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2024-04-30-accounts

The Guy Foundation Family Trust

Report and Accounts

30 April 2024

Charity Registration Number 1178782

Contents

Reports

Reports
Reference and administrative details of
the charity, its trustees and advisors 1
Trustees’ report 2
Independent auditor’s report 12
Accounts
Statement of financial activities 16
Balance sheet 17
Statement of cash flows 18
Principal accounting policies 20
Notes to the accounts 24

The Guy Foundation Family Trust

Trustees’ report Year ended 30 April 2024

Trustees Professor G W Guy (Chairman)
R R Brass
E J Dixon
K M Guy
J M Laughton
The Rt Hon Lord Waldegrave of North Hill PC
Scientific Advisors Professor J D Bell
Professor S W Botchway
Professor W D Frasch
Dr P J Kurian
Management R A Bowyer (Treasurer)
N V Copping (Programme Director)
Professor A V Nunn (Director of Science)
Registered address The Estate Office
Chedington Court
Chedington
Beaminster
DT8 3HY
Charity registration number 1178782
Auditor Buzzacott LLP
30 Wood Street
London
EC2V 6DL
Principal bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ
Metro Bank
One Southampton Row
London
WC1B 5HA
Solicitors Brabners LLP
Horton House
Exchange Flags
Liverpool
L2 3YL

The Guy Foundation Family Trust 1

Trustees’ report Year ended 30 April 2024

The trustees present their report together with the accounts of The Guy Foundation Family Trust (the ‘charity’) for the year ended 30 April 2024.

The accounts have been prepared in accordance with the accounting policies set out on pages 20 to 23 of the attached accounts and comply with the charity’s constitution, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Charitable objects

The objects of the charity, as set out in its trust deed, are to fund or otherwise assist in any exclusively charitable purpose according to the law of England and Wales for the public benefit that the trustees may determine from time to time in their absolute discretion. This reflects the trustees' interest in a variety of charitable projects and purposes and their expectation that their philanthropic aims may develop over time.

The principal aims and activities of the charity are:

Although the focus of study is bold and exploratory, grants are made to established academic or public institutions with a track record for delivering benefit to the public. These institutions attract leading talent and the charity works in close collaboration with them to build synergy and outcomes. Together with a respected scientific programme of events, activities and engagement, the charity’s ambition is that, over time, the cumulative efforts will generate knowledge that will be used to profoundly improve our understanding of health and utilised in advances in medical practice.

The trustees also have an interest in supporting elite sportspeople:

When setting the aims of the charity, the trustees have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s guidance on public benefit. The trustees believe they have demonstrated in detail throughout this report the ways in which the charity has been faithful to this guidance.

The Guy Foundation Family Trust 2

Trustees’ report Year ended 30 April 2024

Activities and achievements

In this, the sixth financial period since the charity was founded in 2018, the trustees furthered the objects by making grants to exclusively charitable projects. Acting in line with their duty to have due regard to guidance on public benefit they awarded grants for scientific research and education, as well as elite competitor funding.

Scientific research - the charity made very good progress with its research programme:

Research Centre for Optimal Health (RCOH), University of Westminster, London, UK and the Central Laser Facility (UK Research & Innovation - Science and Technology Facilities Council), Harwell, Oxfordshire, UK: The charity’s first funded research project (Grant 001, 2018-2021) at RCOH investigated how living organisms use light to communicate, detect and adapt to their environment. Four papers from the original study have now been published in peer reviewed journals.

The charity’s second funded research project (Grant 002) which commenced in 2019, led by Central Laser Facility (CLF) in collaboration with RCOH, investigates quantum biology using biophotons, entangled photons and electromagnetic fields in living systems. The findings from the study were presented at the Quantum Effects in Biological Systems conference in June 2023 and two papers were published in peer reviewed journals. Key milestones in the year included the move of the biophoton detection kit developed by the CLF team to the RCOH lab to enable biological experiments using this specialist, bespoke setup and embarking on hypomagnetic field experiments. The close collaboration between the CLF and RCOH has led to the project being run as a fully integrated programme of work between the two centres, with the CLF as the host institution. Two further grants for continuing the research to April 2026 were made in the period: £50,000 (July 2023) and £304,525 (February 2024).

The charity’s PhD Studentship (Grant 005) award holder Ifigeneia Kalampouka, based at the RCOH, made good progress investigating how biophoton emission is related to cellular senescence. The studentship commenced in 2021 and ends in August 2024. Findings from the research were presented at the Quantum Effects in Biological Systems 2023 conference and in May 2024 a manuscript of the study findings was accepted for publication.

The trustees approved a new research award (Grant 007, £261,709) in December 2023 for the study ‘Understanding the mechanism of photonic modulation of metabolism, inflammation and angiogenesis using fluorescent light energy (FLE)’. The collaborative project is being led by Professor Jimmy Bell (RCOH) with University of Westminster as the host institution. Professor Stanley Botchway (CLF) and Professor Gregory Scholes (Princeton University) are principal investigators. The project commenced on 1 April 2024 and ends in June 2026. The Guy Foundation extends its thanks to Picchio International who made a restricted donation to support the project.

Quantum Biology Laboratory (QBL), Howard University, US: The charity’s research project (Grant 003, 2020-2023) ‘Cooperative and coherent quantum phenomena in the life sciences’ was led by Dr Philip Kurian at the QBL, in collaboration with the Ecole Polytechnique Federale de Lausanne (EPFL), Switzerland. The project investigated cooperative quantum phenomena in tubulin protein architectures, which form a significant

The Guy Foundation Family Trust 3

Trustees’ report Year ended 30 April 2024

Activities and achievements (continued)

part of cytoskeletal networks in the brain and throughout the cells of higher organisms. The research findings were published in May 2024 in the Journal of Physical Chemistry and read over 25,000 times in the first few weeks after publication, garnering a very high attention score. The paper was selected as Editor’s Choice by Science magazine.

Allen Discovery Center at Tufts University, US : The charity’s research project Grant 004 led by Professor Michael Levin at the Tufts Center for Regenerative and Developmental Biology probed new ways by which biological tissues store information in physiological, not genetic, media, which has implications for regenerative medicine and synthetic bioengineering. The project commenced in 2021 and ended in May 2023. The findings were presented at scientific meetings, including as part of the charity’s 2023 Spring Series of online lectures and ten academic papers have been published.

Professor Levin is collaborating with Professor Wayne Frasch (Arizona State University) on a second research project: ‘From V-ATPase to Anatomy: understanding the origins of the bioelectric gradients that determine body form and function’ (Grant 006). The study was instigated and shaped by the Foundation team with the researchers after the question of bioelectricity and ATPase function arose in a Guy Foundation online symposium. The study commenced on 1 May 2022 and completed in April 2024. The final report is in preparation.

Scientific and education programme - over sixty scientists joined the Foundation’s scientific faculty during the year, bringing the total to over 200 members. The faculty is well represented from a range of different disciplines, with members based mostly in the UK, Europe and North America. The charity’s team convened eleven online scientific symposia with guest speakers. Written proceedings and video recordings were published on the website and the Foundation’s YouTube channel, which has over 1,000 subscribers. In October 2023, the Foundation organised a one-day symposium on cancer with Cancer Research Horizons at CRUK in London and subsequently published written proceedings.

The trustees approved two awards in the year: a donation of £5,000 to support the ‘A Century of Biophotons’ workshop held at Stellenbosch University, South Africa in November 2023 and a research prize of US$5,000 for Dr Nathan Babcock who was selected as the winner of The Guy Foundation Onion Prize in December 2023 in recognition of his reinterpretation of Alexander Gurwitsch’s original experimental results on biophotons and onion roots.

The charity continued to develop its theoretical understanding of quantum biology and bioenergetics with publication of a further theoretical paper in a peer reviewed journal. The Foundation also provided support to the wider scientific community, for example through its quarterly newsletters, available on the Foundation’s website www.theguyfoundation.org.

Elite sporting competitors – the charity’s elite competitor grant holder K Beardmore (foil fencing) continued to train full-time and compete at World and European level and provided regular written reports. The trustees approved two grants in the year (July 2023 - £10,000 and April 2024 - £8,320) to enable Ms Beardmore to complete the 2023/4 fencing season. From 2024 the trustees are looking to fully focus on the charity’s scientific programme.

The Guy Foundation Family Trust 4

Trustees’ report Year ended 30 April 2024

Grant making policy

The trustees apply the funds of the charity at their discretion and in accordance with the charitable purposes and objectives of the charity. The charity awards the majority of funds to scientific research with smaller amounts to scientific meetings and outreach. Information on the charity’s funding is available on The Guy Foundation website.

Research grant proposals are reviewed by the charity’s Director of Science and Programme Director and other peer reviewers as needed; grant decisions are made solely by the trustees. Once grants are awarded, terms and conditions are agreed with the grant holder and host institution. The charity has a rigorous monitoring and reporting process in place, including review of full written quarterly progress reports and regular face to face presentations by grant holders to the trustees.

From time-to-time other requests for quantum biology funding, such as outreach activities, are also considered and decided upon by the trustees. Elite competitor grant applications are no longer being considered, to allow a full focus on the Foundation’s scientific objectives.

Financial review

Results for the year

A summary of the year’s results can be found on page 16.

The charity was pleased to receive its first donation from an external supporter this year. In December 2023 we received a restricted donation from Picchio International of £261,709 towards the study on fluorescent light energy (Grant 007 FLE Study) and we immediately awarded the full grant. Half of the donation from Picchio International was paid up front, the remaining half is to be paid in 2025 and is shown in debtors (£130,854).

Total income for the year amounted to £277,208 (2023: £505,728) and was derived from the Picchio International donation of £261,709, gifts in kind of £5,000 and bank interest of £10,499.

Expenditure in the year totalled £846,132 (2023: £178,392), of which £261,709 was spent on restricted activities. All expenditure was spent on charitable activities, with no expenditure on raising funds.

A total of £616,183 (2023: £nil) grants for scientific research were made during the year:

The Guy Foundation Family Trust 5

Trustees’ report Year ended 30 April 2024

Financial review (continued)

Results for the year (continued)

A total of £12,125 (2023: £8,437) donations for scientific education and outreach were made during the year:

In addition, awards totalling £18,320 (2023: £nil) were made to Kate Beardmore (elite competitor) to fund training and competition costs for the 2023/4 fencing season.

Scientific and education costs totalled £137,177 (2023: £121,933). Support and governance costs were £62,327 (2023: £48,022).

The decrease in funds for the year was £568,924.

As at 30 April 2024 the Foundation had cash of £481,286 (2023: £829,180) but total net liabilities of £132,122 (2023: total net assets of £436,802). Following the year end, on 25 September 2024, the settlors made a generous donation to the Foundation of £500,000.

Reserves policy and going concern statement

The charity has a reserves policy to ensure that its activities are delivered in the short-term but also sustained in the medium to long-term. As a trust largely funded by unrestricted donations from a single settlor, governed by a trust deed that states income may be accumulated for 21 years, the charity is not bound to disperse its funds within a short timeframe but instead the priority is to protect our long-term ambitions and activities. In order to achieve the objectives, the trustees have determined that the charity’s free reserves, which equate to unrestricted funds, should be a minimum of six months’ operating costs (currently £125k pa), with no upper limit.

The charity is not an endowment trust. Total net liabilities at 30 April 2024 were £132,122 (2023: total net assets £436,802). Although net assets were negative at the year end and thus below the projected operating cost for the next financial period, post year end the settlors made a donation of £500,000 to ensure the charity has adequate funds to cover its grant commitments and sufficient reserves to continue as a going concern.

The Guy Foundation Family Trust 6

Trustees’ report Year ended 30 April 2024

Future plans

The trustees will continue to formulate and revise their future philanthropic plans, in line with the grant making policy described above. To the extent projects are successfully delivered by grantees, the trustees may consider developing their existing funding relationships with additional grants, but they may also identify new projects deserving of funding. The amount of future grant funding will be subject to research funding needs, identification of suitable projects and funds available.

The Guy Foundation Family Trust 7

Trustees’ report Year ended 30 April 2024

Governance, structure and management

Governing document

The Guy Foundation Family Trust is a charitable trust governed by a trust deed dated 11 January 2018. It is an unincorporated registered charity, Charity Registration Number in England and Wales: 1178782.

Trustees

The charity has six trustees as listed on page 1 of the accounts. Per the trust deed there must be at least three charity trustees.

Professor G W Guy (Chairman), K M Guy and J M Laughton are First Trustees (appointed on 11 January 2018). R R Brass was appointed on 1 October 2018 (second term approved on 14 June 2023), E J Dixon was appointed on 27 June 2019 (second term approved on 12 June 2024), and The Lord Waldegrave of North Hill PC was appointed on 8 June 2021.

In accordance with the trust deed, First Trustees are entitled to hold their office for life (unless removed by the appointers). Professor G W Guy has the right to, jointly with K M Guy, appoint a new trustee for a term they choose, which can be for life or such other period as they shall agree. Usually the term will be for five years, renewable by mutual consent. New trustees are selected with regard to the knowledge, skill and expertise appropriate for the effective governance of the charity and delivery of the charitable objectives.

New trustees are appointed in writing and briefed on their legal obligations under charity law and their role and responsibilities as trustees. The charity provides new trustees with a trustee checklist, including the Charity Commission’s guidance on public benefit, trust deed, policy on fit and proper status, related party transactions and conflicts of interest. Trustees are briefed on the decision-making process and the financial status of the charity and invited to attend external training workshops or events.

The charity has a fit and proper status, related party transactions and conflicts of interest policy and declaration process in place. Declarations of interest is included as a standard item on meeting agendas. Trustees are required to disclose all relevant interests and to withdraw from the decision-making process where a conflict of interest arises.

The charity has a number of policies in place to guide and support strong governance, including but not limited to the following areas: risk management, reserves, data protection, equality and diversity, complaints, crisis management, anti-bribery and corruption, donations and investments, financial authorisation and expenses.

Trustees make the charity’s decisions collectively at Board of Trustees meetings or electronically in the interim as needed. The charity has two sub-committees: Nominations Committee (chaired by R R Brass) and the Finance & Audit Committee (chaired by J M Laughton). Each committee reports to the Board of Trustees.

The charity’s officers, who work on an employee or consultancy basis, undertake the day to day activities of the charity and are closely overseen by the trustees.

The Guy Foundation Family Trust 8

Trustees’ report Year ended 30 April 2024

Governance, structure and management (continued)

Trustees (continued)

The remuneration policy of the charity, for employees and consultants, is to pay a fair wage that is sufficient to attract and retain skilled, expert and appropriately qualified staff to lead, manage and deliver the charitable activities. Wages are competitive and proportionate to the complexity of each role and the associated range of responsibilities. The charity offers paid holiday and employer’s pension contributions for its employee and does not pay bonuses or performance-related pay.

All trustees give of their time freely and no trustee was paid remuneration or expenses in the year.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the trustees’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial period which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing the accounts the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Guy Foundation Family Trust 9

Trustees’ report Year ended 30 April 2024

Governance, structure and management (continued)

Risk management

In line with the charity’s risk management policy the trustees regularly review and assess the risks facing the charity and update the risk register accordingly. The trustees believe the significant risks to be:

Damage to our reputation - the charity acknowledges that damage to its reputation is a risk, possibly through misunderstanding of the scientific focus or through the conduct of people connected with us. The charity ensures it is well run by maintaining good governance and management practices including: trustee and advisor appointments, induction and engagement, and grant agreements with grant holders. If things were to go wrong, we have a complaints policy and crisis management policy in place and also insurance to mitigate the financial risk to the charity.

Operational risk from ineffective grant making - operationally a risk is that grants are ineffective. The trustees mitigate this risk by making grants according to their grant making policy, to fund research centres with a good track record and to work closely with those centres so they can be satisfied that each grant is made in furtherance of a charitable purpose that offers a public benefit. Although the charity makes some grants to individual recipients, the trustees consider that their practice of making grants to public institutions such as universities, with a track record of delivering charitable projects for the public benefit, is an effective means of mitigating this risk.

Conflicts of interest - the trustees recognise the importance of declaring interests and managing any potential conflicts. The charity has a related party transactions and conflicts of interest policy and declaration process in place. Trustees are required to disclose all relevant interests and to withdraw from decision-making where a conflict of interest arises. The trustees actively manage potential conflicts. For instance, the quantum biology community is small and as is common among research charities the most qualified scientists are the natural choices for both advisory roles and for research grant awards. The trustees therefore ensure that the grant-making policy is adhered to at all times with solely the trustees making decisions on grant and donation awards.

Cybersecurity threats - the charity acknowledges that cybersecurity risks continue to grow and the associated loss of data or systems could cause significant operational difficulties, and theft of assets could cause financial losses, both of which would also lead to risks associated with the reputation of the charity. The charity continues to act in line with its IT security measures and reviews them regularly.

The Guy Foundation Family Trust 10

Trustees’ report Year ended 30 April 2024

Governance, structure and management (continued)

Signed on behalf of the trustees:

Professor GW Guy

Chairman and Founder Trustee

Approved by the trustees on: 23 October 2024

The Guy Foundation Family Trust 11

Independent auditor’s report Year ended 30 April 2024

Independent auditor’s report to the trustees of The Guy Foundation Family Trust

Opinion

We have audited the accounts of The Guy Foundation Family Trust (the ‘charity’) for the year ended 30 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

The Guy Foundation Family Trust 12

Independent auditor’s report Year ended 30 April 2024

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

The Guy Foundation Family Trust 13

Independent auditor’s report Year ended 30 April 2024

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As a result of our procedures, we did not identify any key audit matters relating to irregularities.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Guy Foundation Family Trust 14

Independent auditor’s report Year ended 30 April 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 25 October 2024

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

The Guy Foundation Family Trust 15

Statement of financial activities Year to 30 April 2024

Notes
Unrestricted
funds
£


Restricted
funds
£
Total
funds
2024
£		 Unrestricted
funds
£
Restricted
funds
£
Total
funds
2023
£
Income from:
Donations
1
Bank interest
Total income
Expenditure on:
Charitable activities
2
Total expenditure
Net (expenditure) / income for the year
before investment losses
5
Net losses on revaluation of
investments:
Realised losses
12
Net movement in funds
Total funds brought forward at 1 May
Total funds carried forward at 30 April
5,000
10,499		 261,709
266,709
—
10,499		 505,000
—
505,000
728
—
728
15,499 261,709
277,208		 505,728
—
505,728

584,423		 261,709
846,132		 178,392
—
178,392
584,423 261,709
846,132		 178,392
—
178,392

(568,924)

—		 —
(568,924)
—
—		 327,336
—
327,336
(2,545)
—
(2,545)
(568,924)
436,802		 —
(568,924)
—
436,802		 324,791
—
324,791
112,011
—
112,011
(132,122) —
(132,122)		 436,802
—
436,802

All recognised gains and losses for the year are included in the statement of financial activities.

The Guy Foundation Family Trust 16

Balance sheet 30 April 2024

Notes
2024
£		 2024
£		 2023
£		 2023
£
Fixed assets
Tangible fixed assets
8
Current assets
Cash at bank and in hand
Debtors
9
Current liabilities
Creditors: amounts falling due within one
year
10
Net current assets
Total assets less current liabilities
Creditors:amounts falling due after more
than one year
11
Total net (liabilities) / assets
Represented by:
The funds of the charity
Unrestricted (deficit) / funds
12
Restricted funds
13
Total charity (deficit) / funds
481,286

130,982		 165 829,180
116		 704
165
204,045		 704
503,383
612,268

(408,223)		 829,296
(325,913)


204,210
(336,332)		 504,087
(67,285)
(132,122) 436,802
(132,122)
—		 436,802
—
(132,122) 436,802

Approved by the trustees and signed on their behalf by:

Professor GW Guy

Chairman and Founder Trustee

Approved by the trustees on: 23 October 2024

The Guy Foundation Family Trust 17

Statement of cash flows Year to 30 April 2024

Notes
2024
£
2023
£

(358,393)
(58,345)
10,499
728
—
79,266
10,499
79,994
(347,894)
21,649
829,180
807,531

481,286
829,180
Cash flows used in operating activities
Net cash used in operating activities
A
Change in cash and cash equivalents in the year
Bank interest received
Sale of donated shares
Net cash provided by investing activities
(Decrease) / increase in cash and cash equivalents
Cash and cash equivalents brought forward
Cash at bank and in hand
Cash and cash equivalents carried forward
B

Notes to the statement of cash flows

A Reconciliation of net movement in funds to net cash used in operating activities

2024
£
2023
£
Net movement in funds (as per the statement of financial activities)
Adjustments:
Depreciation charge
Non-cash gifts
Non-cash expenditure
Bank interest received
Increase in debtors
Increase / (decrease) in creditors
Net cash used in operating activities		 (568,924)
324,791
539
539
(5,000)
(5,000)
5,000
5,000
(10,499)
(728)
(130,866)
(15)
351,357
(382,932)
(358,393)
(58,345)

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2024
£
2023
£
Cash at bank and in hand
Total cash and cash equivalents		 481,286
829,180
481,286
829,180

The Guy Foundation Family Trust 18

Statement of cash flows Year to 30 April 2024

C Analysis of changes in net debt

Analysis of changes in net debt
At 1 May
2023
£
Cash flows
£		 At 30 April
2024
£
Cash at bank and in hand
Total cash and cash equivalents		 829,180
(347,894)		 481,286
829,180
(347,894)		 481,286
At 1 May
2022
£
Cash flows
£		 At 30 April
2023
£
Cash at bank and in hand
Total cash and cash equivalents		 807,531
21,649		 829,180
807,531
21,649		 829,180

The Guy Foundation Family Trust 19

Principal accounting policies Year ended 30 April 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below:

Basis of preparation

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

These accounts have been prepared for the year to 30 April 2024 and are the sixth set of accounts for the charity.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the trustees to make significant judgements and estimates.

Other than the allocation of governance and support costs between the various categories of expenditure, there are no items in the accounts where key judgements and estimates have been made.

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

At 30 April 2024 the total net liabilities was £132,122. However post year end, on 25 September 2024, the settlors made a donation of £500,000. The charity has sufficient cash to cover the grants committed to and trustees are able to control the costs and level of grants made. The trustees of the charity have assessed that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

The trustees therefore conclude that the Trust remains a going concern for at least 12 months from the date of approval of these financial statements.

The Guy Foundation Family Trust 20

Principal accounting policies Year ended 30 April 2024

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

The principal source of income is donations, and interest receivable.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Donated services and facilities provided to the charity are recognised in the period when it is probable that the economic benefits will flow to the charity, provided they can be measured reliably. This is normally when the service is provided/the facilities are used by the charity. An equivalent amount is included as expenditure. Donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain facilities or services of equivalent economic benefit on the open market.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Expenditure on charitable activities includes all other costs associated with furthering the charitable purposes of the charity. Such costs include grants made in accordance with the charity’s objects and administration costs.

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received funds or been informed of the decision to make the grant and has satisfied all performance conditions. Grants approved but not paid at the end of the financial period are accrued. Grants where the beneficiary has not been informed or has to fulfil performance conditions before the grant is released are not accrued but are disclosed as financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

The Guy Foundation Family Trust 21

Principal accounting policies Year ended 30 April 2024

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support including in the form of financial procedures.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support and governance costs are apportioned using percentages based on the time spent on each of the activities of the charity.

Tangible Fixed assets

All assets costing more than £1,000 are capitalised at historical cost.

Tangible fixed assets are stated at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:

Computer equipment 33.3% p.a. straight line.

Investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

The Guy Foundation Family Trust 22

Principal accounting policies Year ended 30 April 2024

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund structure

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees.

Foreign currencies

Assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the net movement in funds.

The Guy Foundation Family Trust 23

Notes to the accounts Year ended 30 April 2024

1 Income from: Donations

Unrestricted
funds
£

Restricted
funds
£
Total
funds
2024
£
Unrestricted
funds
£
Restricted
funds
£
Total
funds
2023
£
Donations from
- Trustees (see note 15)
- Corporate donors (see
note 16)
2024 total funds		 5,000
—
5,000
261,709
261,709
505,000
—
505,000

—
—
—
5,000
261,709
266,709
505,000
—
505,000

2 Expenditure on: Charitable activities

Unrestricted
funds
£

Restricted
funds
£
Total
funds
2024
£
Unrestricted
funds
£
Restricted
funds
£
Total
funds
2023
£
Grants and charitable
donations
. Grants for scientific
research
. Donations for scientific
education and outreach
. Grants for individual
sportspeople
Scientific and education
costs (see note 3)
Support and governance
costs (see note 4)
2024 total funds		 354,474
12,125
18,320
137,177
62,327
261,709
616,183

—
12,125

—
18,320

—
137,177

—
62,327
—
—
—

8,437
—
8,437

—
—
—

121,933
—
121,933

48,022
—
48,022
584,423
261,709
846,132
178,392
—
178,392

3 Scientific and education costs

Unrestricted
funds
£

Restricted
funds
£
Total
funds
2024
£
Unrestricted
funds
£
Restricted
funds
£
Total
funds
2023
£
Conferences and
meetings
Scientific consultancy
Website and publications
2024 total funds		 7,573
116,216
13,388
—
7,573

—
116,216

—
13,388
9,857
—
9,857

99,187
—
99,187

12,889
—
12,889
137,177
137,177
121,933
—
121,933

4 Support and governance costs

Support and governance costs
Basis of
allocation		 Grant
making
£
Scientific
and
Education
£
2024
£
Support costs allocated to activities
Administration costs
Time spent
Foreign exchange gains
Time spent
Bank charges
Time spent
Office costs
Time spent
Travel and training
Time spent
Governance costs:
-
Auditor’s remuneration
Time spent
2024 total funds		 27,504
27,504
55,008
(1,587)
(1,587)
(3,174)
576
576
1,152
1,408
1,407
2,815
83
83
166
3,180
3,180
6,360
31,164
31,163
62,327

The Guy Foundation Family Trust 24

Notes to the accounts Year ended 30 April 2024

4 Support and governance costs (continued)

The allocations are 50% to grant making and 50% to scientific and education.

Basis of
allocation		 Grant
making
£
Scientific
and
Education
£
2023
£
Support costs allocated to activities
Administration costs
Time spent
Foreign exchange gains
Time spent
Bank charges
Time spent
Office costs
Time spent
Travel and training
Time spent
Governance costs:
-
Auditor’s remuneration
Time spent
2023 total funds		 22,594
22,595
45,189
(2,815)
(2,816)
(5,631)
210
210
420
1,015
1,015
2,030
97
97
194
2,910
2,910
5,820
24,011
24,011
48,022

Allocated 50% to grant making and 50% to scientific and education.

5 Net (expenditure) / income for the year

This is stated after charging:

Unrestricted
funds
£

Restricted
funds
£
Total
funds
2024
£
Unrestricted
funds
£
Restricted
funds
£
Total
funds
2023
£
Depreciation – owned
assets
Auditor’s remuneration
(including VAT)
. Statutoryaudit fees		 539
6,360
—
539

—
6,360
539
—
539

5,820
—
5,820

6 Staff costs

The charity has one employee, appointed on 6 April 2021 (0.6 FTE). The total staff costs for 2024 were £45,075 (2023: £38,140).

Number of employees

The average monthly number of employees (headcount) during the year was:

2024
Number		 2023
Number
Staff
1		 1

The Guy Foundation Family Trust 25

Notes to the accounts Year ended 30 April 2024

6 Staff costs (continued)

Staff costs(continued)
Employment Total
funds
2024
£
Total
funds
2023
£
Wages and salaries
Social security costs
Total employment costs		 41,094
34,482
3,981
3,658
45,075
38,140

7 Taxation

The Guy Foundation Family Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8 Tangible fixed assets

Computer
equipment
£
Cost
At 1 May 2023 1,647
At 30 April 2024 1,647
Depreciation
At 1 May 2023 943
Charge for the year 539
At 30 April 2024 1,482
Net book value
At 30 April 2023 704
At 30 April 2024 165

9 Debtors

Debtors
Total
funds
2024
£
Total
funds
2023
£
Debtors
Prepayments		 130,854
—
128
116
130,982
116

10 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Total
funds
2024
£
Total
funds
2023
£
Accruals
Grant creditors		 9,510
5,820
398,713
320,093
408,223
325,913

The Guy Foundation Family Trust 26

Notes to the accounts Year ended 30 April 2024

11 Creditors: amounts falling due in more than one year

Creditors: amounts falling due in more than one year
Total
funds
2024
£
Total
funds
2023
£
Grant creditors 336,332
67,285
336,332
67,285

12 Unrestricted funds

Unrestricted funds
At 1 May
2023
£		 Income
£		 Expenditure
£		 Losses
£
—		 At 30 April
2024
£
Unrestricted funds 436,802 15,499 (584,423) __
(132,122)
436,802 15,499 (584,423) — (132,122)
At 1 May
2022
£		 Income
£		 Expenditure
£		 Losses
£
(2,545)		 At 30 April
2023
£
Unrestricted funds 112,011 505,728 (178,392) __
436,802
112,011 505,728 (178,392) (2,545) 436,802
Restricted funds At 1 May
2023
£		 Income
£		 Expenditure
£		 Losses
£
—		 At 30 April
2024
£
Restricted funds — 261,709 (261,709) __
—
— 261,709 (261,709) — —
At 1 May
2022
£		 Income
£		 Expenditure
£		 Losses
£
—		 At 30 April
2023
£
Restricted funds — — — __
—
— — — — —

13 Restricted funds

The Guy Foundation Family Trust 27

Notes to the accounts Year ended 30 April 2024

14 Analysis of net assets / liabilities between funds

Analysis of net assets / liabilities between funds
2024 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Tangible fixed assets
Current assets
Current and non-current liabilities
Net liabilities as at 30 April 2024		 165
612,268
(744,555)		 —
—
—		 165
612,268
(744,555)
(132,122) — (132,122)
2023 Unrestricted
funds
£		 Restricted
funds
£		 Total
funds
£
Tangible fixed assets
Current assets
Current and non-current liabilities
Net assets as at 30 April 2023		 704
829,296
(393,198)		 —
—
—		 704
829,296
(393,198)
436,802 — 436,802

15 Related party transactions

During the year to 30 April 2024, The Chedington Court Estate Limited, which is jointly owned by Professor G W Guy and K M Guy, provided support to the charity to the value of £5,000 (2023: £5,000), which has been reflected in the accounts as a gift in kind. Post year end, on 25 September 2024, Professor G W Geoffrey and K M Guy made a generous unrestricted donation of £500,000 which will be recognised as income in the accounts for the FYE 30 April 2025.

16 Acknowledgements

The charity would like to thank Dr Francesco Bellini and colleagues at Picchio International for the generous donation of £261,709 towards the costs of the FLE Study (Grant 007), which we are teaming with funding and scientific support from The Guy Foundation to create and build this exciting new collaboration.

We also thank our Trustees and Scientific Advisors who freely gave their time to give invaluable support to the charity this year.

The Guy Foundation Family Trust 28