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