the MOA si￿lfIe4n1 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 0￿m￿lS 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 m￿ageMent 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
sTATEmE￿r 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¢u￿danCe 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 yaleM￿lS 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 orcuff￿t 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 r￿C)ved and thc amount
Can bt m¢asumJ r¢liably and is not deferred.
Service5 in kind are recogni5ed on an accruals basis as dOn￿lon9 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 eXp￿d]rure io whbch it rel&es.
Grants payable are included in the Statemtht of Financial Acti￿Li¢S when they hav¢ been approved for paymeni.
An assessm￿1 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.
Expendi￿re on charitabl¢ activiiies compriw those costs in¢urred by the Charkty in th¢ delivery of its activities
and services for ils benefjciaries. li includts b￿b coms that ¢an b¢ alloca*d di￿1]Y io such a¢Xivitie5 and ihose
costs of an indiiett rtaiure necc5W to Sup￿)rt Ihcm.
All costs are allocaied beiween the exp￿dIt￿re 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
trans￿li￿n. All diffu¢n(xs aTe taken lo th¢ Statement of Financial AdivitiC5.
FUND ACCOUNTING
Generdl funds are U￿re￿nCIed 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 tran￿70Th 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 t￿lmateS 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 f￿￿e18n 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 WaShin￿On
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$arrollo
Univer5iiy of Dundee
ARAID (Spain)
Rhod¢5 University ISr*Jih Afn"ca)
Vniversily of Califotni4 SaD Dicgo
Harvard T.H. Chan Schcol of Public Health
OxfoTd UniveT8ity
Iniernational Centre for Diarrhoeal Di￿1$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 rescir￿cd..
Univ¢Tsily of Alabama al BifflJin8ham
Biomedical Prirnaie Research CeniTC
Hospital for Tropical Diseases, Oxford uni¥￿$1ty
Clinical Research
Oxford Unii'crsiry
University of Mtchigan- exin
ARAID l Univ ZaTagaza
University of W&shington
Universiiy of Souih Florida
Universidad nacin31 dc San Martin {UNSAM)
Universiiy of Melbourne
(37,6441
15.3 ljl
14.509)
17.?.5-)
(10.6891
(12.722)
190,662)
(4.579)
(245,944)
16,1251
Legal and profe&sional fees
1.295
7.654
820,171
2.1¥7,IM)4
Support coAs'.
Seconded staff and offi¢e overheads
lrtdireci project cO￿S
Marketing and websile
312,398
19,170
3,012
323,824
67.051
3,879
Governance c05ts".
Legal and profession￿ fees
Insurance (Directors" and Ot)icer5" Indemniiy Cover)
Audit fees
Bank charge5
24.660
1.898
24.202
210
23,855
1,898
J4,840
987
1,305,727
2.623.339
The ioial numb¢T of ntw in*irutional ￿niS made in the ytai was 5 12020.. 91. only one grani per
insliluiion was paid 12020- only one grani PCT instirulion wa5 paid exYpl for Univcysiiy of Dundecl. 9
{2020..81 exiensions were granied 10 ortgoJrt2 projects. All grathts were similar in naiure and were io aid
the ¢auses identified in the Dii¢cior$"- 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¥￿ndIt￿re 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 d￿aled 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