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2024-07-31-accounts

Charity Registration No. 1179130

Company Registration No. 07855645 (England and Wales)

GENESIS RESEARCH TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

GENESIS RESEARCH TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor Lord R M L Winston
Professor P R Bennett
Professor S Franks
Ms A Hodes
Mrs L C Loftus
Mr A S Rosenfelder
Secretary Mrs L C Loftus
Charity number 1179130
Company number 07855645
Director of Services Stephen Button
Registered office Wolfson & Weston Research Centre Family Health
IRDB Building
Imperial College London
Hammersmith Hospital
Du Cane Road
London
W12 0NN
Auditor HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
Bankers HSBC Bank Plc
281 Chiswick Hgh Road
Chiswick
London
W4 4HJ
Investment advisors Meridiem Investment Management Limited
Riverside House
2a Southwark Bridge Rd
London
SE1 9HA

GENESIS RESEARCH TRUST

CONTENTS

Page
Trustees' report 1 - 7
Statement of Trustees' responsibilities 8
Independent auditor's report 9 - 11
Statement of financial activities 12 - 13
Summary income and expenditure account 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 29

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

FOR THE YEAR ENDED 31 JULY 2024

INTRODUCTION

The Trustees are pleased to present their Trustees’ report together with the financial statements of the charity for the year ended 31 July 2024. The Trustees’ report is also prepared to meet the requirement for a directors’ report for Companies Act purposes.

The financial statements comply with the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statements of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OUR PURPOSE AND ACTIVITIES

With our building, the Institute of Reproductive and Developmental Biology, celebrating its 25 anniversary this year Trustees have given a lot of thought to the long-term future of the Genesis Research Trust and its research into the causes and treatment of infertility and the issues concerning parturition and birth. They have agreed to provide further investments over 5 years to establish and maintain three posts for senior scientist and or clinical academics to refresh and maintain the core endeavours of the Genesis Trust. The aim would be to help support these substantive appointments in Imperial College Medical School.

The objectives of the Trust are:

  1. To promote by all available means the study of healthy childbearing

  2. The prevention of diseases peculiar to women.

  3. The study of disorders of childbearing and allied subjects allowing for improvement in the standard of knowledge of the means of prevention, diagnosis and methods of treatment and cure of such diseases.

  4. To initiate, encourage, support, and carry out research and investigation into the causes of such diseases and the possibilities or prevention and alleviation or cure.

To achieve these objectives, the Trust acts as a grant making body, raising funds to provide financial assistance for medical research and for teaching in the field of gynaecology, obstetrics and related fields in paediatrics. Most activities supported by the Trust are centred at the Institute of Reproductive and Developmental Biology at the Wolfson and Weston Research Centre for Family Health and at Queen Charlotte’s and Hammersmith Hospitals. Additionally, the Trust funds some academic activity within the ‘Division of Cancer, Institute of Reproductive Developmental Biology’, Imperial College London.

The Trust is situated in the Institute of Reproductive Developmental Biology (IRDB) Building on the Imperial College Campus at Hammersmith Hospital. This building was opened in February 2002. The bulk of the funds for the building – over £13 million - was raised by The Trust and donated to Imperial College who owns the building now. A Covenant is in place between The Trust and Imperial College that restricts use of the building to activities that are aligned to The Trust’s Objectives.

Scope of grant making

To support research into the causes, prevention, diagnosis, and treatment of clinical problems associated with fertility and conception, foetal and maternal diseases and disorders in order reduce the rates of preterm birth, stillbirth, infertility and diseases of genetic or inherited origin.

1

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Grant Giving Guidelines

The Trust operates five grant streams to support research and educational activities related to women’s health:

Applications for grants from the General Research Fund are invited twice a year, up to £50,000 of unrestricted income is available for allocation by the Scientific Advisory Committee at each meeting, totalling c£100,000 of grants from this income per year. Further amounts are awarded by the Board of Trustees each year to relevant research and equipment, with decisions made at the Board meetings.

The Trustees took the decision in the previous year to simplify and focus on a) Grant giving and b) the successful Symposia programmes at Imperial College. It also carried out a reduction in its operating costs to reflect this streamlining in a difficult, lower growth, investment environment while committed to preserving its long-term Endowment Capital.

During the financial year, only £9,050 of grants were issued.

Eligibility

Funding is focused for research undertaken within the IRDB at the Hammersmith and Queen Charlotte’s Hospital site though not limited to it. Clinical and scientific staff working on these sites are eligible. The Board of Trustees may occasionally decide to award grants to work undertaken elsewhere including outside Imperial College London, where this fits with a core objective of the Trust.

Assessment

All applications are assessed by the Scientific Advisory Committee. The Scientific Advisory Committee makes recommendations to the Trustees twice a year at Board meetings as to which grants should be awarded. The final decision on successful applications sits with the Board.

MEASURES OF SUCCESS

Our projects are reviewed by our Scientific Advisory Committee and through compulsory external peer review. In addition, each research project is subject to the rigorous academic review processes of Imperial College. Each year the project heads report to the Trust on progress at key intervals and are expected to deliver an annual report of output including publications. Success is judged in terms of impact on our core objectives, new procedures, products and inventions and student progression.

2

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Public Benefit

In shaping our objectives for the year and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance “public benefit: running a charity (PD2).

Our mission is to reduce harm and suffering to babies and families caused by treatable conditions and complications.

We seek to fund research that will deliver the following outcomes in the public benefit:

  1. Reduction in preterm birth

  2. Reduction in stillbirth

  3. Improved treatment for disorders of fertility

  4. Improved support for families who lose a baby, at every stage in pregnancy

  5. Improve public understanding of conditions associated with diseases of reproduction

ACHIEVEMENTS AND PERFORMANCE

Overall, the Trust raised £453,327 in the last financial year.

Fundraising Strategy

The Trust fundraises to generate funds for research and grants. Income is generated in the following ways:

  1. Trust and Foundation funding

  2. Individual donations

  3. Corporate sponsorship

  4. Awards raised by clinicians and scientists from charitable bodies and organisations

  5. Education and Training events, run by GRT’s Symposium Office

  6. Income earned on our investments which are careful managed by professional asset management advisors.

Funds are prudently managed by investing in sterling fixed income assets and listed global equities selected by the Managers

Courses and Symposia

Genesis Research Trust contributes significantly towards postgraduate teaching and medical education through its training programme, run by The Symposium Office. This is a core means of delivering GRT’s purpose as well as to share knowledge and encourage best practice in clinical care.

The target audiences include medical specialists such as GPs, practice nurses, paediatricians, neonatologists, obstetricians, gynaecologists, gynaecological nurses, foetal medicine specialists, radiologists, radiographers, midwives, complementary therapists, physicians, and obstetric anaesthetists.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The operating name of the charity is ‘Genesis Research Trust’ (GRT). The charity was first registered as a charity on 7 August 1985, and from that date until 31 July 2018 it was an unincorporated Charitable Trust.

Genesis Research Trust (the word ‘Limited’ being omitted by licence from the Department of Trade) is registered under the Companies Act 2006 as a company limited by guarantee and not having a capital divided by shares.

3

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

The company was incorporated on 21 November 2011 and is a registered charity constituted as a Limited Company under the Memorandum and Articles of Association. The charity registration number is 1179130 and the company registration number is 07855645.

The core objective of the Trust is the promotion of healthy pregnancy and childbirth. There are no restrictions in the way the charity can operate to meet its objectives. Current funding is directed towards activities undertaken at the Institute of Reproductive Developmental Biology at Imperial College, London and selected other institutions.

Recruitment and appointment of Trustees

As set out in the Articles of Association, the chair of the Board of Trustees is nominated by the Trustees. The Trustees of the organisation are also the directors for the purposes of company law.

The Board of Trustees have power to appoint additional Trustees as it considers fit to do so and there is no limit to the number of years for which a Trustee may serve.

The Trustees who served during the year and up to the date of approval of the financial statements were Professor Lord R M L Winston

Professor P R Bennett Professor S Franks Ms A Hodes Mrs L C Loftus Mr A S Rosenfelder

The Trustees have no beneficial interest in the company other than as members and each guarantee to contribute £1 in event of a winding up. Related party transactions are disclosed in note 25.

Trustees have power of discretion over the use of funds held by the Trust but are advised by the Scientific Advisory Committee and the Executive team. Trustees meet annually to set and agree operating strategy, and quarterly to review activities and impact with the executive team.

Trustee induction and training

The Trustees maintain a good working knowledge of charity and company law and best practice. New Trustees are provided with a copy of the company’s Memorandum and Articles of Association and there are informal procedures in place for their training and induction.

Organisation

The Board of Trustees meets regularly during the year to oversee the management of the affairs of the Trust. The Board comprises members from a variety of backgrounds and there are sub-committees dealing with various aspects of the operation. The Director of Services oversees the day-to-day operations of the organisation. All major decisions are ratified by the Board of Trustees.

The Trust is not significantly dependent on the services of unpaid volunteers.

4

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Risk review

The Trustees have established a Finance and Risk Committee to analyse and identify risks facing the Trust and report these risks to the Trustees. The aim is to minimise and reduce risk and the process remains under continuous review.

The Trustees consider the key risks and uncertainties facing the charity and their plans and strategies for managing these risks to be:

Long term viability of fundraising: The Trust is diversifying its fundraising strategy to reduce dependence on any one type of activity and increase the scope of its goals.

The Trustees established a Scientific Advisory Committee to fully review each project before granting funds and to provide peer review and check on project outputs.

Website risks in terms of providing reliable information which continues to be under review.

Related parties

The Charity works closely with other similar organisations. None of the charity’s trustees are Directors or Trustees of these other organisations.

Pay policy for senior staff

The finance and remuneration sub-committee reviews annually the salary and employment conditions of the Director of Services, considering performance, market rates and the charity’s financial position.

The Director of Services reviews annually the pay of the team in consultation with the Chair of the Trustees.

FINANCIAL REVIEW

In the year under review, the Trust raised £453,327 and expenditure was £476,369.

Principal Funding Sources

The principal funding sources are Donations received in the year, amenity funds and symposium income. Details of principal funding sources are shown in notes 3 to 6.

Investment powers and policy

Under the Memorandum and Articles of Association, the charity has the power to make any investment which the Trustees see fit. The Trustees have considered the most appropriate policy for investing funds and have found that cash deposits meet their requirements to generate income.

The managers and trustees were in regular contact throughout the year given the deteriorating outlook to ensure there was sufficient short-term liquidity in the form of cash and short dated bonds to ensure that all commitments could be met. These discussions continued after the year end given the volatility in markets.

Main Fund

After a difficult previous year in markets, equity markets were strong and dominated by rapid progress in generative AI and discussions over implications for energy requirements, productivity and business models. The portfolio continued to take advantage of higher yields to maturity on fixed income and income on cash. The return for the 12 months to 31 July 2024 was +10.3% (total return after all costs). This performance was ahead of both the UK CPI +3% target of 5.2% and the peer group benchmark produced by Asset Risk

5

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Consultants of +9.8%. Equities as measured by the FT All Share Index (+13.5%) and MSCI AC World (£) (+17.2%) had a strong rebound. This was particularly driven by several individual names exposed to AI that had a particularly large contribution to the US stock market performance. The managers remain selective in their approach, looking for high-quality companies that can predictably compound growth over time, and mindful of valuations. The value of the portfolio has increased to £4,237,974 and over 5 years, the portfolio has performed +43.8%, growing in real terms ahead of UK CPI +3% (+39.9%).

APST Fund

A similar Investment approach was adopted for this portfolio as for the main fund with a similar outcome of +10.8% (total return after all costs) over the 12 months to 31 July 2024. Please see above for various performance comparisons. The fund commenced on the 1 February 2021 since when markets have been volatile. Since inception, the total return was 20.6% (after all costs) which was ahead of the peer group (+13.3%) as measured by Asset Risk Consultants. Inflation over this period has been significant (UK CPI +22.8%) but the emphasis remains to both protect and grow the portfolio assets. The portfolio value has increased to £2,494,784 as at the end of July 2024.

Reserves Policy

The Trust maintains reserves at a level which minimises the impact of short-term income volatility or economic downturn and enables the Trust to manage financial risk. Income is generated through a range of fundraising activities including sponsored challenge and medical conferences. This income is used to fund research that supports the Trust’s core objects. The Trustees are committed to funding vital research that will deliver evidence-based results for reproductive medical treatments and outcomes of worldwide significance. The level of reserves ensures that key research can continue in the event of a temporary shortfall in income.

The Trust’s total reserves at 31 July 2024 were £6,400,069. The unrestricted funds not designated or invested in tangible fixed assets held by the charity are £3,183,198.

Details of reserves are shown in notes 21-23.

FUTURE PLANS AND DEVELOPMENT

The Trustees reported their intentions last year and Genesis Research Trust has completed the simplification of the non-scientific activities so that the Trust is now in response mode.

In making this change, Trustees are very grateful to all the Team for their continued support and commitment throughout the process. As of the year end, its two principal pillars are Grant making and the series of academic symposia arranged by our Symposium Office team.

The Trustees have also continued to map out the strategy of the Trust to secure the future of our activities at Imperial College. They remain committed to the original objective of undertaking research into women’s health with emphasis on the areas related to pregnancy, reproduction, fertility, epigenetics and some aspects of cancer affecting women. They also recognise that a combination of both academic and translational clinical research will continue to be of importance. The Trust’s historical funding of the Institute of Reproduction and Developmental Biology (IRDB building gifted to Imperial College) resulted in a successful track record. With the allocation of funding from Genesis, the research has helped progress in these areas. The Trustees fully recognise however that more is needed, and this will be supported by the capital available to Genesis which the Trustees plan to supplement over time.

6

GENESIS RESEARCH TRUST

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

The Trustees, while assisting with some limited project funding, will continue to allocate funds over the coming years to support merit-based Ph.D. studentships, each with an expected duration of up to 4 years. The trustees have long recognised they also need to support the creation of academic positions within the IRDB. For some years the search for a suitable clinical academic to fill a chair in reproductive medicine has been unsuccessful. This is partly because movement to London and the high cost of living here has deterred appropriate candidates. We recognise that clinical academic leaders will be essential for the continued success of work in the IRDB, and the trustees have considered supporting promising younger candidates to grow into maintaining the life and excellence of the intellectual and scientific capital the trust wishes to promote. The Trustees anticipate funding such posts internally and in collaboration with partners.

Going concern

The Trustees completed a review of the Trust’s planned symposium and other programs, processes have been put in place to ensure the viability of the Trust and its commitment to meeting its primary objective of research funding.

The Trust, through its existing reserves is well positioned to meet all its commitments in grants and scholarships.

Statement of Fundraising Practice

The Trustees wish to acknowledge and thank our dedicated fundraisers who have undertaken a challenge event over the past year in support of Genesis Research Trust. We also appreciate the Trusts and companies who have supported the charity.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

On behalf of the Board of Trustees

Robert Winston

------------------------------------------------Professor Lord R M L Winston Trustee

Date: 16 Apr 2025

7

GENESIS RESEARCH TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2024

The Trustees, who are also the directors of Genesis Research Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GENESIS RESEARCH TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GENESIS RESEARCH TRUST

Opinion

We have audited the financial statements of Genesis Research Trust (the ‘Trust’) for the year ended 31 July 2024 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

GENESIS RESEARCH TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF GENESIS RESEARCH TRUST

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements 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 financial statements.

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 part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

GENESIS RESEARCH TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF GENESIS RESEARCH TRUST

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Rich (Senior Statutory Auditor) for and on behalf of HW Fisher Audit

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom ......................... Andrew Rich

24 Apr 2025

GENESIS RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2024

Current financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
26,674
29,986
Charitable activities
4
235,892
-
Fundraising activities
5
-
-
Investments
6
96,394
-
Total income
358,960
29,986
Expenditure on:
Raising funds
7
35,207
-
Charitable activities
8
371,850
52,527
Total resources expended
407,057
52,527
Net (losses)/gains on
investments
13
337,627
-
Net movement in funds
289,530
(22,541)
Fund balances at 1 August
2023
2,893,668
618,618
Fund balances at 31 July
2024
3,183,198
596,077		 Restricted
Endowment
funds
funds
2024
2024
£
£
-
-
-
-
-
-
64,381
-
64,381
-
-
16,785
-
-
-
16,785
-
194,507
64,381
177,722
167,825
2,210,866
232,206
2,388,588		 Total
2024
£
56,660
235,892
-
160,775
453,327
51,992
424,377
476,369
532,134
509,092
5,890,977
6,400,069		 Total
2023
£
93,307
139,804
4,155
141,617
378,883
50,124
590,939
641,063
(76,137)
(338,317)
6,229,294
5,890,977

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

GENESIS RESEARCH TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Prior financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
38,755
54,552
Charitable activities
4
139,804
-
Fundraising activities
5
4,155
-
Investments
6
87,654
-
Total income
270,368
54,552
Expenditure on:
Raising funds
7
34,055
-
Charitable activities
8
541,808
49,131
Total resources expended
575,863
49,131
Net gains/(losses) on investments
13
(44,678)
-
Net incoming/(outgoing) resources
before transfers
(350,173)
5,421
Net movement in funds
(350,173)
5,421
Fund balances at 1 August 2022
3,243,841
613,197
Fund balances at 31 July 2023
2,893,668
618,618		 Restricted
Endowment
funds
funds
2023
2023
£
£
-
-
-
-
-
-
53,963
-
53,963
-
-
16,069
-
-
-
16,069
-
(31,459)
53,963
(47,528)
53,963
(47,528)
113,862
2,258,394
167,825
2,210,866		 Total
2023
£
93,307
139,804
4,155
141,617
378,883
50,124
590,939
641,063
(76,137)
(338,317)
(338,317)
6,229,294
5,890,977

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

GENESIS RESEARCH TRUST

SUMMARY INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

All income funds
2024 2023
£ £
Gross income 453,327 378,883
Gains/(losses) on investments 337,627 (44,678)
Total income in the reporting period 790,954 334,205
Total expenditure from income funds 459,584 624,994
Net income/(expenditure) for the year 331,370 (290,789)

GENESIS RESEARCH TRUST

BALANCE SHEET

AS AT 31 JULY 2024

2024
Notes
£
Fixed assets
Investments
15
Current assets
Debtors
17
14,000
Cash at bank and in hand
102,090
116,090
Creditors: amounts falling due within one year
18
(293,127)
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
19
Net assets
Capital funds
Endowment funds
21
Income funds
Restricted funds
22
Unrestricted funds
Designated funds
23
596,077
General unrestricted funds
3,183,198
The financial statements were approved by the Trustees on .........................
..............................
Professor Lord R M L Winston
Trustee
16 Apr 2025
Robert Winston		 £
6,732,467
(177,037)
6,555,430
(155,361)
6,400,069
2,388,588
232,206
3,779,275
6,400,069		 2023
£
7,944
177,158
185,102
(382,538)
618,618
2,893,668		 £
6,267,894
(197,436)
6,070,458
(179,481)
5,890,977
2,210,866
167,825
3,512,286
5,890,977

Company Registration No. 07855645

GENESIS RESEARCH TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

Notes
Cash flows from operating activities
Cash absorbed by operations
26
Investing activities
Cash (invested in)/withdrawn from investment
portfolio
Net cash generated from investing activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
(257,171)
182,103
182,103
-
(75,068)
177,158
102,090		 2023
£
£
(150,031)
267,279
267,279
-
117,248
59,910
177,158

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

Charity information

Genesis Research Trust is a private company limited by guarantee governed by its Memorandum and Articles of Association and incorporated in England and Wales. The registered office is Wolfson & Weston Research Centre Family Health, IRDB Building, Imperial College London, Hammersmith Hospital, Du Cane Road, London, W12 0NN.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's governing document, the Companies Act 2006 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the valuation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

The Trustees completed a review of the Trust’s planned symposium and other programs, processes have been put in place to ensure the viability of the Trust and its commitment to meeting its primary objective of research funding.

The Trust, through its existing reserves is well positioned to meet all of its commitments in grants and scholarships.

The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Trust.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Services in kind are recognised at the value the Trust would be prepared to pay on the open market for what it receives.

Legacies are recognised on receipt or otherwise if the Trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Gifts in kind comprise the provision of office space. Gifts in kind are included in income and expenditure at a reasonable estimate of their value to the charity.

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants are accounted for under the performance model.

1.5 Expenditure

Expenditure is recognised on an accruals basis, inclusive of value added tax.

Expenditure relating to charitable activities are those elements of expenditure directly incurred in performing these activities.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award.

Support costs are allocated based on the proportion of direct costs allocated to each activity.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computers 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no significant accounting estimates or judgements in the year.

3 Donations and legacies

Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
£
£
Donations and gifts
26,674
29,986
Donations and gifts
Donations
1,974
29,986
Services in kind (office space)
24,700
-
26,674
29,986		 Total
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2023
2023
£
£
£
56,660
38,755
54,552
31,960
1,705
54,552
24,700
37,050
-
56,660
38,755
54,552		 Total
2023
£
93,307
56,257
37,050
93,307

4 Charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Symposium Programme 235,892 139,804

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

5 Fundraising activities

Total Unrestricted
funds
general
2024 2023
£ £
Fundraising events - 4,155
Investments
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
general general
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Income from listed
investments 96,394 64,381 160,775 87,654 53,963 141,617

6 Investments

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

7 Raising funds

Unrestricted
Endowment
funds
funds
general
2024
2024
£
£
Fundraising and publicity
Consultancy and other
fundraising costs
5,759
-
Fundraising event costs
-
-
Fundraising and publicity
5,759
-
Investment management
29,448
16,785
35,207
16,785
Charitable activities
Symposium
Programme
Medical
Research
Programme
2024
2024
£
£
Staff costs
28,869
-
Conferences, travel,
accommodation & lecture fees
202,811
-
Other costs
-
52,527
231,680
52,527
Grant funding of activities (see
note 9)
-
9,050
Share of support costs (see
note 10)
110,598
-
Share of governance costs (see
note 10)
-
20,522
342,278
82,099
Analysis by fund
Unrestricted funds - general
342,278
29,572
Designated funds
-
52,527
342,278
82,099		 Total
Unrestricted
Endowment
funds
funds
general
2024
2023
2023
£
£
£
5,759
2,773
-
-
1,925
-
5,759
4,698
-
46,233
29,357
16,069
51,992
34,055
16,069
Total
2024
Symposium
Programme
Medical
Research
Programme
2023
2023
£
£
£
28,869
45,585
-
202,811
56,557
-
52,527
-
49,131
284,207
102,142
49,131
9,050
-
278,260
110,598
139,699
-
20,522
-
21,707
424,377
241,841
349,098
371,850
241,841
299,967
52,527
-
49,131
424,377
241,841
349,098		 Total
2023
£
2,773
1,925
4,698
45,426
50,124
Total
2023
£
45,585
56,557
49,131
151,273
278,260
139,699
21,707
590,939
541,808
49,131
590,939

8 Charitable activities

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

9 Grants payable

Grants to institutions:
Imperial College
Support costs
Support costs
Governance
costs
£
£
Staff costs
42,001
-
Premises & equipment costs
34,710
-
Legal & professional costs
21,776
-
Other costs
12,111
-
Audit fees
-
15,522
Accountancy
-
5,000
110,598
20,522
Analysed between
Charitable activities
110,598
20,522		 Medical
Research
Programme
Medical
Research
Programme
2024
2023
£
£
9,050
278,260
2024
Support costs
Governance
costs
2023
£
£
£
£
42,001
60,216
-
60,216
34,710
45,995
-
45,995
21,776
25,394
-
25,394
12,111
8,094
-
8,094
15,522
-
16,707
16,707
5,000
-
5,000
5,000
131,120
139,699
21,707
161,406
131,120
139,699
21,707
161,406		 Medical
Research
Programme
Medical
Research
Programme
2024
2023
£
£
9,050
278,260
2024
Support costs
Governance
costs
2023
£
£
£
£
42,001
60,216
-
60,216
34,710
45,995
-
45,995
21,776
25,394
-
25,394
12,111
8,094
-
8,094
15,522
-
16,707
16,707
5,000
-
5,000
5,000
131,120
139,699
21,707
161,406
131,120
139,699
21,707
161,406
2023
£
60,216
45,995
25,394
8,094
16,707
5,000
161,406
161,406

10 Support costs

Governance costs includes payments to the auditors of £15,522 (2023: £16,707) for audit fees and £5,000 (2023: £5,000) for statutory accounts assistance and general advice.

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.

Key management personnel comprises the Trustees and Chief Executive. The total employee benefits of the key management personnel of the charity were £44,110 (2023: £42,024) which related to the Chief Executive.

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

12 Employees

The average monthly number of employees during the year was:

Direct charitable work
Administrative work
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
1
1
2
2024
£
65,738
4,149
983
70,870		 2023
Number
2
2
4
2023
£
98,574
5,864
1,363
105,801

Wages and salaries include termination payments totalling £nil (2023: £nil).

There were no employees whose annual remuneration was £60,000 or more.

13 Net gains/(losses) on investments

Unrestricted
Endowment
funds
funds
general
2024
2024
£
£
Revaluation of investments
397,539
213,047
Gain/(loss) on sale of
investments
(59,912)
(18,540)
337,627
194,507		 Total
Unrestricted
Endowment
funds
funds
general
2024
2023
2023
£
£
£
610,586
(28,526)
(14,228)
(78,452)
(16,152)
(17,231)
532,134
(44,678)
(31,459)		 Total
2023
£
(42,754)
(33,383)
(76,137)

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

14 Tangible fixed assets

Cost
At 1 August 2023
At 31 July 2024
Depreciation and impairment
At 1 August 2023
At 31 July 2024
Carrying amount
At 31 July 2024
At 31 July 2023		 Computers
£
4,414
4,414
4,414
4,414
-
-

15 Fixed asset investments

Listed
Commodities Cash in portfolio
£
Cost or valuation
At 1 August 2023
5,711,638
110,657
445,599
Additions
1,802,420
-
(1,802,420)
Valuation changes
368,737
91,233
150,616
Cash withdrawn from investment portfolio
-
-
(182,103)
Investment income
-
-
160,775
Investment management fees
-
-
(46,233)
Disposals
(2,083,162)
-
2,004,710
At 31 July 2024
5,799,633
201,890
730,944
Carrying amount
At 31 July 2024
5,799,633
201,890
730,944
At 31 July 2023
5,711,638
110,657
445,599
16
Financial instruments
2024
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
6,001,523
Fair value is determined by a quoted market price in an active market.		 Total
£
6,267,894
-
610,586
(182,103)
160,775
(46,233)
(78,452)
6,732,467
6,732,467
6,267,894
2023
£
5,822,295

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

17
Debtors
Amounts falling due within one year:
Prepayments and accrued income
18
Creditors: amounts falling due within one year
Trade creditors
Grants due within one year
Accruals and Deferred Income
19
Creditors: amounts falling due after more than one year
Grants due after one year		 2024
£
14,000
2024
£
63,351
183,621
46,155
293,127
2024
£
155,361		 2023
£
7,944
2023
£
66,570
272,882
43,086
382,538
2023
£
179,481

20 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £983 (2023 - £1,363).

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

21 Endowment funds

Endowment funds represent assets which must be held permanently by the Trust. Income arising on the endowment funds can be used in accordance with the objects of the Trust and is included as restricted income. Any capital gains or losses arising on the assets form part of the fund.

Balance at
1 August 2022
£
Permanent endowments
Angela Pattman
scholarships
fund
2,258,394
2,258,394		 Resources
expended
Revaluations
gains and losses
Balance at
1 August 2023
£
£
£
(16,069)
(31,459)
2,210,866
(16,069)
(31,459)
2,210,866		 Resources
expended
Revaluations
gains and losses
Balance at
31 July 2024
£
£
£
(16,785)
194,507
2,388,588
(16,785)
194,507
2,388,588		 Resources
expended
Revaluations
gains and losses
Balance at
31 July 2024
£
£
£
(16,785)
194,507
2,388,588
(16,785)
194,507
2,388,588
2,388,588

The Angela Pattman scholarships fund: A permanent endowment gift (Angela Pattman Scholarship Trust - APST) of £2,045,159 (net of expenses) was received by the Trust in 2020. A further sum received in 2021 represented the adjustment for the final selling prices of the properties left under the Will. The Trust will follow the wishes of the late Settlor which were as follows:

"To promote the further education of students of limited financial means studying at The Imperial College School of Medicine (the “College”) (or any successor institution should the College merge with another institution or otherwise cease to exist) by the award which shall be at their discretion of one bursary per annum in full or part consideration of the fees required for the study of medicine at the College together or to cover or partly cover the living and other expenses of such students."

Income generated by the investments is credited to a specific restricted fund.

The Trustees have decided to apply a total return on investment approach in respect of establishing the amount of funds available.

The trusteeship of the APST was transferred to the Trust by a Charity Commission Scheme dated 24 March 2020. The Commission also issued a direction to link the APST with the Trust for accounting and charity registration purposes. The Trust is the sole trustee of the APST and can account for APST within GRT’s accounts however, the APST remains a separate linked charity ( Charity number: 1179130-1).

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

22 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in Movement in
funds funds
Balance at Incoming Balance at Incoming Balance at
1 August 2022 resources 1 August 2023 resources 31 July 2024
£ £ £ £ £
Angela Pattman Scholarships 23,091 53,963 77,054 64,381 141,435
Pre-term Labour Research 61,676 - 61,676 - 61,676
Prostrate Cancer Research 26,090 - 26,090 - 26,090
Ultrasound 3,005 - 3,005 - 3,005
113,862 53,963 167,825 64,381 232,206

The restricted funds represent amounts received by the charity for specific purposes as shown below:

Angela Pattman Scholarships: Income generated by the endowment fund as detailed in note 21.

Pre-term Labour Research Fund : represents specific research funds received from Observa Pharmaceutical Company.

Prostate Cancer Research Fund : represents funds provided for the specific work carried out by Professor I Huhtaniemi into the research of prostate cancer.

Ultrasound Fund : The award was made in 2017 to buy an ultrasound equipment. There has been no movement since 2017.

23 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 August 2022 resources expended 1 August 2023 resources expended 31 July 2024
£ £ £ £ £ £ £
Miscellaneous
Amenity Funds 541,575 54,552 (49,131) 546,996 29,986 (52,527) 524,455
Miscellaneous
Research Grants 71,622 - - 71,622 - - 71,622
613,197 54,552 (49,131) 618,618 29,986 (52,527) 596,077

Miscellaneous Amenity Funds : represent funds set aside for Research grants, symposium and travel cost to the symposiums

Miscellaneous Research Grants : represent standard grants given to Imperial. The grants are generally for a 3 year period. No new grants have been issued during the year.

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

24
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2024
2024
£
£
Fund balances at 31 July
2024 are represented by:
Investments
3,515,596
596,077
Current assets/(liabilities)
(177,037)
-
Long term liabilities
(155,361)
-
3,183,198
596,077		 Restricted
funds
Endowment
funds
2024
2024
£
£
232,206
2,388,588
-
-
-
-
232,206
2,388,588		 Total
Unrestricted
funds
Designated
funds
2024
2023
2023
£
£
£
6,732,467
3,889,203
-
(177,037)
(816,054)
618,618
(155,361)
(179,481)
-
6,400,069
2,893,668
618,618		 Restricted
funds
Endowment
funds
2023
2023
£
£
167,825
2,210,866
-
-
-
-
167,825
2,210,866		 Total
2023
£
6,267,894
(197,436)
(179,481)
5,890,977

GENESIS RESEARCH TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

25 Related party transactions

Investment management fees of £46,233 (2023 : £45,426) have been paid to Meridiem Investment Management Limited, a company in which one of the Trustees, Mr A S Rosenfelder, has a participating interest. Mr Rosenfelder is not involved in the management of the investments as he is not registered by the FCA in the UK.

During the year, grants totalling £9,050 (2023: £278,260) were made to Imperial College where Professor P R Bennett is Director of IRDB and Professor S Franks is Professor of Reproductive Endocrinology.

In addition, during the year, Professor P R Bennett and Professor S Franks received reimbursements from the Amenity Fund in relation to research costs of £4,017 (2023: £8,384) and £211 (2023: £2,876) respectively.

No trustee received remuneration in the year.

26 Cash generated from operations 2024 2023
£ £
Surplus/(deficit) for the year 509,092 (338,317)
Adjustments for:
Investment income recognised in statement of financial activities (160,775) (141,617)
Investment management charged to portfolio 46,233 45,426
Loss on disposal of investments 78,452 33,383
Fair value gains and losses on investments (610,586) 42,754
Movements in working capital:
(Increase) in debtors (6,056) (5,622)
(Decrease)/increase in creditors (113,531) 213,962
Cash absorbed by operations (257,171) (150,031)

27 Analysis of changes in net funds

The Trust had no debt during the year.

Issuer

HW Fisher

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Party email (arich@hwfisher.c.o.uk) has bounced back. The reason given is: error dialing remote address: dial tcp 198.21.5.83:0->185.151.30.166:25: connect: connection refused (52.91.62.15)

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Thu, 24th Apr 2025 15:09:59 BST

Thu, 24th Apr 2025 15:09:59 BST Thu, 24th Apr 2025 15:10:08 BST Thu, 24th Apr 2025 15:10:09 BST Thu, 24th Apr 2025 15:23:48 BST Thu, 24th Apr 2025 15:23:48 BST Thu, 24th Apr 2025 15:23:50 BST Thu, 24th Apr 2025 15:24:05 BST Thu, 24th Apr 2025 15:24:34 BST Thu, 24th Apr 2025 15:24:34 BST

Thu, 24th Apr 2025 15:24:34 BST Thu, 24th Apr 2025 15:24:35 BST

Lord Robert Winston opened the document email. (104.28.40.142) Sent Andrew Rich a reminder to sign the document. (185.105.75.178) Document emailed to arich@hwfisher.c.o.uk (18.133.65.162) Mithunan Balakumaran has changed the party Andrew Rich's email to arich@hwfisher.co.uk (185.105.75.178) Sent the envelope to Andrew Rich (arich@hwfisher.co.uk) for signing (185.105.75.178)

Document emailed to arich@hwfisher.co.uk (3.10.164.69) Sent Andrew Rich a reminder to sign the document. (185.105.75.178) Document emailed to arich@hwfisher.co.uk (18.133.141.118) Andrew Rich opened the document email. (185.105.75.177) Andrew Rich opened the document email. (185.105.75.177) Andrew Rich viewed the envelope (185.105.75.178) Andrew Rich viewed the envelope (51.145.47.103) Andrew Rich signed the envelope (185.105.75.178) Sent the envelope to Gerry Turley (g.turley@imperial.ac.uk) for signing (185.105.75.178)

This envelope has been signed by all parties (185.105.75.178) Document emailed to g.turley@imperial.ac.uk (18.133.255.150)