2023-03-31-accounts

		Page
Trustees' Report		1-8
Independent auditor's	report	9-11
Statement offinancial	activities	12
Balance sheet		13
Statement ofcash flows		14
Notes to the financial	statements	15-30

eas supported	by	Rosetrees	Number of Projects	value
Cancer			30Projects	f1,874,848
Immunology,	Infections		14Projects	E1,670,399
Brain research			19Projects	E1,358,225
Metabolic			5 projects	E	484,204
Arthritis, Skin,	Bone		10Projects		466,932
Stroke, Heart,	Lung		10Projects	f	400,039
Surgery Mental Health			5 projects 4 projects	E f	279,337 235,612
Other			5 projects	f	116,445
Stem Cells &Tissue Engineering			4 projects	E	109,206
Nerves, Muscles			4 projects	E	77,369
Digestive, Urinary Non-medical		Disorders	4 projects	f	66,499 70,750
Maternity 5 Childhood Cells			2 Projects 1Projects	f f	34,566 23,173
Drug Development			1Projects	E	20,000
Vision			1Projects	E	18,900

					Unrestricted	Restricted	Total	Restricted
					funds	funds		funds
					2023	2023		2022
				Notes
Income from:
Donations and	legacies			3	6,268,279	3,088,320	9,356,599	4,062,001
Investments				4		711,088	711,088	752,010
Total income					6,268,279	3,799,408	10,067,687	4,814,011
Ex enditure on:
Charitable activities						7,649,938	7,649,938	16,828,674
Other						140,625	140,625	183,213
Total expenditure						7,790,563	7,790,563	17,011,887
Net gains/(losses)		on investments		10		(879,793)	(879,793)	640,766
Net incoming/(outgoing)			resources		6,268,279	(4,870,948)	1,397,331	(11,557,110)
Other recognised		gains	and losses
Other gains or	losses					135,535	135,535	34,641
Net movement	in	funds			6,268,279	(4,735,413)	1,532,866	(11,522,469)
Fund balances	at 1 April		2022			23,553,088	23,553,088	35,075,557
Fund balances	at	31 INarch 2023			6,268,279	18,817,675	25,085,954	23,553,088

				2023	2022
			Notes	f	f
Fixed assets
Tangible assets			13	6,102	5,980
Investment	property		14	11,784,526	11,691,184
Investments			15	22,979,588	21,291,272
				34,770,216	32,988,436
Current assets
Debtors			16	197,728	335,690
Cash at bank and in		hand		220,720	304,158
				418,448	639,848
Creditors:	amounts	falling due within
one year			17	(6,323,801)	(6,766,777)
Net current	liabilities			(5,905,353)	(6,126,929)
Total assets less current liabilities				28,864,863	26,861,507
Provisions	for liabilities		18	(3,778,909)	(3,308,419)
Net assets				25,085,954	23,553,088
Income funds
Restricted	funds			18,817,675	23,553,088
Unrestricted	funds			6,268,279
				25,085,954	23,553,088

				2023	2022
			Notes	f
Cash flows from operating		activities
Cash absorbed by operations			26	(4,397,681)		(3,353,655)
Investing	activities
Purchase	oftangible fixed assets			(3,676)	(1,251)
Purchase	ofinvestments			(6,994,649)	(5,051,878)
Proceeds	from disposal of	investments		10,601,480	7,414,739
Investment	income received			711,088	752,010
Net cash	generated from	investing
activities				4,314,243		3,113,620
Net cash	used in financing	activities
Net decrease in cash and		cash equivalents		(83,438)		(240,035)
Cash and	cash equivalents	at beginning	ofyear	304,158		544,193
Cash and	cash equivalents	at end of	year	220,720		304,158

		Unrestricted	Restricted	Total	Restricted
		funds	funds		funds
		2023	2023 E	2023f	2022f
Donations	and gifts	6,268,279	3,088,320	9,356,599	4,062,001
Investments
				Restricted	Restricted
				funds	funds
				2023	2022
				E
Rental income				609,721	608,616
Income from listed investments				39,528	20,462
Gross gilt	interest			61,232	122,909
Interest receivable				607	23
				711,088	752,010

5	Charitable	activities	activities
				2023f	2022
	Staff costs			343,432	321,112
	Grant funding		ofactivities (see note 6)	7,306,506	16,507,562
				7,649,938	16,828,674

	2023f	2022f
Grants to institutions:
UCL	1,411,805	4,626,774
Imperial College London	806,022	1,796,427
University ofCambridge	729,606	1,703,448
Newcastle University	545,878
Kings College London	515,131	1,013,802
Institute ofCancer Research		360,948
University of Liverpool	304,694
Queen Mary University of London	265,536	420,864
University of Edinburgh	224,053
University ofSouthampton	219,038
University ofOxford	215,766	2,013,008
Ben Gurion University	210,000
Cardiff University	200,000
Hebrew University Jerusalem		173,208
Other	170,519	4,238,162
University ofManchester	168,365
University ofBristol	130,442
StGeorges University of London	128,000
British Heart Foundation	120,000
Francis Crick Institute	100,000
Cystic Fibrosis Trust	100,000
The Royal College ofAnaesthetists	99,450
Queens University Belfast	93,652
University ofEast London	92,014
University ofGlasgow	89,906
University ofSouthampton		110,921
Sheba Medical Centre	79,632
Non Medical	70,750
Royal College ofSurgeons	60,000	50,000
Uni Hospitals Coventry And Warwick	50,000
Nottingham Trent	41,247
Leukaemia UK	40,000
Royal College of Physicians	25,000
	7,306,506	16,507,562

7	Auditor's remuneration	Auditor's remuneration
	Fees payable to the	charity's		auditor and associates:	2023	2022
					F.	F.
	Audit ofthe charity's	annual	accounts		12,925	9,450

The average monthly number ofemployees during th	e year was:
	2023	2022
	Number	Number
Employment costs	2023	2022
Wages and salaries	268,738	250,885
Social security costs	25,193	22,424
Other pension costs	49,501	47,803
	343,432	321,112

llows:
2023	2022
Number	Number

2023	2022
F	F
75,823	72,916

		Restricted	Restricted
		funds	funds
		2023	2022
Revaluation	ofinvestments	(874,195)	803,107
Loss on sale	ofinvestments	(5,598)	(162,341)
		(879,793)	640,766

12	Other g	ains	or lo	sse	s
							Restricted	Restricted
							funds	funds
							2023	2022
	Foreign	exchange		gains			135,535	34,641
13	Tangible	fixed assets
						Fixtures and	Computers	Total
						fittings
						f	f
	Cost
	At 1 April	2022				7,780	14,977	22,757
	Additions					3,676		3,676
	At 31 March		2023			11,456	14,977	26,433
	Depreciation		and	impairment
	At 1 April	2022				3,875	12,902	16,777
	Depreciation		charged		in the year	1,896	1,658	3,554
	At 31 March		2023			5,771	14,560	20,331
	Carrying	amount
	At 31 March		2023			5,685	417	6,102
	At 31 March		2022			3,905	2,075	5,980

14	Investment	property
				2023
	Fair value
	At 1 April 2022			11,691,184
	Net gains or	losses through	fair value adjustments	93,342
	At 31 March	2023		11,784,526

			Listed	Unlisted	Other	Total
			investments	investments	investments
Cost or valuation
At 1 April 2022			17,391,807	3,897,263	2,202	21,291,272
Additions			7,277,344	(276,494)	6,262,078	13,262,928
Valuation changes			(509,990)	(457,544)		(967,534)
Disposals			(10,593,161)	(13,917)		(10,607,078)
At 31 March	2023		13,566,000	3,149,308	6,264,280	22,979,588
Carrying amount
At 31 March	2023		13,566,000	3,149,308	6,264,280	22,979,588
At 31 March	2022		17,391,807	3,897,263	2,202	21,291,272
Other investments		comprise:		Notes	2023f	2022
Investments	in subsidiaries			23	2,202	2,202
Investments	in associates			24	6,262,078
					6,264,280	2,202

16	Debtors
	Amounts falling due within		one year:	2023f	2022f
	Other debtors			28,133	24,694
	Prepayments and accrued income			169,595	310,996
				197,728	335,690
17	Creditors: amounts	falling	due within one year
				2023f	2022f
	Amounts owed to subsidiary		undertakings	2,400	2,400
	Other creditors			270,082	266,303
	Accruals and deferred	income		6,051,319	6,498,074
				6,323,801	6,766,777
18	Provisions for liabilities			2023f	2022 f
	Provisions due over one year			3,778,909	3,308,419
	Movements on provisions:
	At 1 April 2022				9,806,493
	Additional provisions	in the year			7,378,121
	Reversal of provision				(7,354,386)
	At 31 March 2023				9,830,228
	Within one year				6,051,319
	Over one year				3,778,909
					9,830,228

			Movement in funds	Movement in funds	Movement in funds
		Balance at	Incoming	Resources	Revaluations,	Balance at
		1 April 2022	resources	expended	gains and 31 March 2023
					losses
			f			E
Rosetrees	Trust	23,553,088	3,799,408	(7,790,563)	(744,258)	18,817,675

Analysis o	fnet assets between funds
		Unrestricted	Restricted	Total	Restricted
		funds	funds		funds
		2023	2023	2023	2022
		E
Fund balances at 31 March 2023 are represented
by:
Tangible assets			6,102	6,102	5,980
Investment	properties		11,784,526	11,784,526	11,691,184
Investments		6,268,279	16,711,309	22,979,588	21,291,272
Current assets/(liabilities)			(5,905,353)	(5,905,353)	(6,126,929)
Provisions			(3,778,909)	(3,778,909)	(3,308,419)
		6,268,279	18,817,675	25,085,954	23,553,088

					Donations
					2023f	2022f
Donation	from	Peak	Securities	Ltd	1,950,000	1,872,407
					1,950,000	1,872,407

			Amounts	owed to related	owed to related
				parties
				2023	2022
				f	f
Entities	over which	the entity has control, joint
control	or significant	influence	2,400		2,400

	Nameof undertaking	Nameof undertaking		Registered	Nature ofbusiness	Class of	% Held
				office		shares held	Direct Indirect
	Chromeglade Ltd			England	Dormant	Ordinary	100.00
	Signpost Properties	Ltd		England	Dormant	Ordinary	100.00
	Rosetrees Nominees		Ltd	England	Dormant	Ordinary	100.00
24	Associates
	Details ofthe charity's		associates at 31 March		2023 are as follows:
	Nameof undertaking			Registered	Nature ofbusiness	Class of	% Held
				office		shares held	Direct Indirect
	Regenstmead Ltd			England	Dormant	Ordinary	28.81

		Unrestricted	Restricted	Endow-	Total
				ment
		funds	funds	funds
		2023	2023	2023	2023
				E
Income from:
Donations and	legacies	2,039,571	1,048,749		3,088,320
Investments		711,088			711,088
Total income		2,750,659	1,048,749		3,799,408
Expenditure on:
Charitable activities		(6,396,860)	(1,253,078)		(7,649,938)
Other		(140,625)			(140,625)
Total charitable	expenditure	(6,537,485)	(1,253,078)		(7,790,563)
Net losses on investments		(879,793)			(879,793)
Net outgoing resources before transfers		(4,666,619)	(204,329)		(4,870,948)
Other gains or losses		135,535			135,535
Net movement	in funds	(4,531,084)	(204,329)		(4,735,413)
Fund balances	at 1 April 2022	23,284,086	268,992	10	23,553,088
Fund balances	at 31 March 2023	18,753,002	64,663	10	18,817,675

Moveme	nt in funds
			Balance at	Incoming	Resources	Balance at
		1	April 2021	resources	expended	31 March
						2022
						F
Medical	research		268,992	1,048,749	(1,253,078)	64,663

			Unrestricted	Restricted	Endow-	Total
					ment
			funds	funds	funds
			2022	2022	2022	2022
			E	E		f
Income from."
Donations and	legacies		1,968,703	2,093,298		4,062,001
Investments			752,010			752,010
Total income			2,720,713	2,093,298		4,814,011
Expenditure on:
Charitable activities			(12,491,510)	(4,337,164)		(16,828,674)
Other			(183,213)			(183,213)
Total charitable		expenditure	(12,674,723)	(4,337,164)		(17,011,887)
Net gains on investments			640,766			640,766
Net outgoing	resources before transfers		(9,313,244)	(2,243,866)		(11,557,110)
Other gains or	losses		34,641			34,641
Net movement	in funds		(9,278,603)	(2,243,866)		(11,522,469)
Fund balances	at	1 April 2021	32,562,689	2,512,858	10	35,075,557
Fund balance	at	31 INarch 2022	23,284,086	268,992	10	23,553,088

			Balance at	Incoming	Resources	Balance at
		1	April 2021	resources	expended	31 March
						2022
					E	E
Medical	research		2,512,858	2,093,298	(4,337,164)	268,992

26	Cash generated from operations	Cash generated from operations				2023	2022
	Surplus/(deficit) for the year					1,532,866	(11,522,469)
	Adjustments for:
	Investment income recognised	in statement		offinancial	activities	(711,088)	(752,010)
	Donated assets					(6,268,279)
	Loss on disposal ofinvestments					5,598	162,341
	Fair value gains and losses on	investments				874,195	(803,107)
	Depreciation and impairment oftangible		fixed assets			3,554	6,294
	Movements in working capital:
	Decrease/(increase) in debtors					137,962	(304,622)
	(Decrease)/increase in creditors					(442,976)	6,551,499
	Increase in provisions					470,490	3,308,419
	Cash absorbed by operations					(4,397,678)	(3,353,655)