2021-12-31-accounts

THE RANK PRIZE FUNDS (Limited by guarantee)

Report of the Trustees and Financial Statements

for the year ended

31 December 2021

Charity registration number: 1183866 Company registration number: 11675628

Contents

Page Legal and Administrative Information 2 Report of the Trustees 3	Page Legal and Administrative Information 2 Report of the Trustees 3	Page Legal and Administrative Information 2 Report of the Trustees 3
		15
Statement of Financial Activities 19 Balance Sheet 20 Statement of Cash Flows 21 Notes to the Financial Statements 22

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THE RANK PRIZE FUNDS

Report of the Trustees for the year ended 31 December 2021

Legal and Administrative Details

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||||| |---|---|---|---| |Trustees|Stuart Cowen (|Chairman|)| |Professor Donal Bradley CBE FRS FInstP FIET FRSA| |Professor Cyrus Cooper OBE MA DM FRCP FFPH FMedSci| |Dame Julia Higgins DBE FRS FREng| |Professor John Mathers PhD Hon FafN| |Joseph Newton| |Carol Taylor| |Professor Sir William Wakeham FREng| |Scientific Advisory Committees:| |Nutrition (N Fund)|Professor John Mathers PhD, Hon FafN (|Chairman|)| |Professor Malcolm Bennett FRS| |Professor Michael Gooding| |Professor Peter Gregory FRASE| |Professor Sarah Gurr ARCS DIC PhD MA| |Professor Anne Marie Minihane BSc PhD| |Professor Susan Ozanne BSc PhD| |Professor Ann Prentice OBE PhD FafN FRSB| |Professor John Wilding DM FRCP| |Optoelectronics (O Fund)|Professor Donal Bradley CBE FRS (|Chairman|)| |Professor Roberto Cipolla FREng| |Professor Martin Dawson FInsP FOSA FIEEE FRSE| |Professor Helen Gleeson OBE FInstP| |Professor Anya Hulbert MD PhD| |Professor Simon Laughlin FRS| |Professor John Mollon DSc FRS| |Professor Miles Padgett FRS FRSE| |Professor Wilson Sibbett CBE FRS FRSE (resigned 23 March 2021)| |Professor Maurice Skolnick FRS (resigned 16 February 2022)| |Chief Executive|Samantha Walker| |Company Secretary|Tom Kelman (resigned 9 August 2021)| |Registration details|Registered with the Charity Commission for England and Wales under| |charity number 1183866| |Registered company number 11675628| |Registered office|12 Warwick Square, London, SW1V 2AA| |Auditor|BDO LLP, Baker Street, London, W1U 7EU| |Bankers|NatWest Plc, 63-65 Piccadilly, London, W1J 0AJ| |Investment Managers|Cazenove Capital, London, EC2Y 5AU|

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THE RANK PRIZE FUNDS

Report of the Trustees for the year ended 31 December 2021

Introduction

year ended 31 December 2021. The Trustees have adopted the provisions of the Statement (second edition) preparing the annual report and financial statements of the Funds.

The Directors of the charitable company are its Trustees for the purposes of charity law and constitute the . The Trustees who have served during the period and since the year end are listed on page 2.

Structure, Governance and Management

Governing document

The original Rank Prize Fund charity was constituted by Deed of Trust executed by the late Lord Rank on 16 February 1972.

The Rank Prize Funds was established in 2018 as a company limited by guarantee governed by Memorandum and Articles of Association and is a registered charity. It comprises two Funds, the Nutrition

Recruitment and appointment of trustees

The Chair is appointed by a simple majority of the trustees and is appointed or re-appointed every five years. The Chair may serve for a maximum of ten years.

New trustees are appointed by the existing trustees or by ordinary resolution for a period of four years and may be reappointed for consecutive periods not exceeding twelve years. There is a minimum number of three trustees and the maximum number of trustees shall not exceed ten.

trustees whose own contacts, or contacts made through the members of the Scientific Advisory Committees, enable them to identify individuals who possess the necessary skills to oversee the work of the Funds.

Trustee induction and training

The trustees all have particular skills that enable them to contribute to the work of the Funds. Those skills are kept up to date by a combination of their participation and reading in their particular areas of expertise and, more generally, by the provision of copies of literature produced by the Charity Commission and other organisations dealing with changes in legislation and current best practice.

New trustees are inducted using background information on the Funds, including copies of the Memorandum and Articles of Association, the latest financial information, copies of recent board and committee minutes and the Charity Commission Guidance CC3 Guide The Essential Trustee. The Board of Trustees conducts a rolling review of governance using the Charity Governance Code as a reference point to ensure standards of governance remain high.

Pay policy for key management

knowledge and experience. Remuneration is reviewed on an annual basis and agreed by the Board of Trustees.

All trustees and committee members give of their time freely and no trustee or committee member received remuneration in the year. Details of s expenses are disclosed in note 7 of the accounts.

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Report of the Trustees for the year ended 31 December 2021

Risk management

The trustees regularly review the major risks to which the Funds is exposed and systems have been established to mitigate those risks.

The major risks identified by the trustees are:

damage to reputation;

lack of financial reserves to continue funding the objectives of the Funds; grant fraud;

lack of human resources to support the activities of the Funds; and business interruption due to a pandemic

The trustees believe that the committee structure that is in place, risk register and the quarterly monitoring of financial performance manage these risks.

Organisational structure

The trustees approve the annual budget and expenditure targets, and monitor actual and forecast budgets and cash flows. The trustees are advised by two Scientific Advisory Committees of eminent scientists and academics (one for each of the Funds), who meet formally three times a year. The Chairs of the committees are also trustees.

The trustees are kept fully aware of developments in the fields of nutrition and optoelectronics through the involvement of the members of the committees in the sciences of human and animal nutrition, crop husbandry and optoelectronics, either directly or through their extensive contacts. Trustees are encouraged to attend initiatives financed by the Funds to enable them to better understand those areas of scientific research.

The trustees wish to record their thanks to the members of the committees for their continued commitment to the work of the Funds. In particular, they wish to thank Professors Wilson Sibbett and Maurice Skolnick who retired from the optoelectronics committee with over 23 and 10Fund and the new Rank Prize Funds.

Up until 31 July 2021 the members of staff engaged in the day-to-day administration of the Funds were employed by The Rank Foundation Limited, a registered charity (number 276976) established by the late Lord and Lady Rank. The Funds reimbursed the Foundation for the costs incurred. The trustees wish to thank Rank Foundation Limited for their support over the preceding 49 years and the Funds executive for their dedicated work during the year.

From 1 August 2021 the members of staff were employed directly by the Funds.

Related parties

Ordinarily, the Funds does not have any transactions with directly related parties. The trustees are advised on the latest scientific developments and best practice by the members of the two committees, who belong to some of the most prestigious academic and scientific bodies in addition to having a wide network of .

Trustees are required to declare any conflicts of interest and where there are perceived or real conflict of interests Trustees will withdraw from discussions and decisions relating to the conflict. Additionally Committee members must declare any conflicts of interest and must not have sight of, or assess, applications from any institutions with which they are affiliated, or any applications whose projects they are directly involved in.

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Report of the Trustees for the year ended 31 December 2021

Objectives

The purpose of the Funds as set out in the Articles of Association are:

1. to advance the knowledge and education in all or any of the following sciences:

2. (a) Nutrition, namely the science of (i) crop husbandry (ii) human nutrition and (iii) animal nutrition as distinct from animal husbandry; and

3. (b) The interface between the science of optics and the science of electronics (known as Optoelectronics) and in closely related phenomena.

In particular, but not limited to, through the provision of prizes, symposia, and grants to fund research in the above sciences, leading to the eventual dissemination of the results through the usual scientific channels.

1. Such other purposes which may be charitable according to the law of England and Wales.

Activities

The main activities undertaken in relation to this purpose are as follows:

Prizes

Prizes are awarded every two years and the trustees seek to identify those individuals who have made a significant contribution to the sciences where an initial idea has been carried through to practical applications that have, or will, demonstrably benefit mankind. In general, advances in the field of human and animal nutrition and crop husbandry take many years to prove their worth whereas in optoelectronics the time scale is sometimes remarkably short with inventions being acknowledged and marketed within a few years.

Symposia

The committees organise Rank Symposia on a regular basis. These provide a forum in which internationally recognised leading scientists and early career researchers can meet and interact, to stimulate discussion and advance the development of research on the chosen subject and allow early career researchers to develop their network. The subject matter and participants are selected by members of the two committees, with a view to furthering development of research in the fields of nutrition and optoelectronics for the public good.

Undergrad Vacation grant

The Undergrad Vacation grant enables students to experience working in a research laboratory in the summer before they commence their final year of undergraduate studies, to contribute to ongoing research in UK universities, and aims to encourage students to pursue a career in scientific research.

Rank Lecture grant

The Funds sponsors lectures at a number of the annual meetings of prestigious scientific organisations to enable distinguished speakers to give keynote presentations and disseminate their knowledge.

Nutrition PhD grant

The nutrition committee offers supervisors the chance to apply for a PhD grant in human nutrition, which is awarded annually. This grant can be used to partially fund a studentship with support from a research council, other charities, or another source.

Nutrition Travel grant

The Travel grant assists early- and mid-career researchers to learn new techniques and/or to make and establish contacts with international counterparts by spending time in an institution outside the UK.

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Report of the Trustees for the year ended 31 December 2021

Nutrition New Lecturer grant

This annual research grant is offered in the areas of human nutrition, animal nutrition (as distinct from animal husbandry), and crop science to support postdoctoral scientists in establishing their careers as independent investigators. The grant can be used to fund the direct costs of any aspect of research.

Nutrition Forum grant

The Funds supports universities and research institutions to run short meetings to develop knowledge in specific areas.

Grant-making policy

The trustees are conscious of the limited resources available to them and the consequent need to endeavour to target support towards individuals or initiatives that are likely to make a significant contribution to the furtherance of the two sciences, either by acknowledging past achievements in the hope of encouraging others, or in stimulating interest in a subject that it is considered will be developed for the benefit of mankind.

The trustees do not consider unsolicited appeals and a robust grant-making policy is in place.

Public Benefit

Benefit requirement under the Charities Act 2011. This guidance is considered when reviewing the aims and objectives of the Funds, and when planning future activities. The trustees have considered how planned

rewarding excellence in scientific research through the biennial prizes, providing forums in which internationally recognised leading scientists and early career researchers can meet and interact, to stimulate discussion and to advance the development of research through symposia, and supporting research endeavours in the fields of nutrition and optoelectronics through grant-making. The public benefit of the benefits to the scientific communities in the fields of nutrition and optoelectronics. Sometimes the public executive track both research areas and early career researchers to identify the public benefit from the

• Providing an effective, easily consumed nutritional strategy to promote healthy muscle mass and function with age through investigating whether ingesting a small amount of supplemental leucine alongside daily meals will promote muscle growth in older age

• Maximising cardiometabolic and overall health through elucidating the mechanistic role of a compound found in blueberries

• Strengthening the evidence for omega-3 fatty acid supplementation in terms of cognitive and cardiovascular health

• Elevating resistance to plant pathogens which result in high economic and yield losses or a reliance on chemical control through identifying resistance genes. Resistance can then be transferred into commercial crop varieties to elevate their resistance to plant pathogens

• Creating low-impact, climate-ready legume crops for sustainable farming through developing beans that grow better using less water and less fertilizer. This will improve food production under drought conditions, and reduce soil and water pollution

• Developing future quantum technologies such as secure communications, efficient computation and ultra-

• Enabling energy-efficient data storage and computing through identifying new memory effects in materials

• Supporting long term optoelectronic visual prosthetics research to address the problem of current visual prosthesis containing a fixed camera that does not reposition with eye movements and thus induces motion sickness in patients

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Report of the Trustees for the year ended 31 December 2021

• Designing and manufacturing an all-optical MEMS accelerometer, potential future applications of which include monitoring of environments where traditional MEMS, which is ubiquitous in the modern world and are found in vehicles and mobile devices, cannot operate due to extremes, for example high temperatures or electromagnetic interference

Further examples of public benefit can be found on pages 7 - 10

Achievements and Performance

Rank Prize

The Rank Prize is awarded every two years in the fields of nutrition and optoelectronics.

The 2022 Rank Prize for Nutrition was awarded to Professor Cathie Martin for outstanding research into plant genetics and metabolism leading to enhanced nutritional qualities of fruits and vegetables. Professor combines fundamental insights into the genetics of metabolic processes in plants and how they can be used to enhance the nutritional composition of human foods. As the world tackles the twin challenges of increasing human health and protecting the health of the planet, Professor

The 2022 Rank Prize for Optoelectronics was awarded to Professor Michael Graetzel, Dr Akihiro Kojima, Dr Michael Lee, Professor Tsutomu Miyasaka, Professor Nam-Gyu Park, Professor Sang Il Seok and Professor Henry Snaith for the discovery and development of all-solid-state perovskite semiconductor cells. Their work is a key example of fundamental contributions to physical science being rapidly and successfully translated into new technology, technology moreover that is poised to address truly urgent societal challenges linked to climate change.

Symposia

It was not possible to hold face-to-face symposia during the period due to the COVID-19 pandemic. All symposia planned by the optoelectronics committee were postponed. The nutrition committee ran one virtual symposium on n-3 fatty acids, cognition and mental health. Participants included researchers from universities and institutions in the UK, USA, Canada, Australia, France and The Netherlands. The prize for the best presentation by an early career researcher was awarded to Dr David Mongan of RCSI Dublin, Ireland.

Website and rebranding

The Funds undertook rebranding in 2021, which included the production of a new website with increased func wider audience and thereby

COVID-19 grants

A COVID-19 Response Fund was offered in order to provide financial support for final year PhD students whose studies had been interrupted by the pandemic, with the aim of enabling these students to complete their studies and pursue careers in research. Universities were invited to nominate students who were unable to access sufficient funds from other sources. 14 optoelectronics grants and 14 nutrition grants were awarded.

The optoelectronics committee were delighted to hear that the COVID-19 Response Fund enabled one of the recipients to present their research at the Photonics West conference, where they gave a presentation - paper has been published in the SPIE digital library.

Both committees also offered a Return to Research grant. The purpose of this grant was to help mitigate the impacts of the COVID-19 pandemic that may cause longer-term career harm by supporting PhD students as they returned to their research at their universities or research institutions. 38 optoelectronics grants and nine nutrition grants were awarded.

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Report of the Trustees for the year ended 31 December 2021

Nutrition:

Undergrad Vacation grant

14 grants were awarded, these being to the Universities of Birmingham, East Anglia, Exeter, Leeds, Liverpool, Nottingham, Oxford, Surrey, Warwick, Ulster University and The Sainsbury Laboratory.

Rank Lecture grant

Four Rank Lectures took place during the period, all of which were delivered at virtual conferences:

• At the Diabetes UK Professional Conference 2021, Denise Robertson (Reader in Nutritional st

• At the Monogram 2021 Network Meeting, Philippa Borrill (Lecturer in Plant Biology at the University an autoactive NBRa

• At the Nutrition Society Summer Conference 2021: Nutrition in a changing world, Philip Calder and plant omega-

The nutrition committee also made an award to cover the registration fees for all speakers at the Monogram 2021 Network Meeting and provided funds for student registration fees at the Diabetes UK Professional Conference 2021 and the Nutrition Society Summer Conference 2021.

The nutrition committee awarded future lectures to the Monogram 2022 Network Meeting and the 2022 2026 Nutrition Society Summer Conferences.

PhD grant

The fifteenth grant was awarded during the period to the Professor Karen Lillycrop of the University of s in muscle stem cell This project will inform both nutritional recommendations and intervention strategies to improve muscle health in old age. The grant will also provide the PhD student with training in a wide range of both d will be applicable to a wide range of biological problems.

The committee were delighted to hear that the PhD student chosen by the recipient of the 2018 PhD grant to Lower Protein Diets on Cardiometabolic Risk Factors - a Systematic Review and Meta-Analysis of Randomised Controlled

Travel grant

No Travel Awards were awarded during the period due to the COVID-19 pandemic.

New Lecturer grant

University of Essex for the proje signalling in arbuscular mycorrhizal symbiosis to improve nutrient use effic

In addition the committee were notified that one of the recipients of the 2016 New Lecturer grant has had three papers published as a result of the research enabled by the funding. asymmetry in carbon fo in wheat but does not increase assimilation of mycorrhizal-acquired nu -for-nutrient exchange between arbuscular mycorrhizal fungi and wheat in Global Change Biology.

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Report of the Trustees for the year ended 31 December 2021

Forum grant

The UK Rice Research Consortium: Early Career Researchers meeting for which the nutrition committee awarded a forum grant in 2021 went ahead in person in September 2021. This meeting recognises that PhD students and postdoctoral

pioneers and leaders of the future. The meeting was led by the early career researchers, who chaired the sessions. A particular area of focus was the key scientific challenges to human nutrition exemplified by climate change. Rice yields are gravely threatened by heat, drought and soil factors and much of the research presented addressed these problems. The following prizes, funded by the nutrition committee, were awarded at the meeting:

Excellence in rice science:

Dr Leonie Luginbuehl, University of Cambridge

Cell-type-specific regulation of photosynthetic capacity in rice

Dr Lee Cackett, University of Cambridge

The role of BRASSINAZOLE RESISTANT 1 (BZR1) as a candidate regulator of the chloroplast compartment in rice BS cells

Dr Bipin Pandey, University of Nottingham

Ethylene inhibits rice root elongation in compacted soil via ABA-mediated radial expansion of cortical cells

Aneesh Lale, University of Nottingham

Understanding genetic control underlying root responses to elevated temperatures

Peer-vote:

Dr Jen Sloan, University of Sheffield

Conserved patterns within the rice mesophyll

Gavers Oppong, University of Nottingham

A comparative cross-omics analysis of anaerobic germination tolerance in rice

The 4th Annual UK Rice Research Consortium (UKRRC) meeting for which the nutrition committee awarded a forum grant in 2021 went ahead in a hybrid format in November 2021. The forum was timed to coincide Talks across the two days covered a breadth of subjects related to rice, greenhouse gas emissions and adaptation to stress or low water input. The forum which explored the importance of rice in the context of climate change both in terms of mitigation and adaptation the genetic sources of genes and the breeding pipelines being used to exploit them.

As a result of the meeting it was decided to:

• broaden the scientific scope of those engaged in UKRRC activities to include those working on modelling and human nutrition

• form a steering committee which with the aim of enhancing communication within the community of UK rice researchers

• through consultation with Ottoline Leyser, Chief Executive of the UKRI

• progress the concept of coordinating the availability of a core set of rice germplasm that might ensure many UK researchers use the same cultivars to allow better comparison of findings

• make contact with industrial partners that might be used as partners in both research projects and pathways to impact

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Report of the Trustees for the year ended 31 December 2021

The committee awarded grants for the following future forums:

• 2022 UK Rice Research Consortium: Early Career Researchers

• Understanding the Impact of Severe Undernutrition on Morbidity and Mortality in Later Life, likely to be held in 2022

The committee were pleased to hear that two papers have been published as a result of previous forums, these being:

• The Second Rank Prize Fund Forum on Vitamin D, 2019 - Improving Vitamin D Status and Increasing Vitamin D Intake in the UK: Current Controversies and Future Perspectives. Proceedings of the 2nd Rank Prize Funds Forum on Vitamin D" has been published in the British Journal of Nutrition

• Wheat Amylase Trypsin Inhibitors, 2020

Optoelectronics:

Undergrad Vacation grant

Eight grants were awarded to the Universities of Bath, Cambridge, Sheffield, Southampton and Strathclyde, and Newcastle University. The prize for the best report was awarded to Mr Charles Godfrey of the University at the University of Southampton under the supervision of Dr Christopher Holmes.

Rank Lecture grant

One Rank Lecture was delivered during the period, this being at the 2021 European Conference on Visual Perception, which was converted to a virtual event. Professor Pieter Roelfsema, Director of the Netherlands

The optoelectronics committee awarded two Rank Lecture grants during the period, these being for Rank Perception.

Conference travel grant

Photon

conference.

Financial Review

Prizes are awarded every two years and multi-year grants are recognised in the year in which they are awarded. This means that there is no direct relationship between the direct charitable expenditure from one period to the next.

Income arising from investments for the year ended 31 December 2021 amounted to £288k (2020: £456k) comprising £148k (2020: £234k) attributable to the Nutrition Fund and £140k (2020: £222k) attributable to the Opto-electronics Fund.

The value of the investment portfolios overall increased by £2,277k which is an increase of 11.4%. In the prior year to December 2020, the value of the overall portfolios decreased by £1,790k, a decrease of 8.2%. In the year ended 31 December 2021, the Nutrition Fund increased by £1,196k (2020: decreased by £944k) and Opto-electronics Fund increased by £1,081k (2020: decreased by £846k).

Investment policy

The work of the Funds is financed from widely diversified investment portfolios that are managed by the investment managers within guidelines agreed with the Trustees. Each Prize Fund has its own portfolio which is broadly the same in constitution with differences being accounted for by differing patterns of expenditure by the two Prize Funds.

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Report of the Trustees for the year ended 31 December 2021

The main investment objectives are to protect both capital and income from the effects of inflation, thereby providing funds to respond to identified needs whilst also securing the capital base for the long-term future. To fulfil this objective, the Trustees adopted a long-term target of an inflation adjusted return of 3.5% which the Trustees believe will enable a consistent level of expenditure whilst conserving the investment base. The market recovery from the impact of COVID-19 has significantly affected the value of the investments since the previous year end .

The performance of the investment managers is being measured against a customised benchmark both on an annual and rolling three-year basis.

In deciding upon investments, the Funds investment managers adopt a Socially Responsible Investment policy whereby direct investment in tobacco companies and online betting companies is precluded. The Trustees also reserve the right to exclude investment in companies that carry out activities contrary to the Funds aims or those which may damage the Funds reputation.

Reserves policy

At 31 December 2021, the Funds held reserves of £22.3m (2020: £20.6m); £11.3m (2020: £10.4m) in the Nutrition Fund and £11.1m (2020: £10.2m) in the Opto-electronics Fund. These reserves are the result of the appreciation of the original capital and accumulated income since the Funds was established. The reserves are all designated to either the Nutrition Fund or the Opto-electronic Fund to ensure that each Fund can manage its own activities without impacting the other.

At each meeting the Trustees reviewed the level of reserves in order to ensure it is appropriate to meet the needs of the Funds. While a specific target was not set, they considered the current level necessary to maintain continued grant giving and to meet future commitments. An expenditure rate of 3.5% of the investment portfolio was used to preserve the level of reserves, as explained in the investment policy above. With the current impact of COVID-19, this expenditure rate, together with the investment policy above, will be carefully reviewed over the next year.

Going concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these Financial Statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Funds to continue as a going concern for at least the next twelve months.

The Trustees have made this assessment after , which are regularly reviewed with respect to the ongoing COVID-19 outbreak. The Funds has sufficient funds, held in investments, to cover both its existing grant creditors and the annual operating costs of the Funds. The investments are held across a range of shares and bonds, and the Trustees consider these to be liquid with daily dealing available on all of the investments held at year end. Furthermore, the Funds hold a cash balance of £346k at the year-end

Plans for Future Periods

50[th] Anniversary Celebrations

The 50[th] anniversary prizegiving event was postponed from 17 January 2022 to 4 July 2022 due to the COVID-19 pandemic. The anniversary will also be celebrated with a film recording the history and achievements of the Rank Prize Funds.

As part of the anniversary the Funds have also award six Research Visionary Awards as part of an Early Career Researchers event, which was postponed from 18 January 2022 and will now take place on 5 July 2022. The awards were made to the following researchers:

Nutrition:

• Dr Grace Kangara

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Report of the Trustees for the year ended 31 December 2021

• shaping

Optoelectronics:

• uitous UV light for

This half-day event will feature PhD students and Postdocs in the fields of Nutrition and Optoelectronics. The event aims to inspire the next generation of scientists to participate in the two fields, in addition to stimulating debate about where the fields are developing and where the Rank Prize Funds should focus future funding.

Symposia

Face-to-face symposia are due to resume from April 2022 covering the following topics:

Nutrition symposia:

• Meiosis: controlling the recombination landscape (4 7 April 2022)

• The impact of nutrition on ageing (9 12 May 2022)

• Alternatives to anti-microbials (6 9 June 2022)

• Variation in metabolic rate: where does it come from and why does it matter? (11 14 July 2022) Future proteins (3 6 October 2022)

• Emerging opportunities and challenges for utilising bioactives from oats (20 23 March 2023)

• n-3 fatty acids and cognitive health, in-person follow-up (17 20 April 2023)

• Refined carbohydrates, weight maintenance and cardio-metabolic health (12 15 June 2023)

• The impact of nutrition during pregnancy on maternal health (10 13 July 2023)

Optoelectronics symposia:

• Liquid crystal technology for light (27 30 June 2022)

• Neural rendering in computer vision (8 11 August 2022)

• Neural processing of visual information and behavioural context (5 8 September 2022)

• Nanowire photonics (7 10 November 2022)

• Neuromorphic photonics (6 9 February 2023)

• Melanopsin-mediated responses to light (14 17 August 2023)

A joint symposium, Using the electromagnetic spectrum to improve crop production, is due to be held on 11 14 September 2023 having been postponed from March 2022 due to the COVID-19 pandemic.

Undergrad Vacation grant

This grant will continue to be offered by both committees. The nutrition committee will offer a grant for up to eight weeks and the optoelectronics committee will offer a grant for up to 12 weeks.

Rank Lecture grant

Both committees will continue their support for the Rank Lectures. The Nutrition committee is committed to sponsoring one lecture at the annual Diabetes UK Conference until 2025 and one lecture at the annual Nutrition Society Summer Conference until 2026. The nutrition committee are sponsoring two lectures at the ISEP Symposium.

The o Photon conferences and the annual European Conference on Visual Perception.

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Nutrition PhD grant

The nutrition committee will continue to support the PhD grant.

Nutrition Travel grant

The 2020 Plant Environmental Physiology Group Workshop, for which the nutrition committee had in 2019 agreed to sponsor four PhD students or Postdoctoral researchers currently working in the UK and researching crop nutrition, was postponed. This workshop will likely go ahead in 2022 and the nutrition committee will carry forward their sponsorship commitment. The nutrition committee will offer two further travel grants in 2022.

Nutrition New Lecturer grant

The nutrition committee will continue to support the New Lecturer Awards.

Nutrition Forum grant

2020, is due to be held in 2022. The 2022 UK Rice Research Consortium: Early Career Researchers has also been awarded a forum grant, as has a forum

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Report of the Trustees for the year ended 31 December 2021

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

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

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

United

Kingdom governing the preparation and dissemination of financial statements. This may vary from legislation in other jurisdictions. The

ility also extends to the ongoing integrity of the financial statements on https://www.rankprize.org/

Provision of information to auditors

So far as each of the Trustees is aware at the time the report is approved:

• there is no relevant audit information of which the charity's auditors are unaware, and

• the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Small Company Rules

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the Board of Trustees

Stuart Cowen Chairman of the Trustees

Date: 27/05/2022

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to the Members of The Rank Prize Funds

Opinion on the financial statements

In our opinion, the financial statements:

• s affairs as at 31 December 2021 and of

• its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

the year

ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the Charitable Company in accordance with the ethical requirements relevant to our audit of the financial ndard 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 related to going concern

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 Charitable Company'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 Trustees are responsible for the other information. The other information comprises the information included in the Report of the Trustees, and Financial Statements, other than the financial statements and n 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether

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to the Members of The Rank Prize Funds

Other information (continued)

there is a material misstatement in the financial statements 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.

Other Companies Act 2006 reporting

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

• purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Direc applicable legal requirements.

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the report.

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;

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures

• we have not received all the information and explanations we require for our audit; or

• the trustees were not entitled to prepare the financial statements in accordance with the small companies report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

the Trustees (who are also the directors of the charitable company for the purposes 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 determines 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 [Chari 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.

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to the Members of The Rank Prize Funds

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Extent to which the audit was capable of detecting irregularities, including fraud

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:

Based on our understanding of the Charity and the industry in which it operates, we identified that the principal laws and regulations that directly affect the financial statements to be the Companies Act 2006 and the Charities Act 2011. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: employment law, data protection and health and safety legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

• Discussions with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

• Reading minutes of meeting of those charged with governance, and reviewing correspondence with HMRC and the various charity regulators;

• Challenging assumptions made by management in their significant accounting estimates; and

• In addressing the risk of fraud through management override of controls; testing the appropriateness of journal entries and other adjustments, in particular any journals posted to cash or with unusual accounts combinations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial https://www.frc.org.uk/auditorsresponsibilities

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to the Members of The Rank Prize Funds

Use of our report

Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to work, for this report, or for the opinions we have formed.

Jill Halford (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK Date 06 June 2022

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

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Statement of Financial Activities

Note Income from: Investments 2 Total Income Expenditure on: Raising funds Charitable activities 3 Total expenditure Net gains/(losses) on investments 9 Net income/(expenditure) Reconciliation of funds: Total funds brought forward Total funds carried forward	Year ended 31 December 2021 Designated Funds N Fund O Fund Total 148 140 288 148 140 288 52 48 100 429 340 769 481 388 869 1,247 1,128 2,375 914 880 1,794 10,355 10,178 20,533 11,269 11,058 22,327	Year ended 31 December 2020 Designated Funds N Fund O Fund Total 234 222 456
		234 222 456 57 57 114 256 179 435
		313 236 549 (920) (820) (1,740)
		(999) (834) (1,833) 11,354 11,012 22,366
		10,355 10,178 20,533

All income and expenditure derives from continuing activities.

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

The notes on pages 22 to 31 form part of these financial statements.

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THE RANK PRIZE FUNDS (company number 11675628)

Balance Sheet as at 31 December 2021

Note Fixed assets Investments 9 Fixed assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current (liabilities) / assets Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets Charity Funds Designated funds	2021 N Fund O Fund Total 11,494 10,779 22,273 28 28 56 11,522 10,807 22,329 59 54 113 10 336 346 69 390 459 (270) (139) (409) (201) 251 50 11,321 11,058 22,379 (52) - (52) 11,269 11,058 22,237 11,269 11,058 22,237	2020 N Fund O Fund Total 10,298 9,698 19,996 - - -
		10,298 9,698 19,996 44 37 81 241 473 714
		285 510 795 (165) (30) (195)
		120 480 600
		10,418 10,178 20,596 (63) - (63)
		10,355 10,178 20,533
		10,355 10,178 20,533

The financial statements were approved and authorised for issue by the Board of Trustees on 27/05/2022 and signed on its behalf by:

Stuart Cowen Chairman

The notes on pages 22 to 31 form part of these financial statements.

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Statement of Cash Flows

----- Start of picture text -----
Year Year
ended 31 ended 31
December December
2021 2020
Note
Cash flow from operating activities 14 (691) (542)
Net cash flow used in operating activities (691) (542)
Cash flow from investing activities
Payments to acquire investments (10,190) (17,331)
Receipts from sales of investments 10,115 18,199
Dividends and interest received from investments 307 456
Purchase of fixed assets (68) -
Net cash flow provided by investing activities 164 1,324
- -
Cash flow from financing activities
Change in cash and cash equivalents in the year (527) 782
Cash and cash equivalents at the beginning of the period 1,876 1,094
Cash and cash equivalents at the end of the period 1,349 1,876
Cash and cash equivalents consist of:
Cash at bank and in hand 346 714
Cash balances held by custodian for reinvestment 11 1,003 1,162
1,349 1,876
Cash and cash equivalents at the end of the period
The reconciliation of Net Funds is presented in note 15.
The notes on pages 22 to 31 form part of these financial statements.
----- End of picture text -----

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Notes to the Financial Statements

1 Accounting policies

(a) General information and basis of preparation

The Funds constitutes a public benefit entity as defined by FRS 102. The financial statements 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 UK and Republic of Ireland (SORP FRS 102 (2[nd] edition)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019.

The financial statements are prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the Funds and rounded to the nearest thousand pounds.

Going Concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Funds to continue as a going concern for at least the next twelve months from the date of approval of these accounts.

The Trustees h regularly reviewed with respect to the ongoing disruption caused by the COVID-19 outbreak. The Trustees have considered the risk of disruption to the investment markets because of the COVID-19 outbreak, including the liquidity of funds held by the Funds and their potential decrease in value. The Funds has a strong balance sheet and the Trustees have concluded that the Funds will have adequate resources to meet its liabilities. Accordingly, the Trustees believe that a material uncertainty does not exist and so the going concern basis remains appropriate.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

The funds of the charitable company are all unrestricted however, the Trustees have designated all of the funds for two particular purposes, in line with the objectives of the Funds.

(c) Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the Funds is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Interest income is recognised when receivable and dividend and rent in right to receive payment is established.

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Notes to the Financial Statements

1 Accounting policies (continued)

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and is categorised under the following headings:

• Costs of raising funds includes the costs of the investment manager;

• Expenditure on charitable activities includes grants, prizes and costs relating to symposia events (including the reimbursement of travel costs for attendees of the event) and other activities of the Funds; and

Other expenditure represents those items not falling into the categories above.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are included in expenditure on charitable activities. Where unconditional grants are made, these amounts are recognised when a constructive obligation is created, typically when the recipient is notified that a grant will be made to them. Where grants are conditional on performance, then the grant is only recognised once any unfulfilled conditions are outside of the control of the Funds.

(e) Support costs allocation

Support costs include office costs, governance costs, and project management costs which are incurred directly in support of expenditure on the objectives of the Funds.

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life as follows:

----- Start of picture text -----
||| |---|---| |IT equipment|3 years| |Website|3 years|

----- End of picture text -----

(g) Investments

Investments held as fixed assets are re-valued at bid value at the balance sheet date and the gain or loss taken to the statement of financial activities.

(h) Taxation

The Funds is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly, the Funds is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

No tax charge arose in the current or prior period.

2 Income from investments

----- Start of picture text -----
Year ended Year ended
31 December 31 December
2021 2020
Dividends - equities 190 395
Interest - fixed interest securities 30 61
Property income 68 -
288 456
----- End of picture text -----

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Notes to the Financial Statements

3 Analysis of expenditure on charitable activities

----- Start of picture text -----
Year ended
31 December 2021 Symposia & prize Grants to
giving event researchers Support costs Total
N Fund 4 337 88 429
O Fund 1 256 83 340
5 593 171 769
Year ended
31 December 2020 Symposia & prize Grants to
giving event institutions Support costs Total
N Fund 11 181 64 256
O Fund 13 97 69 179
24 278 133 435
----- End of picture text -----

Symposia and prize giving event costs includes the reimbursement of travel costs of attendees of these events. Grants to individuals includes the N Fund and O Fund prizes, which are awarded biennially. All other grants are awarded to institutions, usually universities, and often relate to individual scientists which are connected to these organisations. (See note 15.)

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Notes to the Financial Statements

4 Allocation of support costs

----- Start of picture text -----
Year ended 31 December 2021 N Fund O Fund Total
Governance (see note 5) 6 6 12
Financial management 14 14 28
Advisory committees 7 - 7
Employment costs 43 43 86
Other costs 18 20 38
Total 88 83 171
Year ended 31 December 2020 N Fund O Fund Total
Governance (see note 5) 6 4 10
Financial management 10 10 20
Advisory committees 1 - 1
Employment costs 40 40 80
Other costs 7 15 22
Total 64 69 133
----- End of picture text -----

5 Governance costs

----- Start of picture text -----
Year ended Year ended
31 December 31 December
2021 2020
8 Trustees, 2020:6) - 2
12 8
14 10
----- End of picture text -----

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Notes to the Financial Statements

6 Net income for the year

Net income is stated after charging / (crediting):

----- Start of picture text -----
Year ended 31 Year ended
December 31 December
2021 2020
Net loss/(gain) on investments (2,375) 1,740
(including VAT):
Audit of financial statements 12 8
Non-audit services 6 -
----- End of picture text -----

7 Trustees' remuneration and related party transactions

The Trustees neither received nor waived any remuneration during the year (2020: £nil).

Travel and out of pocket expenses amounting to £203 (2020: £1,834) were reimbursed to one (2020: five) Trustees. Of this sum £109 (2020: £1,715) related to the N Fund and £94 (2020: £119) to the O Fund.

No Trustee or other person related to the Funds had any personal interest in any contract of transaction entered into by the Funds during the period ending December 2021 (2020: none).

The members of the advisory Committees do not receive any remuneration.

8 Staff costs and employee benefits

The three (12 months to 31 December 2020: two) members of staff engaged in the day-to-day administration of the Funds were employed by The Rank Foundation until July 2021 and were costs involved. The Funds did not operate a pension plan until July 2021. During the year the employees were transferred under TUPE under the Funds direct employment, subsequent to this a further member of staff was employed.

There are no employees receiving total employee benefits (excluding employer pension costs) of more than £60,000 (12 months to 31 December 2020: none).

The average number of employees during the year (head count) was 4.

Wages and salaries Social security Defined contribution pension costs Staff insurances	Year ended 31 December 2021 71 4 9 3 87	Year ended 31 December 2020
		66 7 7 -
		80

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Notes to the Financial Statements

8 Staff costs and employee benefits (continued)

Key management personnel are the members of the N and O Committees and the Chief Executive, who have responsibility for planning, directing, and controlling the activities of the two Funds. The key ned benefits totalled £47,784 (2020: £45,973).

9 Fixed asset investments

----- Start of picture text -----
December 2021 December 2020
N Fund O Fund Total N Fund O Fund Total
Market value at beginning of the 10,298 9,698 19,996 11,242 10,544 21,786
period
Purchases 5,245 4,945 10,190 8,911 8,420 17,331
Disposal proceeds (5,176) (4,939) (10,115) (9,364) (8,835) (18,199)
Market value gain/(loss) 1,215 1,146 2,361 (969) (868) (1,837)
Foreign Exchange cash gain 7 7 14 47 46 93
Other capital cash gains - - - 2 2 4
Change in Cash (95) (78) (173) 429 389 818
At 31 December 2021 11,494 10,779 22,273 10,298 9,698 19,996
Historical cost 9,084 8,535 17,619 10,091 8,486 18,577
----- End of picture text -----

The combined values in the table above of the market value gain of £2,361,000 and the foreign exchange cash gain of £14,000 make up the overall net gain on investments in the Statement of Financial Activities of £2,375,000.

Investments at fair value comprise:

Fixed Interest UK Equities Overseas Equities Property Bonds Alternative Assets Multi assets Funds Cash held by custodian At 31 December	December 2021 N Fund O Fund Total - - - 852 800 1,652 6,950 6,515 13,465 937 1,084 877 1,023 1,814 2,107 982 926 1,908 167 157 324 522 481 1,003 11,494 10,779 22,273	December 2020 N Fund O Fund Total - - - 800 757 1,557 6,101 5,765 11,866 619 1,078 578 1,019 1,197 2,097 780 738 1,518 309 290 599 611 551 1,162
		10,298 9,698 19,996

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Notes to the Financial Statements

10 Fixed assets

----- Start of picture text -----
|||| |---|---|---| |Website| |-| |Cost at 1 January 2021| |Additions|68| |Cost at 31 December 2021|68| |-| |Depreciation at 1 January 2021| |Charge for the|year|12| |Depreciation at 31 December 2021|12| |Net book value 31 December 2021|56| |Net book value 31 December 2020|-|

----- End of picture text -----

11 Debtors

----- Start of picture text -----
|||| |---|---|---| |December|December| |2021|2020| |Accrued investment income|53|72| |Prepayments|60|9| |113|81|

----- End of picture text -----

12 Creditors: amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |December|December| |2021|2020| |Other creditors|5|11| |Grants payable (see note 15)|362|151| |Accruals|42|33| |409|195|

----- End of picture text -----

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Notes to the Financial Statements

13 Creditors: amounts falling due in more than one year

Creditors: amounts falling due in more than one year
Grants payable (see note 15)	December 2021 52	December 2020 63
	52	63

14 Reconciliation of net cash flow from operating activities

Net income for period Dividends and interest from investments Losses / (Gains) on equity investments Foreign exchange translation (Gains) on cash investments Other capital cash gains Add back non-cash movement on foreign exchange and other capital cash gains Decrease / (increase) in debtors (Decrease) / increase in creditors Depreciation charge Net cash flow from operating activities	Year ended 31 December 2021 1,794 (288) (2,361) (14) - 14 (51) 203 12 (691)	Year ended 31 December 2020 (1,833) (456) 1,837 (93) (4) 97 121 (211) -
		(542)

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Notes to the Financial Statements

15 Grants payable

At beginning of period Grants awarded in the year Grants to reimburse travel costs Amounts paid during the year Cancelled grants Payable as follows: Within one year After more than one year Grants awarded: Prizes PhD studentships Vacation studentships Lectures New lecturer awards Travel awards Forums Covid-19 Response Funds Return to Research Reimbursement of travel	December 2021 N Fund O Fund Total 204 11 215 349 257 606 - - - (241) (153) (394) (12) (1) (13)	December 2020 N Fund O Fund Total 294 87 381 216 100 316 - - - (273) (174) (447) (33) (3) (36)
	300 114 414	204 11 214
	December 2021 N Fund O Fund Total 248 114 362 52 - 52
		December 2020 N Fund O Fund Total 141 10 151 63 - 63
	300 114 414	204 10 214
	December 2021 N Fund O Fund Total 100 100 200 29 - 29 42 26 68 11 4 15 60 - 60 - 3 3 26 - 26 70 70 140 11 54 65
		December 2020 N Fund O Fund Total - - - 56 - 56 16 10 26 8 - 8 50 - 50 2 - 2 11 - 11 73 90 163 - - -
	349 257 606 - - -	216 100 316 3 2 5
	349 257 606	219 102 321

The grants awarded are all ultimately awarded to individual beneficiaries and are often paid via institutions for the benefit of those individuals.

Travel is reimbursed for attendees of the symposia and the prizegiving ceremony.

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Notes to the Financial Statements

16 Net Funds Reconciliation

Cash at bank and in hand Cash balances held by custodian for reinvestment Net Funds	1 January 2021 714 1,162 1,876	December 2021 Cash flows Non-cash changes (368) - (159) - (527) -	31 December 2021 346 1,003
			1,349

31