Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC The Showerin Fund UK Charl re istratlon No: 200017 Annual Re ort and Unaudited Financial Statement for the eriod ended 31st March 2024 The Showering Fund Registered Charity Number.. 200017 Re815tered UK Address.. Pathology Scientes Phase 2 Level 2, North Bristol NHS Trust, Southmead Hospital, Southmead Road, Westbury-on-Trym, Bristol, BSIO SNB
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC Le al and Administrative Information Board of Trustees: Dr Mark Gompels Dr Mahableshwar Shankar Albur Dr Margaret Mary Williams Dr Sophie Otton Francis Showering Dr Helena Kemp Matthew Showering Dr Philip David BrSght Dr Yuening zhang Chair Charit Number.. 200017 Charit Re Istered Name.. The Showerlng Fund Re istered Offlce: Pathology Sclences Phase 2 Level 2 North Bristol NH5 Trust SouthmEad Hospital Southmead Road Westbury-on-Trym Bristol BSIO 5NB Bank: Lloyds Bank plc Bristol Branch 55 Corn Street Brlstol BS99 7LE Investment Advlsor.. Investec Wealth & Investment Ltd 5 Floor 3 Temple Quay 3 Temple Back East Bristol BSI 6DZ Tele hone.. 0117 414 6215 Email.. chloe.whltlock@nbt.nhs.uk Pag8 2 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC Trustees Re ort for the ear ended 31, March 2024 The accounts have been prepared In accordance wlth the accountlng policies set out in note I to the accounts and comply with the charity's Memorandum and Articles of Association, and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting perlods commencing from l January 20161. Charltable Oblertlves and actlvltles The objects of the char1ty are the promotion and development of medical research to be carried out by the Department of Pathology of the North Bristol NHS Trust INBTI. The Trustees confirrn that as required by the Charity IAccounts and Reports) Regulations 2008, they 'have due gard, to the Charity Commission's public benefit guidance when exercising any relevant power or duty. The guidance is taken into account when reviewing the Trust'5 alms and objectives and in planning future activities and approving grants. Using income derived from investments, the Trustee5 make grants to researchers employed within NBT to undertake worthwhile pathology research prolects with a view to benefiting patients. The charity seeks to helghten the profile of the Oepartment of Pathology, and also to educate and inform it5 Staff, by organising an annual lecture by a guest speaker on a current pathology research theme. All Trustees gave thelr time to the Charlty voluntarily and received no honorarium. emoluments, expenses or other benefits, other than meeting related refreshments. Funding is allocated to project5 by the Application Sub-committee following Internal peer review land external review in ceTtain cases, especially for grants over £IO,0001, and where appropriate approval by a Research Ethlcs Committee. All projects supported by the Charity must meet the strateglc Research and Development objectives of the North Bristol NHS Trust. Achlevements and perfomiance No more award5 granted or closed in 2023124. Ongolng prolects are summarlsed in note 9 to the account5. GRANTS AWARDED IN 2022123 SF133- Clinical impact of Biofire Pneumonia Plu5 111 the management of suspected lower respiratorv tract infectlon lin ITUI- Peter Muir, £12,624 SF134- Clinical utlllty of Whole Genome Sequenclng IWGSI to detect unldentSfied PAH variants In Phenylketonurla patients- Rebecca Whittington, £14,60(1 SF135- Developlng a laboratory methodology for Favipiravir concentratlon measurement and pharmacokinetic evaluation in a range of viral infections- Alan Noel, £14,7LXJ Pag8 3 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC GRANTS CLOSED IN 2022123 SF122- Stromal cells in health and dlsease- loya Pawade, £9,625 Iwithdrawn, no spend) SF126- Prognostlc transcriptomlc maTkers of COVID- Philip Brl8ht, £10,000 Iw5thdrawn, no spend) The remalnlng balan¢es on closed grants are returned to funds available for future grant spending. Structurei governance, and management Trust Deed of 14th March 1961 as e¥tended and varied by the Deed of Variation which took effect from 1st April 2008. The Trustee body is made up of one Consultant Pathologist nominated from each of the six Patholo8V Department sub-specialties, the Chair of the Trustees (normally, but not always, the most senior Consultant Pathologlstl and two suNivors of Mr Francls Edwin Showering, C8E. The appointment of new Trustees only occurs on the departure of one of the specialty representatives when the relevant Pathology Department is asked to nominate a nèw Consultant representative. The department represerited by the Chair may have a separate member to provide the input thatthe Chair would have provlded in that role. Periodlcally the Trustees are sent electronic copies of information appertaining to their responsibilities. As well as the Trustee body there are two standing Sub-committees: The Appllcation5 Sub-committee for grants whlch consist5 of the seven Patholo8yTrustees. The Investments Sub-commlttee conslstlng of the two Showering family Trustees, the Chair and Dr Philip Bright, Consultant Pathologist. The Pathology Trustees are also employees of the North Brlstol NHS Trust INBTI and are aware of the need to separate the flnanclal Interest of the Showerlng Fund from that of N8T. A register of Interests Is malntained and each Trustee is asked to provide an annual update. A table of potentlal rlsks to the Charity Is presented at the AGM for review and systerns are establishedlmalntalned to mitlgate those risks. There Is an insurance policy in place to cover the aetlvities of the commlttee. Flnanclal Revlew We rècelved a lower number of applications for funding over the period from March 2020 related to redeployment of clinical and rèsearch staff to support patient care and national trials of COVID. This has a150 resulted In some of the funding not being utilised. This will be made avallable for future research. All of the funds available to the Charity originate from the endowment of £50,000 received from the Showeringfamily in 1961. This sum, which has since appreciated, is held in trust and ha5 to be invested unless otherwise used in accordance with the Trust Deed. Page 4 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC Flnanclal Review Icontlnuedl The Trustee5 must use the Income to meet the objects of the Charlty. The income received by the Investment Advisor Is transferred to the CharitV'5 Lloyd's current account ov a quarterly basls. This account is used to fund project costs on an ongolng basis. Funds In the current account which are not required the short term are transferred to an income earnlng COIF deposit account, if there is a slgnificant interest rate. The objective, whenever possSble, is to restrictthe maximum sum held in the current account to less than £20,000 50 35 to maximise the interest earned on the Income recelved by the Charity. When necessary, funds are transferied back from the COIF account tothe turrent account to fund current project expendlture. Within 2023124, divldends and interest of £32,108 were received. There were payments of £3,402 on admlnlstratlon, insurance and arcountancy. The Investments are managed on a dlscretionary basls for balanced growth with moderate risk. An ethical policy places restrictlon5 on Investing in tobacco. flrearm5 and defence. Investment management fees of £7,577 were incurred by the Endowment Fund. Statement of trustees, responslbllltles Law appllcable to chaTlties In England & Wales requires the trustee5 to prepare a firsancial statement for each financlal period which give a true and fair view of the ¢haritVs financial activitie5 during the period and of its financial p051tion at the end of the period. In preparing flnancial statements giving a true and fair view, the Trustees should follow best practice and.. select suitable accountin8 pollcles and then apply them conslstentlv. observe the methods and principals in the Charitie5 SORP. make judgements and estimates that are reasonable and prudent. state whether applicablè UK Accounting Standard5 and statements of recommended practice have been followed, Subject to any material departures disclosed and explalned in the flnancial statements. prepare the linancial statements on the going concern basis unless it is inappropriate to presume that the charity will contlnue in business. The TrLbStee5 are re5ponslble for keeplng adequate accounting records that disclose with rea59nable accuracy at any time the flnanclal posltSon of the charlty and enable them to ensure that the financlal statements Comply with the Charities Act 2011. 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 irregularltles. TheTrustees are responsible for the maintenance and Integrlty of the charlty and flnan¢lal informatlon intluded on the charitvs webslte. Leglslation in the United Kingdom governing the preparatlon and dissemination of flnancSal statements may dlffer from le8islation in other jurlsdlctions. Appro by Board of T stees and sign n it5 behalf bv.. 2EJ 2 4-. Mark Gompels Dated.. Chalr Pag8 5 0114
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC Corrigan Independent Examlnerfs Report to the Trustees of The Showering Fund I report to the charity trustees on my examination of the accounts of the charlty for the period ended 31 March 2024 whith are set out on page5 8 to IS. Responsibilities and basis of report As the charity'5 trustees you are responsible for the preparatlon of the accounts In accordance with the requirements of the Charitles Act 20111'the Act'l. I report in respett of my examination of the charitws accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Direttions given bv the Charity Commission under section 14515llbl of the Act. Independent examlner's statement I have completed my examination. I confirni that no material matter5 have come to my attention in connectlon wlth the examination giving me cause to believe that In any materlal respect.. accounting records were not kept in respect of the charlty a5 required by section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of account5 set out iri the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view, whlch is not a matter considered as part of an Independent examination. I have no concerns and have come across no other matters in connectlon with the examination to whlch attentlon should be drawn in this report In order to enable a proper understandlng of the accounts to be reached. Signed.. Edward Corrigan FCA Corrigan Accountants Llmited 1st Floor 25 King Street Brlstol BSI 4PB Date.. Corrigan Accountants Limited 02-Dec-24 Page 8 0114
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 1st Aprll 2023 to 3151 March 2024 Unrestrlcted Funds É 2024 Endowment Funds £ 2024 Total £ 2024 Total £ 2023 Income From: Dividends and Interest Uncashed cheques written off Disposal proceeds on investment sales Total Income Expendlture On: Charitable Activitles Support costs Investment purchases Galn/llossl on investment Movement on grant commitments Total resources expended 32,108 32,108 30,252 742 110,511 110,511 84,260 32,108 110,511 142,619 115.254 11981 110,7131 155,1831 189,7811 13,4021 17,5771 1108,3481 5,383 110,9791 1108,3481 5,383 115,0361 13,402) {110,5421 {113,9441 1170,9111 Net loutgolnglllncomlng resource5 28,706 {311 28,675 155,6571 Net movement In funds 28,706 131} 28,675 155,657) Fund balances at 1st April 2023 113,368 808,247 Y21,615 977,272 Fund balances at 31" March 2024 142,074 808,216 950,290 921,615 The statement of financial activities includes all galns and losses reco8fblsed in the period. All income and expenditure derlve from continulng actlvitles. Pag8 7 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC STATEMENT OF FINANCIAL POSITION A5 at 31" March 2024 2024 2023 Notes Investments Quoted securities 784.173 778,790 Current assets Debtors Cash at bank and in hand 5,710 263,765 6,591 243,897 Creditors: amounts falling due within one vear 1103,3581 1107,6631 Net current assets 950,290 921,615 Income funds Endowment funds Llnrestricted funds 808,216 142,074 950,290 808,247 113,367 921,615 The CIO Is entltled to exemption from audit under Section 144 of the Charitles Act 2011 for the year ended 31 March 2024. The member5 have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024. The trustees acknowledge thelr responsibSllties for ensurlng that the company keeps accountlng rec()rds whlch comply with section 137 of the Charities Act 2011. The flnanclal statements were approved by the Board of Trustees, and authorised for Sssue, on and were slgned on Its behalf by: Mark Gompels Dated.. Chalr Page 8 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" Morch 2024 l. Accountlng policies Charlty Intormatlon The Showering Fund is a charitable incorporated organisation registered with the England and Wales Charity Commission. The registered offlce is Pathology sciences Phase 2 Level 2, North Bristol NHS Trust, Southmead Hospltal, Southmead RLiad, Westbury-on-Trym, 8rlstol, BSIO 5NB. 1.1 A¢countlng conventlon The account5 have been prepared in accordance with the charSty's Articles of Association and "Accountirhg and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportirig Standard applicable in the UK and Republic of Ireland IFRS 1021" i55ued In October 2019 and the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charlties Act 2011 and UK Generally Accepted Practice as St applles from l January 2019. The financial statement5 are prepared in sterling, which is the functional currency of the charitv. Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared underthe historical ¢ost convention, modified to include the revaluation of freehold properties and to include investment propertie5 and certain financial instruments at falr value. The principal accounting pollcies adopted are set out below. 1.2 Golng toncern At the tlme of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operatlonal existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting In preparing the financial statements. Funding has been carefully considered and will be raised for discusslon at all trustee meetings but is not currently consldered to cause 5ignifi¢ant difficulties for the Charity in this regard. 1.3 Fund accountlng Unrestricted furbds are available for use at the discretSon of the trustees In furtherance of their charitable objectives unles5 the funds have been designated for other purpose5. Endowment funds are investments made by the charity in which the earnings are used to fund its operations. 1.4 Incomlng resource5 Income is recognised when the charity 15 legally entitled to it after any performance condltions have been met, the amount5 can be measured reliably, and itls probable that income wlll be received. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable forgoods and services provided in the normal course of business, net of discounts, VAT, and other 53le5 related taxes. Pag8 9 of 14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC 1.5 Resource5 expended Income and expenses are included in the financial statement5 as they become receivable or due. Expenses Include VAT where appllcable as the charity cannot reclaim it. 1.6 Investments Fixed asset investments are measured at market value. 1.7 Cash and cash equlvalents Cash and cash equivalents include cash in hand, dep051ts held at call with banks, other short-term liquid investment5 With original maturities of three months or less, and bank overdrafts. 1.8 Flnanclal Instruments The charlty has applied the provlslons of Section 11'8asic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of it5 financi31 instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to thÈ contractual provisions of the instrument. Financial a55et5 and liabllitie5 are offset, wlth the net amounts presented In the financlal statements, when there Is a legally enforceable right to set off the recognised amounts and there is an intentlon to settle on a net basi5 or to realise the asset and settle the1Sability simultaneously. Boslcflnonclol ossets Baslc flnanclal assets. whlch Include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at arnortised cost using the effective Interest method unless the arrangement constitutes a finantlng transaction, where the transaction 15 measured at the present value of the future receipts discounted at a market rate of interest. Financial a5set5 classified as receivable withln one year are not amortised. Busi¢flnancial Ilobllltles Basic financial liabilitie5, Including credltors and bank loans are initially recogni5ed at transaction price unless the arrangement constltutes a f1nancing transaction, where the debt instrument Is measured at the presentvalue of the future paymerits dlscounted at a market rate of interest. Flnanclal liabilitle5 classlfled as payable within one year are not arnort15ed. Debt instruments are subsequently carried atamortlsed cost, usingthe effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable 3re classified as current liabilities If payment is due within one year or less. If not, they are presented a5 non-current liablllties. Trade creditors are recognised Snitially at transactSon prlce and subsequently measured at amortlsed cost using the effective interest method. Page10of14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC Derecognltlon oAllnan¢lal Ilabilitles Financial liabilities are derecogni5ed when the charitvs contractual obligation5 expire or are dlscharged or cancelled. 1.9 Allocatlon of support costs Support costs are these functlons that assist the work of the charlty, but do not directly undertake charitable activities. Support costs Include back-offlce costs, flnance, personnel, and governance costs, which support the charlty's project5 and activities. 2. Crltlcal accountlng estlmates and ludgemenls In the applicatlon of the charitV'5 accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readilv apparent from other Sources. The estimates and associated assumption5 are based on historical experlence and other factors that are consldered to be relevant. Actual results may dlffer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons to accounting estimates are Tecognised in the period in whlch the estSmate Ss revised where the revisSon affects only that period, or in the perlod of the rev15ion and future perlods where the revision affects both current and future periods. 3. Income Unrestrl¢ted funds Endowment funds Total 2024 Total 2023 Divldends 28,303 28,303 28,695 Interest Uncashed cheques written off Dlsposal proceeds on Investment sales 3,805 3,805 1,557 742 110,511 110,511 84,260 Totals 32.108 110.511 142.619 115.254 4. Charltable a¢tlvltles Unrestrltted funds Endowment funds Total 2024 Total 2023 Grant ex enditure.. Project SF118 Totals 198 198 Page fj1 of14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC 5. Support C05tS Unre5trlcted funds Endowment funds Total 2024 Total 2023 Trustee indemnity Insurance Investment management fee5 Accountancy fees Other support costs Totals 470 470 7,577 1,800 1,132 10.979 448 8,113 1,800 352 10,713 7,557 1,800 1,132 4,302 7.557 6. Investments Quoted securltles Investment portfolio blf Investment gainsll1055esl Investment portfollo clf 778,790 5,383 784,173 Total Investment 2024 Total Investment 2023 784,173 778,790 7. Debtors 2024 £ 402 5,308 2023 £ 322 6,269 Accrued interest Accrued income Totals 5,710 6,591 8. Creditors 2024 £ 1,800 1,471 100,087 2023 £ 1.800 448 105,415 Accruals Other creditors Grant comrnitments Inote 91 Totals 103,358 107.663 Page 12of14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC 9. Grant ¢ommltments Balance atlApr 2023 Grants made Grants pald Grants cancelled Balance at 31 Mar 2024 SF118 SF125 SF127 SF129 SF130 SF131 SF133 SF134 SF135 Total 4,917 9,303 9,471 9,865 14,935 15.000 12,624 14,600 14.700 105,415 4,917 9,303 9.471 9,865 14,935 15,000 12,624 13,233 10,739 100,087 11,3671 13,9611 SF118- The clinlcal utSllty of exome sequencing approache5 and the functional evaluatlon of posslble pathogenic variant5- Maggie Williams SF125 The clinical utility of Whole Genome Sequenclng IWGSI In Rare Inherlted Dlseases - Maggie Williams SF127- A histopathological resource for head and neck cancer- MSranda Prln8 SF129- A5se55ment of Optical Genome Mapping to improve diagnostic yield in childhood leukaemia- Chris Wragg SF130 - The clinical utillty of RNA-seq to support the interpretation of rare geneti¢ variants in diagntsstic practice- Celia Ouff-Farrier SF131 Comparing heat-moisture exchange filter IHMEFI and lower respiratory tract ILRTI microbiomes in mechanically ventilated adult patients (with and without COVID.191 and their impact on clinical outcome - Maha Albur SF133- Clinical impact of Biofire Pneumonla Plus in the management of suspected lower iespirètory tract infectlon lin ITUI- Peter Muir SF134 - Clinical utlllty of Whole Genome Sequencing IWGS) to detect unidentified PAH varlants In Phenylketonuria patients- Rebecca Whittlngton SF135 Developing a laboratory methodoloÉy for Favipiravir concentratlon measurement and pharmacokinetic evaluation in a range of viral infections- Alan Noel Page 13of14
Docusign EnvelopÈ ID." 2717COAE4A8C-437A-A07D4E359A72DBDC 10. Endowment funds The income funds of the charity include endowment fund5 comprislng the market value of the quoted securities investment portfolio and the cash fund5: Investment portfolio blf Inve5tmÈnt gains/llossesl Investment ortfolio clf 778,790 5,583 784,173 Investment cash account blf Investment dlsposals Investment purchases Investment management fees Investment Cash account clf 29,457 110,511 1108,3481 17.5771 24,043 Total Endowment fund 2024 Total Endowment fund 2023 808,216 808,247 11. Related party transactlon5 No related party transactSons have been identlfied in the year. 12. Trustees None of the trustees lor any persons connected with them) received any remuneration nor were reimbursed any expenses during the pefS0d. 13. Employees There were no employees during the period. Page 14of14