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