Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
FINANCIAL STATEMENTS
31 MARCH 2024
Charity Number 1185278
Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
CHARITY INFORMATION
Charity number: 1185278
Trustees
Professor Michael Hayden Philip Goelet Sir David Keith Peters David James Roper Robinson Professor Timothy Martin Cox Carla Lisa Brenner Roach
Principal Office
22 Baker Street London W1U 3BW
Independent Examiner
Tim Hardy Shipleys LLP Chartered Accountants 5 Godalming Business Centre Godalming Surrey GU7 1XW
Bankers
C. Hoare &Co. 32 Lowdndes Street London SW1X 9HZ
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
TRUSTEE’S ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2024
| CONTENTS | PAGE |
|---|---|
| Trustees Annual Report | 4-6 |
| Independent Examiners Report | 7 |
| Statement of Financial Activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10-21 |
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
TRUSTEE’S ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2024
THE SYDNEY BRENNER CHARITABLE TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] March 2024
Objectives and activities
The objects of the charity are to advance education for the benefit of the public in the field of medical research by:
-
a. promoting and funding medical research projects through the provision of grants to young medical researchers seeking by their research to prevent disease or disability or to heal or relieve the effects of disease or disability; and
-
b. by such other charitable means as the Trustees may from time to time see fit.
The objects are currently achieved through:
-
a. the provision of fellowships in accordance with a Memorandum of Agreement between the charity and the University of the Witwatersrand(“ Wits ”), Johannesburg, South Africa; and
-
b. a loan agreement between the charity and the VIVA Foundation for Children with Cancer (“ the VIVA Foundation ”), based in Singapore.
Achievements, performance and public benefit
The trustees are aware of the Charity Commission's guidance on public benefit.
In association with Wits, the charity has provided the necessary living expenses, start-up research funding, six months’ UK accommodation and conference and travel expenses for two three-year postdoctoral research fellowships.
In November 2023 the charity purchased the late Sydney Brenner’s Nobel Prize medal from his estate. A Singaporean charity, the VIVA Foundation, then borrowed the medal from the charity under a longterm agreement as part of a collaboration between the charity and the VIVA Foundation to promote Sydney’s scientific legacy. The VIVA Foundation committed S$700k to The Sydney Brenner VIVA Training Award Endowment Fund. By putting the Nobel Prize medal on public display, the VIVA Foundation plans to raise a further S$1m for that fund. The endowment fund is managed by the VIVA
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
TRUSTEE’S ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2024
Foundation in consultation with the charity and will sponsor research and travel fellowships for young scientists in Sydney’s memory.
The trustees are satisfied that these activities accord with the charity’s objectives and provide public benefit.
Financial review
Apart from the purchase of the Nobel medal, the charity’s expenditure for the year included bank charges, accountants’ fees and a payment of £70,747 to Wits by way of agreed fellowship funding. The charity does not have any debts other than unpaid independent examination fees.
The principal funding source for the charity is donations.
Reserves policy
At year end the trust had reserves of £243,652. These are being held in order to meet future payments as they fall due mainly in relation to Sydney Brenner Fellowship grants.
Funds held as a custodian trustee
N/A
Structure, management and recruitment of trustees
The charity was established as a charitable trust by a deed dated 26th April 2019. The charity holds a bank account with C Hoare & Co from which payments are made with the trustees’ authority only.
The trustees who served during the year and up to the date of signature of the financial statements were:
-
Professor Michael Hayden
-
Philip Goelet
-
David James Roper Robinson
-
Sir David Keith Peters
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
TRUSTEE’S ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2024
-
Professor Timothy Martin Cox
-
Carla Lisa Brenner Roach
There must be at least three and there may be up to six trustees. Future trustees must be appointed by resolution of the trustees. Every future trustee must sign a declaration of willingness to act as a trustee of the trust before he or she is eligible to vote at any meeting of the trustees.
There are no related parties other than the trustees.
The principal office address of the charity is 22 Baker Street, London W1U 3BW.
31 January 2025 Approved by the Trustees on ………….. and signed on their behalf by:
David Robinson (Trustee)
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Independent Examiners Report Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of the Sydney Brenner Charitable Trust ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the 2006 Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not complyy with the applicable requirements concerning the form and content of the accounts set out in The Charities (Accounts and Reports) Regulations 2008 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Tim Hardy, FCA Shipleys LLP Chartered Accountants 5 Godalming Business Centre Godalming Surrey, GU7 1XW
31 January 2025 Date:
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Statement of Financial Activities Year ended 31 March 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|Unrestricted|Unrestricted|
|funds|funds|
|Note|£|£|
|Income and endowments|
|Donations and royalties|2|363,905|107,459|
|Investment income|3|2,312|541|
|------------------------- -------------------------|
|Total income|366,217|108,000|
|=================== ===================|
|Expenditure|
|Expenditure on charitable activities|4|225,677|38,022|
|------------------------- -------------------------|
|Total expenditure|225,677|38,022|
|=================== ===================|
|------------------------- -------------------------|
|Net income and net movement in funds|140,540|69,978|
|------------------------- -------------------------|
|Reconciliation of funds|
|Total funds brought forward|103,112|33,134|
|------------------------- -------------------------|
|Total funds carried forward|243,652|103,112|
|=================== ===================|
----- End of picture text -----
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Balance Sheet
31 March 2024
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|Note|£|£|£|
|Fixed assets|
|Tangible fixed assets|7|100,000|-|
|Current assets|
|Cash at bank and in hand|150,372|139,334|
|-------------------------|-------------------------|
|150,372|139,334|
|Creditors: amounts falling due within one year|8|6,720|36,222|
|-------------------------|-------------------------|
|Net current assets|143,652|103,112|
|------------------------- -------------------------|
|Total assets less current liabilities|243,652|103,112|
|------------------------- -------------------------|
|Net assets|243,652|103,112|
|=================== ==================|
|Funds of the charity|
|Unrestricted funds|243,652|103,112|
|------------------------- -------------------------|
|Total charity funds|243,652|103,112|
|=================== ===================|
----- End of picture text -----
These financial statements were approved by the board of trustees and authorised for issue on 31 January 2025 ........................, and are signed on behalf of the board by:
David Robinson (Trustee)
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
1. Accounting policies
Basis of preparation
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is an unincorporated charity that meets the definition of a public benefit entity under FRS 102.
The registration number of the charity is 1185278.
The functional currency of the charity is considered to be pounds sterling because that is the currency of the primary economic environment in which the Trust operates. The financial statements are also presented in pounds sterling. Amounts are presented to the nearest £, unless otherwise stated.
Going concern
The Trustees have considered the ability of the Trust to continue as a going concern. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern for at least twelve months from the date of approving the accounts.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
Accounting policies (continued)
Income
All income is included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset. No class of assets are currently being depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Cash flow statement
The charity has taken advantage of the exemption in the Charities SORP FRS 102 from the requirement to produce a cash flow statement on the grounds that it is a small charity.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
2. Donations and royalties
| Unrestricted | Unrestricted | |
|---|---|---|
| Funds 2024 | Funds 2023 | |
| Donations | 363,751 | 107,326 |
| Royalties | 154 | 133 |
| ------------------- | ------------------ | |
| Total | 363,905 | 107,459 |
| ============== | ============== |
3. Investment income
Bank interest receivable
| Unrestricted | Unrestricted |
|---|---|
| Funds 2024 | Funds 2023 |
| £ | £ |
| 2,312 | 541 |
| ============== | ============== |
4. Expenditure on charitable activities by fund type
| Unrestricted | Unrestricted | Unrestricted | |
|---|---|---|---|
| funds 2024 | funds | 2023 | |
| Costs | £ | £ | |
| Grants | 70,747 | 35,412 | |
| Bank Charges | 430 | 390 | |
| Accountancy | 4,500 | 2,220 | |
| Asset Impairment | 150,000 | - | |
| ------------------ | ------------------ | ||
| Total | 225,677 | 38,002 | |
| ============== | ============== |
Included in accountancy are independent examination fees totalling £4,500 (2023 £2,220).
5. Staff costs
The charity employs no staff.
6. Trustee remuneration and expenses
No trustees received any remuneration during the period or reclaimed any expenses.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
7. Tangible fixed assets
----- Start of picture text -----
||||
|---|---|---|
|Medals|Total|
|£|£|
|Cost|
|At 1 April 2023|-|-|
|Additions|250,000|250,000|
|-----------------------|-----------------------|
|At 31 March 2024|250,000|250,000|
|=================== ===================|
|Depreciation|
|At 1 April 2023|-|-|
|Impairment|150,000|150,000|
|-----------------------|-----------------------|
|At 30 March 2024|150,000|150,000|
|===================|==================|
|Carrying amount|
|At 30 March 2024|100,000|100,000|
|=================== ===================|
|At 30 March 2023|-|-|
|=================== ===================|
----- End of picture text -----
In November 2023, the charity purchased the Nobel Prize medal of the late Sydney Brenner from the late Sydney Brenner’s personal representative.
The charity then entered into a loan agreement with the VIVA Foundation for Children with Cancer (Singaporean Charity UEN: 20060178E) by which it would borrow the Nobel and use it as part of its fundraising efforts. The Loan is for a period of 30 years, with 10 year break clauses and provides that the VIVA Foundation will establish “the Sydney Brenner VIVA Training Award Endowment Fund”. The VIVA Foundation plans to raise over £1m to sponsor travel and research fellowships for young scientists.
The Viva Foundation is responsible for upkeep and insuring the property for this period.
As the charity cannot use the medal freely during the term of the loan, the medal has been impaired. The value of £100,000 will not be depreciated and represents the charities right to recall the medal periodically to assist with their charitable purpose as well as being a conservative value if the medal was sold.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
8. Creditors: amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 6,720 | 4,320 |
| Grants Payable | - | 31,902 |
| ----------------------- | ----------------------- | |
| 6,720 | 36,222 | |
| =================== | =================== |
9. Analysis of changes in net debt
Cash at bank and in hand
| At | 1 April 2023 | Cash flowsAt | 31 March 2024 |
|---|---|---|---|
| £ | £ | £ | |
| 139,334 | 11,038 | 150,372 | |
| --------------------- | |||
| ----------------------- | -- | ----------------------- |
10. Related Party Transactions
As described in the trustee report and in note 7, during the year the charity purchased the Nobel Prize medal from the late Sydney Brenner’s Estate for £250,000. One of the Trustees is a beneficiary of the estate. As such they did not vote on the purchase of the Medal. Further an independent valuation was carried out to ensure the medals were valued at a fair price.
There are no further related party transactions in the current or prior year that require disclosure under FRS 102.
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
11. Transition to FRS 102
This is the first year that the charity has presented its results under FRS102. The last financial statements were prepared under The Receipts and Payments basis for the year ended 31 March 2023 and the date of transition to FRS102 was 1st April 2022.
The charity now recognises transactions on an accrual basis rather than receipts and payments
This has led to timing differences when expenses are recognised, the impact of which are disclosed below, no adjustments impacted the restricted funds.
Reconciliation of Balance Sheet - Date of transition 1st April 2022
| Receipts and | Effect of | ||
|---|---|---|---|
| Payments | transition to | ||
| Basis | FRS102 | FRS102 | |
| Fixed assets | |||
| Tangible fixed assets | - | - |
- |
| Current assets | |||
| Debtors | - | - | - |
| Cash at bank and in hand | 35,234 | - | 35,234 |
| ------------------------- | ------------------------- | ------------------------- | |
| 35,234 | - | 35,234 |
|
| Creditors: amounts falling due within one year | - | (2,100) | (2,100) |
| ------------------------- | ------------------------- | ------------------------- | |
| Net current assets | 35,234 | (2,100) |
33,134 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total assets less current liabilities | 35,234 | (2,100) |
33,134 |
| ------------------------- | ------------------------- | ------------------------- | |
| Net assets | 35,234 | (2,100) |
33,134 |
| =================== | =================== | ================== | |
| Funds of the charity | |||
| Restricted funds | |||
| - | - |
- | |
| Unrestricted funds | 35,234 | (2,100) |
33,134 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total charity funds | 35,234 | (2,100) |
33,134 |
| =================== | =================== =================== |
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
(note 11 continued)
Reconciliation of Balance Sheet – 31 March 2023
| Receipts and | Effect of | ||
|---|---|---|---|
| Payments | transition to | ||
| Basis | FRS102 | FRS102 | |
| Fixed assets | |||
| Tangible fixed assets | - | - |
- |
| Current assets | |||
| Debtors | - | - | - |
| Cash at bank and in hand | 139,334 | - | 139,334 |
| ------------------------- | ------------------------- | ------------------------- | |
| 139,334 | - | 139,334 |
|
| Creditors: amounts falling due within one year | - | (36,222) | (36,222) |
| ------------------------- | ------------------------- | ------------------------- | |
| Net current assets | 139,334 | (36,222) |
103,112 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total assets less current liabilities | 139,334 | (36,222) |
103,112 |
| ------------------------- | ------------------------- | ------------------------- | |
| Net assets | 139,334 | (36,222) |
103,112 |
| =================== | =================== | ================== | |
| Funds of the charity | |||
| Restricted funds | |||
| - | - |
- | |
| Unrestricted funds | 139,334 | (36,222) |
103,112 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total charity funds | 139,334 | (36,222) |
103,112 |
| =================== | =================== | =================== |
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Docusign Envelope ID: C8BAD82A-905A-448D-BC71-68B19299E2FC
THE SYDNEY BRENNER CHARITABLE TRUST
Notes to the Financial Statements (continued)
Year ended 31 March 2024
(note 11 continued)
Reconciliation of Statement of Financial Activities - For year ended 31 March 2023
| Receipts and | Effect of |
||
|---|---|---|---|
| Payments | transition to | ||
| Basis | FRS102 | FRS102 | |
| Income and endowments | |||
| Donations and Royalties | 107,459 | - |
107,459 |
| Investment Income | 541 | - |
541 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total income | 108,000 | - |
108,000 |
| =================== | =================== | =================== | |
| Expenditure | |||
| Expenditure on charitable activities | 3,900 | 34,122 |
38,022 |
| ------------------------- | ------------------------- | ------------------------- | |
| Total expenditure | 3,900 | 34,122 |
38,022 |
| =================== | =================== | =================== | |
| ------------------------- | ------------------------- | ------------------------- | |
| Net income and net movement in funds | 104,100 | (34,122) |
69,978 |
| =================== | =================== | =================== |
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