THE SYNCONA FOUNDAnoN BOARD OF TRUSTEESI REPORT AND FINANCIAL STATEMEP FOR THE YEAR ENDED 31 MARCH 2024 Company number 08073905 {England and Walosl Llmitad by Guarantee Chafty number.. 1149202 THE SYNCONA FOUNDATION Cont•nl• Page Company Infom￿tIon Board of Truste88' Repcft Independent Aixlitofs Rèport Sl2temèTht Of Financi81 Aclivrtie8 Balance Sheet Cash Fkny Stalemont Nots8 to the Finlndal ststan￿Trts 3-11 12-15 ie 17 18 19-28 THE 8YKONA FOUNDATION Coftwany Inlomwllon g￿ld ol TN•ts••: Thms H•ndwwTr (Chaknw) Rup•rt *Aam8 Nlg81 Koan Lucla Kltchaner James Maltkn 08073W6 (Engknnd & ￿1•8) y rnBlstrallon nwib•r. 1149202 R•gI8t0r￿ Offi￿. 2 Tolherst Court Turw MHI Buikness P• Maidstong K•nt ME14 &8F Audhor. Brfw & Co 2 Tolherst Cryjrt Turkey Mill 8u•lness Park Ashford Road Kent ME14 $8F B*nk•rn: Wealherby8 Pdvate Bank 22 Sackylh Street London W18 3DN THE SYNCONA FOUNDA TION BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 111ARCH 2024 The Truslees, who are also the directors of the charitable company. present thelr report and the audiled financial statements of the charity for the year ended 31 March 2024. The TFuslees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" in preparing the annual report and financial statements ol the charity. The finanoal statements have been prepared in accordance with the a¢￿￿ntIng policies set out in note$ to the accounts on pages 19 to 21 and comply wth Ihe charity's governing document, the Chanties Act 2011 and Atcounling and Reportin9 by Charities.. Statement of Reccmmended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Slandaré applicable in the UK and RepvblK ol Ireland published in October 2019. Our Purpoao8 ind Activlll•¥ The Syncona Foundation Ithe'Foundation') wa8 Incorporated In England and Wale5 on 17 May 2012 as a privale Gompany lirniled by guaranlop. Thp. F￿1ndatIOn was registered as a charty on 3 October 2012. The charitable objects of the Foundallon are to.. '{a) Support the preventb?n, Ireatmenl. cure and ultlmately the eradKation of cancer in all of ils forff and any aNled tliseases: promote and assist.. the stutly of and research into thè natur8, causes, diagnosis and pathology of cancer and any allied diseases: the developrrent and provision of all forms of preventive, curative, managernent and palliative treatment of cancer and any allied diseases.. education and tT8ining in subjects relev8nt lo the study of cancer and any all*d diseases., ¢Owoperate with, and lo promote and a581St the work of, The Institute of Cancer Research I'the ICR'I and, or alternatively. such other charitable orgaftisalions vthose objects include any of those specifiéd in la) and Ib) thve a¥ the Foundalion may d8termlne kn arjdltlon lo or in substitution for the ICR: and promote and a8Si8t such other charftabla objects and charitable organlsations as the Foundation may fr¢)m time lo time conslder deslrable." Ib) (c> {dl In Shaplng our0bh￿tIVeS forthe year and planning our actNllles. the Trustees h8ve consbderéd the Char Commlsslon's guidanc8 on public bener Syncona Limited I'Syncon8'1 is a reglstered closed-ended collective Investment scheme incorporated 8$ a non below, until the year ending 31 March 2022, an amount equal lo on&*Aelfth ol 0.15 per cant of Syncona's NAV as al each monlhend during the year wll be donated lo the ICR., the Foundation has agreed to be the recipient of the remainder of the Annual Charitable Conlribuliorl not donated to the ICR; lor any subsequent financial years, unless othe￿ise agfeed behveen Syncona and the Foundation, the Annual Charitable ContributSon will be an amount e4ual to the aggregate of one ￿e1fth of 0.30 per cent of Syncona's NAV for each mnlh during the relevant financlal year Of Part yew., THE SYNCONA FOUNDA TION BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 l¢ontlnuod Iv) in each year Syncona intends lo indicate to the Foundation whether it intends to continue thls arrangement for at least three financial years. and either party may terminate the agreement on six months, written no￿¢8 to the other. (vi) On 24 June 2022, it was agreed be￿een Syncona and the Foundalbn that th8 Annu81 Charitable Contrlbution would continue at 0.35 per cenl of Syncona's NAV for the year ending 31 March 2023 and the full amount would be paid lo Ihe Foundation. On 13 March 2023 il was confirmed that this arrangement would continue for the year ending 31 MaT¢h 2024 and on 17 March 2024 it was confirmed that this diiaiiyviiwnt would continue for Ihe year endlng 31 March 2025. For any subsequent financial years, unless othe￿1$e agreed be￿n SynGona and the FniJnd8tion, Ihe Anniial Chadlable Contributlon will be an anN)unt èqual to the 8ggregate of on8 twelfth ol 0.30 per cent of Synwna's NAV for each month during the relevant financlal year or part year. The Foundation coitinues to make donat1￿6 to ¢haThkn'88 In Ilne with its objectives. The list of core charitles to whlch donaiions were paid during the year ended 31 March 2024. or to whiGh donation8 have been made since 31 March 2024 In respect of year ended 31 March 2024, is.. Alzhelmets R8S8arch UK is the UK'5 loading dementia r06earth charity, dedlcatsd to causes, diagnosls, prevention. treatment and cure. {Mvw.a1zheimersrns88￿h￿k.0rg) Thè Alzheimerfs SocMty Is the UK's leading dementsa charity. They campaign for change, lund research tt) find a cure and support people INing wllh demenlla today. (vMw.alzhoimets.org.uk) Anfhony Nolan is the charty which makes Illesavln9 connections be￿een people with blo¢xI cÈncer and blood disorders, and peopl8 who are ready to donate their stem cells Iwmv.anthonynol8n.org) A(￿llory Vethl UK is the leading provlder of auditory Verbal therapy in the UK The charity wants all deaf bable5 and children to have the opportunrty to Ilsten and speak as equals alongsije Ihelr hearfng peeryJ. {www.8vuk.ow) Tho Braln Tumour Charity 18 at the forefront ol thé fight to defèal brain tumours, rnakwig a difference èvery day lo the lives of people ￿th a brain tumour and Iheir families, by investing in forward-thinking rèséarch and speciallst suppjrt servic8s and p8&8lonately lobbying for urgent change. Iwww.fhebr8intumourchanly.ow) Breasl Cancer Now Is a UK charity prov￿Ing worldp new dlagn06tic tesls 8nd drugs. (www.ucl.ac.ukl As a result of the Foundatlon's donations to the charflies Ilsted above, 8Ct6viti88 funded by the Foundation to date have included.. Ground-breaking research programmes Ihal have enabled Important discoveries tOWBfd8 finding a cure. treatment lor or allevlation of suffering frorn different fom￿ of cancer, as well as neuro- degenerative drseases such as Alzhelmers and rare and inherited eye dlseases,. The provislon of a wide range of ¢utting4dge Gervlces 8imed at provlding care, support and advice lor people b1vw￿ with rAncer. domentia, HIV arvj other diseases, both physical znd ffenlal,. The piovish)n of support and Iherapy, includlng for young people experienclng abuse, chikjren experienc#ng bereavement and people at risk of sulclde,. THE SYNCONA FOUNDATION BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 lcontlnuod) Intemalional developrnent inlervenlions, Includln9 helping to all8vi&te poverty and improve Ihe lives of p¢ople living with HIV and AIDS in Sub-sahaian Africa and hely'ng V￿Men in countries affected by conflict and war. Granl4maklng policy The Foundation has a strong track record of felalionship-based grant making and it values its current blend ol long-lemi support for valued grantees, as well as a degree of118xibility with which lo explore new opportunits'es and mainlain an entrepreneurial approach. The Foundation'$ policy is to supwt excellent charities which are meeknng pr6sslng needs wlthin society. partKularly those that are relalatl t() healthcare systems. How our •ctivitlo8 dellvBr publ1¢ b•neflt The Foundallon's activrties benefit the publlc by provhling donations to the charitles noted abovè. Flnanclal r•vlaw, R88•tv•s and Rb8k Managomènt Flnanclal r•vl•w The Foundation has received the followlng payments from Syncona and paid thém os charitable donaiion8'. In rwec*ofyoar ond8d', Re¢efved {£) Oaté ol ￿Capt DonAtions palj 1£) 31 March 2013 31 March 2014 31 March 20t5 31 March 2018 31 March 2017 31 M8rGh 2018 31 March 2019 31 March 2020 31 March 2021 31 IAarch 2022 31 March 2023 31 Marth 2024 492.829 1.593,887 2,209,638 2,375,804 2.375,804 2.375,804 2.375.004 2,632,809 2.691,553 2,428,478 4,821,843 4,356.122 27 Sep 2013 5 Sgp 2014 17S•p2015 15 Sep 2018 21 Sep 2017 16 Aug 2018 20 Sep 2019 19 Jun 2020 30 Jun 2021 30 June 2022 28 June 2023 28 JUM 2024 492,￿29 1.582,474 2.209,C￿0 2,371,IKJO 2,385,804 2,514.070 2,463,797 3,070.C4]0 380.500 2.713,197 2,190,0fy) 4.230,ofN) The F¢)undalion ha5 also made other charitable donations tolalling £160,000 dufing thé year ended 31 March 2024 (£70,000 durin9 the year ended 31 March 20231, as sel out in Nol6 4. At 31 March 2024. the Found81ion had total fvnds of £4,111,587131 March 2023,. £4,150.654 as restated). R•8èrvM polley The Foundation's policy Is to disbur3e substsnbally all fvnd8 recefvod from Syncona, retslnlng onty suificlenl funds lo covef the Foundation's funning costs lexcludlng the costs of the administrative support provided by Synconal whiGh are represented by the Govemance costs in note 6. The year-end reserves balance of £4,111.587 ￿preSentS the receivable Syncona donation for the y83r ended 31 March 2024. The Trustees are salisfivd that ihe reserves carried fmTard are considered sufficient tothe 8lze and nature of the Foundation. A8 at 31 March 2024, 811 funds held are unre8tricted. THE SYNCONA FOUNDATION BOARD OF TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontlnued) Rljk m•nag•men¢ The Board of Trustees conflrrns thal it has considered major risks to which the Foundallon Is exposed and" h09 listed ihesè as follows.. Investm8nl risks.. The Foundation is exposed lo the effects on Syneona's investment portfolio Ithe 'Portfolio'), as this drives the level of donations paid. This includes the effects of markel price risk, fOre￿n currency r¢sk. Ilquidrty risk and inlerest rate rlsk. Tho valu8 of Ihe Portfol￿) can go down as well as up. Thls risk is rnltigated because il is also a prlncipal risk for Syncona and so thère is regular monitorfng ollhe constituents ol the Portfolio and the Portfolio'8 perfoimanc8 by Syncona Investment Management Limited and the Syncona Board. Cr8tht nsks.. The Foundalion is exposed to the risk that a countèrparty may bè unable to rneel a commitment that il has entered wllh the Foundaliors. the only material examplè of which is undef the ag￿erneD1 with Syncona documented in Nolg 2 to the financial statements. This is mitlgated through monitorlng ofthe investm8nl perfofm8nce noted above, whlch would impacl the ability ol SynGona to pay the donalic)n. Operational risks.. The Foundallon has na employeas and is relianl on the availabllity and willlngness of the Trustees and other personnel to work for th• Foundation in order to fulfil ils h8ritsble purpose. The Board seeks to mitigate thls risk ty oNJoing communkation and sharing of respon6lbilitie8, as well as to ensure full Board oversight of donatitin$ paid to charitles as the main expenditure of th8 Foundatson. Futuro d•volopm•nt• The Trustees expect Ihe general level of activity to remain cons18tent with the yéar ended 31 March 2024 over the forthcomin9 year. The level of dOna￿"OnS from Syncona for the year endlng 31 March 2025 is 8xpecled. depending on Syncona's NAV. to be similarto the ￿e7 ofdonations in the year ended 31 March 2024 and the over311 ¢harilable aclivlllès are anticipated lo remaln unchanged, THE SYNCONA FOLINDATION BOARD OF TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 Icontlnugd) StNctur•, Govèrnane• and Managemont Company and Charltoble •tat .The Foundation is limited by guaranteè (company reglslrallon number 08073905), governed by Its memorandum and articles of associatlon. It is 8 charity registerèd with the Charity Commission. with charity number 1149202. Gov•rnance The Board of Trustees is respjnslble for Sfttting 8tTategies and policies for Ihe FfJJndation and ensurlng th8t these are implemented. M•n•g•m6nt and •I￿n9 The Foundation has no employees. Under the Syncona Agreement, Syncona has agrèed lo provide administrative supFiJrt at the FouTrJation's request up to a maximum cost of £50.000 per annum (calculated on a cash basis), ag agreed from time to ts'me be￿een Syncona and the Foundation. This support may Include the provision of finance manager and trustee admini8tralion Support and other support 6Lrh as evaluation OT strategy preparation. Inductlon and trnlnlng In view of the SEe of the Foundation, there are euirentty no formal procedures in place for th6 induction and training of Trustees. However, extsting Trustee8 wlll onsur8 that new Trustets are lully briefod on the acbvities of the Foundalion and Charities Law. In a¢coidance vrith the Articles of Ass￿r￿tIon of the Foundation, the other TnJ6t86s Members ot the Foundation may appoint Trustee$ to the board, subject to them being a9ed ovar 16 and nol beSng dlsqualified from trusteeship or direetorship. The Tru$tees have concludeLI that a fixed process for the approval and appointment of new Trustees is not required gwen the sm811 slze and lack of ¢ompiexity of the Foundation. Fundral¥lng acllvlllel Thè Foundation does not carry out any fundralslng a¢tivilles. THE SYNCONA FOUNDATION BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (conlinuedl Board ol Tr￿10￿$ The member5 ofthe Board ofTrusteès perform Ihe role of directors in company law and trustee$ in charity law. Those who served during the period, and lo the dale of the Signing of this report, were.. Rupert Adams Thomas Henderson (Chairman) Nigel Keen Lucie ￿'tchen&T James Mallin statemont ol the Board of Trustees. re8ponilbllltlo• The Trustees (who a￿ also directors of the Foundation for the purposes of eompany law) 8re re8ponsible for preparing the Truslees, Annual Report and the consolidated fin8nck91 statemènts in accordance wilh applicable law and Unlled Klngdom Accounting Standards (United Kingdom Generally Accepted Accountsng Pra¢lice> Includin9 FRS 102 'The Flnancial Reporting Stsndard appllcable in the UK and Republic of Ireland.. Company Law Rquires Ihe Trustees lo prepare financlal statements ts èaeh finan¢lal year whlch give a true and falr vlew of tha slate of affairs of the charitable company and of the ineomlng resources and application ol resources, including the income and expendilure, for thal period. In preparing these financlal 8ta1e￿nts, the Truslees are required to.. select 5ullable accounting policies and then apply them consistently: ob8eTve the m81hods and principles in the Charltie$ SORP 2019 {FRS 102)- make ludgments and estlmates that are reasonable and prndenL st8l6 whether applicable UK Accounting Standards have been folkAved,' and prepa￿ the financial stslements on the goin9 concern basis unless it is inappropriaie to presurrt that the charitable company will conllnue in business. Th• Tru61oes are responsible for keeping adequate accounting records that dlsdose wilh reasonable accura￿ at any tlme the financial position of the charitable company and enable ihem to ensure that the financial stslements comply with the Companies Act 21Xfj They are also responsible for safeguarding the a85ets ol the charitable company and ttencé for taking reasonable stops for the preventlon and detection of fr8ud and other irregulariti8B. In so lar as the Trustees are aware: there is no relevant audlt infomwtlon of which the charrtable company's auditor 18 unaware,. and the Tiustees have taken all steps that they ought to have tak8n lo make th8mselv8s aware of any relevant audit informalk)n and to establish that the audltor Is aware of that information. 10 THE SYNCONA FOUNDATION BOARD OF TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (contlnued) Events slnc• th• ènd of th• y•ar In relation trj the donation received from Syncona on 28 June 2024. £4,192,000 has I￿n pald by way of donat￿nS SIn￿ 31 2024. Oiherwise, In Ihe opinion of the Board of TTUStees, no gvent since the balance sheet tht8 signthcantly affects the F￿ndatIOn'S financial position. Audltor Couch Bright King & Co continues as FoUndatI(￿'S audtts. Small company oxomptions The r&ixxt of the Board of TTUStees has been prepared tsking advantage (( the small (¥xnpanies exempl￿)n of section 415A of the Companies Act 2006. Thls report wag approved by the Board of TNstees on 10 December 2024 and signed on its behalf ty: Thoms Henderson Chaiman THE SYNCONA FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SYNCONA FOUNDATION Roport on tho audlt of tho Ilnanelal 8tatorn•nts Oplnlon Wè have audited the financlal stateThnts of The Syn¢ona Foundation (the 'charitable comparf) which comprise.. the statement of financlal actNltie$ IlnGorporaling an income and Èxpenditure account); the balance sheet.. the cash flow slatemenl., and the relaled Notes 110 17. The finanaal repo￿.n9 fr*rnewofk that has been applied in their preparatlon is applicable law and United Kingdom Accounting Standard5. including Flnancial Reporting Standard 102 'The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" (United Kingdom Generslly A￿pted Ac¢ounting Practice}. In our opinion the flnanclal siatemenls of The Syncona Foundallon {thè'charitabl8 company'l.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and ol the charitable company'$ inco￿￿ng resource5 and applutson of ￿$ourCes, including the charitable company'8 income and expenditure. for the year then ended.. have been property prepaTed in accordance with United Kingdom Generalty Accepted Awounting Practice including Flnancial Reporting Standard 102 Yhè Financial Reporting Standard applicable in the UK and Republlc of Ireland. and have been prep8red in accordance with (he requirements ol the Companies Act 20(￿. Bisl• for oplnk>n We conducted OUT audlt In ace4)rdance wlth Inlemational Standards ¢)n Auditsng {UKI IISAS (UK)> and applicable law. Our responsibillties under those st8ndards a￿ further described in the gudllofs rn8pJn$ibilitie8 for the audit of the finan¢ial 8latements sectlon of our rep)rt. We are iTrJepèndent of the tharilsble company In a¢oyd8nce with thé thical requirements thal a relevant lo our audil of the financral statements In thè UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibililies In accordance with these requirements. We b81iève that the audit e¥￿enCe we have obtained is sufflcient and appropriate lo yovide a basis for our opinion. Con¢luslon$ r•l•tlng to golng conc•rn In audlling the financlal statements, we have concluded that the tru81ees' use of the golng ¢onc•rn bas of a¢counllng in the preparation of thè financial statements is 8PPfOPri8t8. 8a$ed on the work we have perfDrmed. w8 have not Identlfied any matèTlal un¢ertaintie8 relating to events or conditlons that, indrvidually or colleclNely. may ¢asl significant doubt on the Foundation's ability to continue as a going concern for a perk)d of at least twelve months from when the financial statemonts are authorised for issue. Our resp)nsiblllties and the responsibilities of the truslee8 with regpect to golng concem are described in the re￿vant sectkjns of this report. THE SYNCONA FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SYNCONA FOUNDATION Icontlnuedl Othér Inform•tlo The Trustees ar8 responsible for the other information. The other infomalion comprises the infonnatson included in the TfUSteès' report, other than the financlal stalements and our audltofs report thereon. Our opinion on the financial statements does nol cover the other inlormalion and. except to the extenl otherwise explicit￿ Slated in our r&porl. we do not express any fomi of assurance Conclusion Ihereon. In ConneCt￿n with our audit of thè financial statements, our responsibilty is to read Ihè other information and, in doing so, conshlef whether the other information 15 materially inconsistent with the financial statements or our knowledge obt8in&d in the audit or othe￿ise appears to be materially misstated. If we identify su¢h material inconsistenues or appar8nl material misstatements. we are required to determine wholhèr there 16 a material mi8Stalemenl in the financial 9ts1ement9 OT a mal&rig1 migstalement of the olher information. If. based on the work we have performgd, we conclude Ihal there is a material mk8ststement of ihis other information, we are requiffjd to report that fact. havè nothing to report in respect of thèse matters, R•port on other legal and rngulatory rnqulr•m•nt• Oplnlons on other mattern prnscrlbed by th• Cornpanl•8 Aet 2006 In our opinlon, based on the w<)fk undertaken In the ¢OLJrse ol the 8udit'. Ihe information given In thè Trustees. report, which Includes the stral¢glc report and the directors. report prepared for the purposes of company law for th8 finanual year for which the financial stslemenls are prepared is consistent with the fin8n¢i?l $tatements,' and the direclors, report included within the Trusiees, report has been prepared in acordancè with applieAble legal requirerronts. In the light of the knowledge and understsndin9 of the charitable CDmpany and ts environrnenl obtalned in the course of Ihe audit. we have not ident1f￿d any matwlal mlsstatements In the strategk report or the directors, report In¢luded wilhin the Trustees, report. M•tt•rn on whleh w• aro r•qulr•d to r•port by ox¢•ptlon Under the Coffyanies Act 2006 we are requlred to rep)rt in resFect of the folbving matte[8 il. In our opinion.. adequate aceounb'ng records have not b8en kept by the charitsble ¢omp3ny, or returns adequate for our auclll have not been réceived from branches not v1811ed by us., or the eharitable company financlal 61atebr*nls are not in agreemenl wlth the acoountlng r8cords and returns., or ¢ertaln dlsclosures of trustees. rgmunerallon speclfied by law are noi m8de'. or we have not received al the informaJon and explanations we requi￿ for our audll.. or the trustees were not entitled lo p￿pare the financlal Statements in accordanGe with the Small companiBs' regime and lake advantage of the small Compan￿S, exèmptions in preparing th• directors. rèport and from the requirement to prepare a strategic feport. h8ve nothirKJ to report in resp8et of these matter8. 13 THE SYNCONA FOUNDATION INDEPENOENT AUDITOR'S REPORT TO THE MEM8ERS OF THE SYNCONA FOUNDATION {¢onllnu•d) Ro•ponslblllUe8 ol Tru8to•8 As explained more fully In the Trustees, responsibilille$ slalement set out on page 10. the Truslées {vA)o ale also the directors of the charrtablè company for the purpose of company lawl are responsibl8 for the preparallon of the financbal statements and for being satisfied that thay gNe a tnje and fair v￿w, and for such intemal control as the Truslees determine is necessary to enable the preparation ot ffinancial statements that are free frorn material mlsstalemenl, whethei dua lo fraud or error. In preparlng the financial statements, the Trustee8 ar6 responsible for asses8ing the charitable ¢ompafiy's abllity lo continue as a going concem, disclosing, as applicable, matter$ le￿Ied to going concern and using tho going concèm ba6is of accounting unless Ihe Trusteos oither intend to liquidate the ¢hadtable company or lo cease opefalNs, or have no realistic altemative but lo do so. AudltoV• r•8pon8lbllttleB for th• audll of th• financlal statéments f)Jr ob￿￿eS are to ot&in re880nable assuranrk about whetherthe financlal stslements as a whole are free from material rni8$lalement, whether due to fraud or error. and to issue an audltorfs reFQrt Uial indudes our opinion. Reasonable assurance 18 a huh level of assurance, bui is not a guarantee that an audit conducted In ac¢oTdance with ISAS {UKI will afrways delect a materlal mi981atem&nt wh8n it exists. Misst8temenl$ can arise from fraud or frrrorand are considered material If, Individually or in the aggregale, they could reasonably be expected to influenc* the economic decisions of u59TS tskan on the basis of the88 financial statements. Irregularities, includlng fraud, are instances of non For the year ended 31 Marth 2024 Yearended Year end•d 31 M•rth 31 March 2024 2024 R•strlcted UnroStrl¢ted Funds Fund8 Year ended Year ¢nd•d 31. Mar¢h 31 March 2024 2023 Total Tot•l Funds Fund8 las r¥stated) Incom• Imm: Donath)ns Investmènt Incom8 4.408,142 1,078 4,406,142 1,078 4,870.993 Totsl Ineom• 4407,220 4M07.220 4,671,193 Exp•ndftur• on: Charltsble activlltes 4,446,287 4,448,287 2,314,671 Total •xp•ndltur• 4,446,287 4A46,287 2,314.671 N•t l•xp•ndlturnVlneomè 139,0671 (39,067) 2,356,522 RKortelll•tlon ol ￿Trd•. Total lunds b￿￿ght forwa￿ at Start of year 18. 17 4.150,854 4,150.654 1.794.132 Total fund• c4rrf•d forward •t •nd of yMr 15, 17 4,111087 4111,887 4150,6S4 The si*ment of financial a¢tivlUes Incorporates 8n InrKfft and •xpendiiur• accounL All income aThl 6xpenditut¢ deflve from continulng operauons. There wèra M reeognlsed 9glns or ￿9$•6 ottr*r than tho¥e Ilsted abo¥• and the net In¢orre for thg year. 16 THE SYNCONA FOUNI)ATION BALANCE SHEET As at 31 March 2024 31 Ma￿h 2024 31 March 2023 Total Funds Totsl Funds (a$ rnstatodl Flx¢d Assots Investrnent Current Asmts Debtors Ca$h at bank and in hand 10 4,356,468 42,519 4,622.161 38,393 Total Current K*sets 4.398,987 4.660.554 Cr•dlth: ornounts falllng due wlthln on¢ year 11 {157.41X)) (282.900) Net Current knets 4.241.587 4,377.654 Credllors: a￿￿Unts falllng due after MO￿ than one year 11 (130,000) 1227,000) Total AA80ts loss Current Llabllltlos 4,111.587 4,150.654 Th• fvnds ofthe charlty. Restrlcted income funds Unrestricted in¢xJme fund5 15. 17 4.111.587 4.150.654 Totsl Funds 4,111,587 4,150,654 These financial statements have been Fyepared in aco)rdan¢e with the speaal provisions of Part 15 of tha Companies Act relatlr*J to smal companies. The finanual statements for The Syn¢ona Foundation (comp8ny number 08073905,. charity number 1149202) were approved by the tK>ard of dlrect(Ys and aUth￿l9ed for issue on 101)ecember 2024. TF were signed on its behaFf by.. Thomas Henderson. Trusteg 17 THE 8Y•ICONA FCMJNDATION CASH FLOW STATEMENT For ￿ y•ar endod 31 M•rch 2024 N•t ca•h Ilow• lrnm op•r•tln9 •ctlvltl•• 13 41 (14,680) N•t In¢i•••el(d•cM*u) In c••th and •qulval•nts 4121 114,6801 Cash 8fh1 cash equNfalents at beglnnlw of year 38,392 52,973 Cash and cash •ffjthal•nts It th• •nd ot th• year 42.519 38,393 Cash and cash wir¥4knts compth ¢•8h at bwk In h•nd. 18 THE SYNGONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Accountlng Poll¢les A summary of the principal a¢¢ounling policle$ 18 Set out below. All ofthese have been applied consistenlly throughout the year and the preceding year. Company and charltsbl• $t•tus The Syncona Foundat￿)n, a public benefit enlily, is incorporated in England and Walas as a company limited by guarantee not having a shale capital There are currently five Trustees who are also the members Df the Company. In the event of the charity being wound up, the liability in re8pect of the guarantee is limited lo £1 per member of tho r.harity The charity is a re9i$lered charity. The registered office is given on page 2. Basls of ac¢ountlnB The financial ststements have been prepared under the histori￿1 ￿$1 convention and In accofdance with Accounting and Rèporting by Charrties.. Statement of Recorrmended Practi￿ ISORP 2019> applicable to tharitses preparing their accounts in accordanGe with the Financial Reportlng Standard appluble in the UK and Republic of Ireland issued in OctobeT 2019, the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland IFRS 102), the Chanties Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Pra￿lee. The FoufKl8tion constitutes a public bènefil enlty as defined by FRS 102. Pr•sèntation Currency The finanGial statements a￿ prosenled in sterling whlch18 thè functional currency of the charity- Golng ¢on¢em The Foundab'on's ¢harilable activities, together with Ihe ts¢tOTS likely to affect its future development, perfomi8nce and position are set out in the TNslee$' Report. The Trustees, Report a180 destribes the flnancial posttion of lh8 Foundation,. ils cash fiow5 and liquidity positM)n; and the Foundation's obi8cbves, policies and processes ft)r managing it8 fiJnd5. The Foundation is linited by guarantee and is paty to a conlract vlth Syncona in relatron to the annual charitable donallon received from Syncona GP on behalf of Syncona. This is described fvrther in Note 2. Under thls 89reement, there are a numbef of conditions under which the agreement could be terminated. including on six months. wrilten notice. Were this to occur, Ihls would impede the ability of the Foundation to undertake its charitable acliviU88. Notice has not been provided under the lerrns of this agreement and the Trustees are not aware af any event that ha5 Occurred that could result in lermlnation ofthe agreement such that the Foundation would not continue to receive the annual Charitab￿ donation. The Tru8ts8s have a reasonable expectation Ihat the Foundation has adequate resources to continue in operational existence for the foreseeable luture. Thus they eonlinue ko adopt the going concern basis of accounting in preparing the annual f￿ancIal slalements and confirm Ihat there are no materlal uncertainties about the chafity's abilty to conllnue as a going concem. Fund •c¢ounllng Unostri¢led funds are those whkh are spent or applled at the discrétion of th& tru81ees to further ony of the Charity's purposes. Restricted income fund5 are to be Spent or applled wlthin a reasonable peric4J from their receipt lo further a specific purpose of the charity, whlth Is to further one or mcrfe but not all of the charity's purposes. They can only be used in accordance wllh Ihe donor's wish. Unr•strlcted funds are availabl? for use al th@ dlscrellon of the Trustees in furthefance of the general objectives of Ihe ¢harity and whlGh have not been designaled for other purposes. 19 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the yeaf end¢d 31 March 2024 Accountlng Pollcl•s (contlnuod) In¢om• Income is a transaction or other èvenl which results in an Increase in assets or a reduction in liabilities. This IS Tecognised in the Statement of Financial Activities when the Foundation gains control over the rights io an ewnomi¢ benefit that h85 passed to it, il is probable ihat the Foundation will reG8ive this income, and the monetary value of that income, the costs incurred for the transadon, and the costs to complete the transaction can be measured reliably. 8iJrh intAMnp. is anly defp.rred when. The donor specffies Ihal Ihe grant or donation Must only be used in fulure accounllng Feriods," or The donor has imposed corKlition8 which must ba before the charity has unconditional enlillement. On receipt. donatèd professional servi¢es are recognised on Ihe basis of the value of the gift to the Foundation which is the amount the Foundation would have been willing to pay to obtain seNlces or f¥ll￿.eS of equivalenl economic benefit on the open market,, 8 corresponding amunt 15 thèn rewnised in expenditure in the period of receipt. E¥p•ndltur• Expendibjre is incurred in carrying out tho activitle8 of the Foundation rè8ulting in a dee￿Ose In the Foundatlon's assets or an increase in its liabilities. Expenditure is rècognisèd in the Slatemenl of Financial Actwitles when a present legal or constructNe oblig8￿n exists at the balance shoet date as a r8sull of a past event, il 18 probable thata transfer of economio benefflsV￿ll be required in 8éttlement. the amount of the obligation can be measufed or estimated rellably. Grants payable are accounted for when the Tiustee8 have accepted a legal or constructive obligation to make the granL Costs ar& altocated lo activities Within the Statement of Flnancial Aclivities as required by the Charltlos SORP and are allocated dlrectty to th8 appropriate aetNIty- Plnanclal Instruments Financial assets and financlal Iiabi11118s are ftoogniged when the Foundab'on becom0$ a paty to the conlTactual provlsions of the Instrument. These are classified accordlng to the substsnce of Ihe contractual arrangements entered into. The Investment by the Foundation in a deferred share in Syncona. Is an unllgted equity Investment. The de18rred share in syn￿￿8 is recogni5ed at cost, as the share has no righls to assets or dlvidends beslde$ its nominal value Dn the liquldatlon of Syncona. The investmenl iy awssed for impairment at eath balanrn she•l dale. Debtors and Credltors are carried In the Baknce Sh8et at the consideration exPe￿ed lo be recelved or paid in their settlement. Their carrying values ale considered lo be equlvalent to their fair value$. T•x•tlon The Found8tk)n is a charity 15 exempl from tax on Incor￿ and galns falling wllhln Part 11 of the Corporation Tax Act 2010 I'CTA 2010,1 to th8 extent Ihal these are applled to Ils charitable objects. Current lax, including UK corporation lax, 18 provided 8t amounts expgcted to be paid lor recovered) uslng the tsx rat*$ and laws that havfj been enacted or substantively enacted by ihe balance sheet dat8. 20 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEIAENTS For the year ended 31 March 2024 A¢¢ountlng Poli¢10• i¢ontinued> Crhlcal •eeountlfig Judgem•nt• •nd kay 4ourco• of •gtlmatlon un¢•rt•lnty In Ihe appllcation of Ihe Foundation's accounting poli￿•8, tho Trustegs aré Tequirad to make iudgèrnents, eslimates and assumplw)ns akjut thé carying amounts of assets and Ilabilibes Ihat are nol re•dily apparent from other source5. The e$tsmales and aswiated assuMpt￿n5 are based on histor￿al experien¢e and other factors that are considered to be relevant. Actual resul18 may differ from these estimates. Thè estimates and underfying assumptions are reviewed on an ongoing basis. Rèvisions lo accounting estimates are reco9nised bn the period in whth Ihe estimate is revised if the revision 8ffect$ only that od, or in the period of the revi51Dn and fiJbJre periods if the revision affects current and future peTiods. The Trustees do not con5idw Ihere are any ¢rll'cal judgements or Source8 of estimation uncertalnty requiring disdosure beyond the accounting policies Ilsted above. D•btorn and cr•dliorn rocalvablelpay•bl• wfthln on• year Debtors and créditors wrth no stated interest rale and rèceivablè or payatAe wlthin one year are recorded at transaction prf¢e. Any losses afising from iffpairrreDI are recognlsed in expenditure. Cash al bank and In hand Cash at bank and cash in hand Includes cash and short tem hNJhly liquid Inveslmentswith a short maturlty of three mimlhs or less from the date of acquisltlon or openlng ol the deposrt or slmllar account. Don•tlon from Syncona The Foundation is paty to an agreement dated 16 April 20201.the Syncona Agreem8nf), whlch sets out the 18rms on whlch Syncona makes an aggregats annual donation, paKI In arrears, of One-￿Ifth of 0.35 per cenl of Syncona's NAV 85 at each ￿KInth4nd during the year, to be Shared behveen the ICR and the Foundallon. Until Ihe yearending 31 March 2022, an amount equal to one-tr￿lfth of 0.15 per c6nt of Syncona's NAV as at eath month4nd durlng the year was donated to the ICR,. the Found8tlon agreed to be the recipient of the femainder of the Annual Charitable Contributfv?n not donated to the ICR. On 24 June 2022, It was agreed between Syncona gnd the Foundallon that the Annual Charltable Contribution wouhj contlnue at the aggregale of On&fv￿Ifth of 0.35 per cent of Syncona's NAV for each month during the year ending 31 March 2023 and the full amount would bo paid to the Foundation. On 13 March 2023 it was confirw*d th81 this arrangerrnnt would continue for tha yeai endlng 31 March 2024 and on 17 March 2024 itwas conflrmed that Èhis arrangemenlwould conhnue for the year ending 31 Mareh 2025. For any subsequent financ181 yaar8, unless oth@rwls6 agr8ed betseen Syncona and the Foundatlon, the Annual Charitable Contribution will be 8n amount equal to ihe 89gregats of onfrtsvelfth of 0.30 per f*nt of Syncona's NAV for each monlh during the relevant finon¢lal year or part year. Under the Syncona Agreement, sy￿1n# ha8 agreed to kyovidè admini$trallve 8UPPC*t atlho Foundabon's roque8t up to a m8xlmum cost of £50,000 per annum {colcul8ted on a cash ba8i$). as agre6d from lime to Ilme behveen Syncona and the Foundation. This 8UPPOrt may includ• the prov18ion of finan￿ manager and Iru8t66 admini8trabon support and other gUPPOrt such a8 evalua￿n or 8tralegy preparalK)n, THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Oon•tlon from Syn¢ona (contlnu•d Either party may temiinale this agreement on six months, written notu lo the olhei. Either party may temlnale Ihis agreement imm8di8tely on written notice to the other at any time In thè event that.. (01 (b) (cl a change of wntrol of Syncona occurs; the Foundation ceases lo be a charilable organisalion", the other party breaches any material provisron of this agreement and such breach either is incapable ol remedy or has not been remedied to the reasonable satisfaction of the tenninaling party within 30 days nf Ihp other pafty receiving notlce to do the same from the terminating paty,. the other party does (or omits to dol anything which, in the reasonabl8 opinion of the teminating paty, Is knowlngly calculated to, or which may reasonably be expected to, ￿n9 the lerminaiing party into disrepute., the other paty has passe¢J any resolution lor. or made any ffiling in respect of, Its Ilquidatlon, rece￿ershIp or reorganisatlon under any insolvency laws or haB taken {or Ihere has been taken against it by any third party) any similar actlon- or the performance by the fiTst paty of any of Ils obiigatlons under this agréément bs or b6com8s Illegal or unlawful under the law5 of any re￿vant￿￿[l$d1ctIt)n. (d) {el io In additi'on, the FoundabDn rmy tem)inate the agreement Imm8dialely on written notlce If Syncona do8s (or omits to do) anything whlch, In the reasonable opinion of the Foundallon. Is knowingty calculated to, or which may reasonabty be expected to. be delrimental to Ihe Foundallon carrying on its charitabte purposes. The agreement Is govémèd by Englbh law. FOT the year endlng 31 Mar¢h 2024, as per the above 8greement, the Foundatsn received the following., li) A donation of £4,356,122 (31 March 2023. £4,621,843) was re¢eNed on 28 June 2024. lil) Donated servic88 to the value 01 £50,020 (calculated on an accruals baslsl in respect of thé prov*ion of administratNe 8UPPOrt and other support such as evaluation or stralegy preparation. Invo8tffl•nt In¢orn• Investment Income Can be angtyséd as fpilows". 2024 2023 Bank intefest received 1,078 200 Total 1,078 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 31 March 2024 Charltable actlvltles For the year ended 31 March 2024, Syncona agreèd ￿ make an aggregate donatlon to the Foundation, paid in Bffears, of one-tsvelllh of 0.35 per cent of Syn¢ona's NAV as at each rrKJnlhvend during the year (the 'Annual Charitable Contribution.). On 17 March 2024, it was agreed betsveen Syncona anrj Ihe Foundalion Ihal for eny subsequent financial years. unless olheNk8e agreed beh¥een Syncona and tha Foundauon, the Annual Charftable Contribution will be an amount equ81 lo the aggregate of one tsyelfth of 0.30 per cent ol Syncona's NAV for each month during the relevant financial year or part year. The Foundakn'on makes donalk)ns to charltles in line with the Foundgtion's oblectlve¥, The Trustses havo reviewed the Foundation's Strategy, with a viaw lo rnaximising the impact from the grants the Foundation makes, and they anlicipale that fvture potents'al grantees ￿￿11 bo assessed based on the St￿ngth of their management. impact, abilrty to grow, focus on areas of high unmet need ability to communicato with the Foundation about their wo An anatysis of annu81 chantable donations 1$ 8h¢ywn belryw: 2024 Donatlons to Insti￿tIOnS 2024 Donitlon8 to Indlvlduals 2023 Donatlon3 10 In8thutlons 2023 Donatlons to lTrdlvldu•ls Charltablo athldes: las resiatedl {as reslated) Charitable org¥nisations 4,390,000 2,260,000 Total 4,390,000 2260,000 2024 2023 Allo¢•tlon of In8tltutlonal donatlon• P￿abl4 la• re•tat•d) Donations io core charilies Restrthd Unrestri¢t8d 4.230,000 2.190,000 Donation$ to other charitles.. Bowel Resear¢h UK Heritage of London Trust Komunbtni Centrum Kampa Lady Gard•n Foundatson Macmlllan Cancar Support MUSK as TheTapy Nurse Lifeline The Shanty Trusl 26,000 30,0th) 10.000 so,000 10.000 25,000 80,000 20,OIX) Totsl ¢harlthbl• don•don for y•ar 4,390.000 2380￿00 23 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 M8ich 2024 Allocailon of Costs by A¢llvKy In gceordancè wilh FRS 102, support costs are required to bé allocated to the 5ynificant 8ctivities of the cttarftab￿ OTgAnisat6on. All govemanee costs ￿rna by tha Founda'tion are allocated to charrtable activillas as they are attrlbutsble dlrecuy to that purpose. The all¢x81ion of thesè SUPPOrt costs is sh¢)wn in the table b8kJw'. Y••t •hd•d 31 Il•rch 2024 Ch•rltabl• A¢tlvlU• Other ExPor￿ltU1• Tol•l Support and Oth•r Costs: Governan￿ (see N¢)te 6) Totsl Support and othof Expondltu InstitulK)nal DOna￿on8 Payable (see Note 41 T•)tsl Expen8•0 66.287 S6.287 66387 S6.287 4.390,000 4M46,2È7 4,390,000 4846.287 Y•ar •nd•d 31 March 2023 Charllable Aetfvllb• Other Expèndfturo Total (•• rn•taied) lai re•tatedl Support ind Othèr Co•ts: Governance {s8e Note 6) Total Support •nd Oth•r Éxp•ndllur• Institutional Donatk)n¥ Payabl• (6ee Note 41 Total Expen•és 54,871 54,671 64,671 54,871 2.260.000 2,314,671 2,260,000 2,314.671 24 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For Ihe year en¢Jed 31 March 2024 Gov•rnance Costs An analysis of govemance costs is 8$ follows.. 2024 2023 Statutory Audil fee Insurance Costs Other profeSs￿)nal fee8 Adminislraliv& support provided by Syncona (see Note 2) 8ank charges 5,400 722 120 4,800 771 120 50,020 2S 49.160 30 56,287 54671 Tru•le•• and 8taff numbern No mombèr of th8 8oard of Truslees received any emoluments and Ihere were no empkiyees. Tax•tlon on profft on ordlnary acllvltl68 The Foundation 15 a charity and Is exempt from tax on income and galns falllng wlthln Part 11 of the CorpJr8llon Tax Acl 20101'CTA 201￿) lo the extent that these a￿ 8pplied lo ils charitable objects. No tax charges have arisen In the Founda￿On. Invmlmont On 28 September 2012, the Sole subscriber ghare Issued by Syncona on Incorporation was re4eslgnatad (by spec4al ￿8￿lut￿)n of the founder Shareholder dated 28 September 2012) as a Deferred Share and transferrnd to th8 Foundation. The Foundation holds this share at nil value. This non-participating non- redeefflab￿ Oeferred Share has no other rights lo assets or dividends, except to pay￿nt of £1 on the liquhjation of Syncona and carries a right to vole only if there are no ¢)ther classes of voting share of Syncona in iBSUe. 10. D•btorn 2024 2023 las rnstatod) Du• wlthln one y•ar Recetvable from Syncona GP (see Note 2) Other debtors Prepayménts 4,356,122 4.621.843 318 4,366,468 4,622.161 A8 explained In Note 2, the amount recelvable from Syncon8 GP has been retsived after the year eTrJ. 25 THE SYNCONA FOUNDATION NOTE8 TO THE FINANCIAL STATEMENTS For the year ern1ed 31 March 2024 11. Gr￿￿018 2024 2023 Du• withln ono y••r: Charty donats'ons payable Isee Note 12) Trade and other credttofs ststutory Audit fee 152,000 277,500 5,400 5,400 157AOO 282,900 Du• aftfrr mor• than on• year: Charity donations payable (so• Note 12) 130.000 227,000 130 227.000 12. Fundlng commltmont• Al 31 March 2024, the Foundallon had commltted to make Ihe folhxilng ¢knations, wh￿h are considered a liabillty.. 2024 2023 Duo wlthln on• ymr. Génerating Gonius Héritagè of Londttn Tnjst y Garden Foundati¢)n M8tt Hampson Foundab'on Royal M8rsden Can¢et Charlty Business Beats Caneer Gu•m8ey Nurse Lrf8line Thé Shanty Trust 100.500 30,000 50,000 30,000 30,000 30,000 50,000 17,000 15,000 10,000 17,000 152MI)D 2TI,SOO Due after morn than on• y•ar Heritage of London Trust Mett Hampson Foundation Royal Marsden Cancer Charity BuslnesB Beats Cpneof Guernsey Nurne Llfelino 30,000 30,000 150,OOQ 17,000 1 CQ,000 30,000 130,000 227,000 The88 paym8nts are Includod kn the Cffjdltors balancos 8bove. At the end of thè curr8nl and pmcédlng year there warè N) other fundlng ￿ cathl comNltm•nts. contlngent liabilities or other flnancial rjynmllments for which full wovlsion has not been mado In the8e financlal slatem&nts. 26 THE SYNCONA FOUNDATION NOTes TO THE FINANCIAL STATEMENTS For the yèar endéd 31 March 2024 13. Recon¢Ml•tlon ol nfrt mov•m•nt in fund• to nèt ca*hllow from op•ratlng athltl•• 2023 2024 (a• rostatod) 2,356,522 Net lexpendrturelllncome lor the year {39,CE71 Net incomel{expenditure) before mov8m8nt In working capital 139,CA7) 2.356,522 Decreasallincr8as8} in debto 265.693 12,193,282) Decrea88 in crèditors 1222.5001 1177,820) Not ￿#h flows from opornting actlvllles 4,126 (14.680) Rd•t•d p•rti The Trusteès have not received any femunerallon and no travol or meeting expenses woro reimbur8ed to trustees during the year {31 Marth 2023: £nill. 15. Analys18 ol ¢harftabl• fund• Year •nded 31 I1•￿h 2024 An•ty•l• ol Fund Fund brought foThvard at 1 Aprll 2023 Incom• Expendltum (Includlng l•xallonl Fund ¢anl•d forw•nl at 31 ¥J24 la8 Mt•l•dl la) Re8trict&g Funds (bl Unre8trict•d Fund8 4.150,654 4,407,220 {4.446,2e7) 4.111.587 4,150,654 4N07,220 (W,287) 4.111.687 YMr •nd•d 31 Mareh 2023 An•ty•l• of Fund mov•m•nts Fund brought foThvard at 1 Apill 2022 Incom• Exp•ndftuf• Ilncludlng t•xatlon) Fund carrf•d IornArd at 31 March 202J r•itatod> (a• rMtst•d) ia) Reslrthd Fund8 (b) Unrestricted Funds 1.794.132 4,671.193 {2,314,871) 4.160,654 1,7H,132 4,671N93 12,314,671) 4,160.884 All Ihe Foundation's funds are unrè9tr1cted funds whl¢h are available for use at Ihe dl8crellon of the Trustee8 In furtherance of the gènèral obJectNes of the tharity and wh￿h have not beBn designated for other purpoges. Alloc•llon of Not Aa••t• b•twé•n fvnd• All nel assets as gt 31 March 2024 are unrnstrlctéd. 27 THE SYNCONA FOUNDATION NOTES TO THE FINANCIAL STATEMEKrs For thè year endèd 31 March 2024 17. Prlor Y•ar AdJu•lm•nt Duriftg 2024, the Foundat*)n idertlified that multi-year grant ￿mMItmentS had been incorrectly dis¢kJsed and accounted for due to errors in applying the accounling policles of the Charlty SORP 2019. As a consequence, the charitable donatiDns payable havè been underststed and debtors have been overEialed in its financial staternenls since year ended 31 March 2019 . The errors have been correGled by rèstating each of the affected financial slalement Ilne lor prior perfods. The followlng tsbles summari8e the Impacts on the Foundation's financlal ststements. 8tstement of Flnan¢lal A¢tlvltl•s (Incorporatlng an Incomo and Exp•ndltur• Account) For th8 year ended 31 March 2024 2023 AdJu•tm•nt A8 prnvlou•ty 2023 A• re•lat•d Exp•ndltur• on: Charitable a¢tlvitles Total donations payabl8 Gov8mance costs 2.487.500 54,671 1227.500) 2,260,000 54.671 Tolal •xp•ndiluro 2,642,1717 1227.500) 2,314,671 N•t Incom• 2,129.022 227,500 2,366,622 R•eon¢lll*tlon of lund•: Tot81 fvnds tKought forward al start ofyear 2,248.832 1454,5001 1.794,132 Tolal lunds ¢arrl•d lO￿aTrI at •nd of yur 4,377.654 1227.000) 4,ISO,614 B•lan¢e Sheet A8 at 31 March 2024 Tot•1 Curv•nt A88•t•: 4,887,554 1227,000) 4,680,$54 Credilors.. amounts falling due within one year (282,900) (282,900) N•t CuTr•nt Ao••ts 4,804,654 (227,000} 4.377,654 credito￿.. amounts falling due after more than onè year (227,Ll(Kl) {227,OiXI) Total A•ry•ts1•88 Curr•nt UabUIt*• 4,377,654 1227.0001 4,100.864 Th• fund• of the ch•rlty: Tot•1 fuDd• 4,377,654 (227.000) 4,180,884 28