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2022-03-31-accounts

INDEX PAGE
Chair's report
Report ofthe Trustees including Charitable Activities Review 2-11
Independent
auditor's		 report 12-15
Statement offinancial activities 16
Balance sheet 17
Statement ofcash flows 18
Notes to the financial statements 19-30

Reference and administrative Reference and administrative Reference and administrative Reference and administrative details details
Charity name: The Evelyn Trust
Company
Registration		 Number: 166995
Charity Registration Number: 232891
Registered Office: 50 -60 Station Road, Cambridge CBI 2JH
Principal
address:		 PO Box 1436,Cambridgeshire, CB24 5YX
Directors and Trustees
For the purpose ofcompany law the Trustees are the Directors ofthe Company. The Trustees and officers
serving
during
the year		 and since the year end were as follows:
Mr JH M Newsum (Chair)
Ms A E Agnew (re-elected 28 October 2021)
Dr TPBaglin (re-elected 28 October 2021)
Mr W M RDawkins
Professor R C Fitzgerald, OBE
Mr A C Frost (Vice Chair)
Ms N Mararike (appointed
28 October 2021)
Mr JW Pemberton (re-elected 28 October 2021)
Mr W Pike (retired 28 October 2021)
Mrs JE0 Squier (retired 28 October 2021)
Mrs CP Thomas (re-elected 28 October 2021)
All Trustees served throughout the year except Mrs N Mararike,
Mr W Pike and Mrs		 JE0 Squier. Mr W M
RDawkins, Dr RC Fitzgerald and Mr A C Frost retire by rotation
at the		 next Annual General Meeting and
being eligible offer themselves for re-election
and in accordance with the		 Articles of Association
members		 will
be asked to confirm the appointment ofMrs N Mararike.
Company
Secretary:		 Mrs RA Wood
Charity Director: Mrs RA Wood
President Mr M H JAgnew
Advisers
Bankers: Barclays Bank Plc, PO Box885, Mortlock House, Vision Park, Histon
Cambridge,
CB49DE
Solicitors: HCR Hewitsons,
50-60 Station		 Road, Cambridge CB12JH
Investment
Managers:		 Schroder k, Co.Limited, 31 Gresham
Street,		 London, EC2V 7QA
Ruffer LLP, 80 Victoria Street, London, SW1E5JL
Auditors: Peters Elworthy &Moore, Registered Auditors,
Chartered
Accountants,
Salisbury		 House, Station Road, Cambridge
CBI 2LA

Unrestricted Restricted Unrestricted Restricted
funds funds Total funds funds funds Total funds
Notes 2022 2022 2022 2021 2021 2021
Income:
Investment
income 3 535,492 535,492 464,034 464,034
Donations 12 250,010 47,482 297,492 412,515 146,017 558,532
Total income 785,502 47,482 832,984 876,549 146,017 1,022,566
Expenditure:
Raising
funds
Investment
management
costs (21,804) (21,804) (105,810) (105,810)
Charitable
activities
Grant giving (1,291,651) (3,999) (1,295,650) (1,095,411) (226,540) (1,321,951)
Total expenditure (1413,455) (3,999) (1,317,454) (1,201,221) (226,540) (1,427,761)
Gains and losses
on investments:
Gains /
(losses) on
investments 1,962,623 537 1,963,160 6,183,598 1,431 6,185,029
Investment
management
costs (172,966) (172,966) (70,670) (70,670)
Net gains /
(losses) on
investments 1,789,657 537 1,790,194 6,112,928 1,431 6,114,359
Net income /
(expenditure) and
net movement in
funds 1,261,704 44,020 1,305,724 5,788,256 (79,092) 5,709,164
Reconciliation of
Funds 12
Total funds
brought
forward 29,298,202 (60,337) 29,237,865 23,509,946 18,755 23,528,701
Total funds
carried forward 30,559,906 (16,317) 30,543,589 29,298,202 (60,337) 29,237,865

Note 2022 2021
Fixed assets
Investments 32,822,060 31,514,602
Current
assets
Debtors 7 91,809 103,102
Cash at bank and in hand 8 843,336 685,421
Total current assets 935,145 788,523
Liabilities
Creditors: amounts falling due within one year 9 (2,378,216) (1,788,452)
Net current liabilities (1,443,071) (999,929)
Total assets less current liabilities 31,378,989 30,514,673
Creditors: amounts falling due after more than one year 10 (835,400) (1,276,808)
Net assets 30,543,589 29,237,865
The funds ofthe charity 12
Unrestricted
income funds		 30,559,906 29,298,202
Restricted income funds (16,317) (60,337)
Total charity funds 30,543,589 29,237,865

Unrestricted Restricted Unrestricted Restricted
funds funds Total funds funds funds Total funds
Notes 2022 2022 2022 2021 2021 2021
Cash flows from
operating
activities:
Net cash (used in) /
provided
by
operating
activities		 14 (898404) 38,211 (860,093) (980,366) 81,266 (899,100)
Cash flows from
investing
activities:
Dividends
and
interest from
investments 535,492 535,492 464,034 464,034
Purchase of
investments (16,275457) (16,275057) (7,525,296) (7,525,296)
(Purchase)
/ disposal
ofcash investments (751,943) (751,943) 254,187 254,187
Proceeds from
disposal of
investments 17,587,390 24,519 17,611,909 7,929,553 7,929,553
Investment
management
costs		 (102,193) (102,193) (129,220) (129,220)
Net cash provided
by investing
activities		 993,489 24,519 1,018,008 993,258 993,258
Change in cash in
the year 95,185 62,730 157,915 12,892 81,266 94,158
Cash at the
beginning ofthe
year 585,400 100,021 685,421 572,508 18,755 591,263
Cash at the end of
the year 680,585 162,751 843,336 585,400 100,021 685,421

2022 2021
Investment
income comprises		 income from:
Dividends
- listed UK equities		 and bonds 129,320 118,721
Dividends —overseas equities and bonds 147,591 126,660
Interest from UK cash deposits 455 4,701
Other interest 817 357
Income from other UK investments 234,835 198,023
Income from other overseas investments 22,474 15,572
535,492 464,034

2022 2021
Fees paid to The Gimach Partnership for the services ofthe Charity Director and
Grants Co-ordinator 55,600
Fees paid to Wood Professional Services and Support Ltd. 90,987 52,506
90,987 108,106
2022 2021
Travel expenses for the Gimach Partnership 163
Office expenses:
The Gimach Partnership 1,942
One other Trustee 225
Wood Professional Services and Support Ltd 3,086 3,338
3,311 5,443

2022 2021
Grant giving may be summarised
as follows:
Grants to Institutions:
Medical research grants and fellowships 863,944 1,054,482
Medical treatment,
health/wellbeing
and training		 grants 386,145 262,947
Grants for buildings,
facilities and equipment
for		 medical treatment
and
health
/ wellbeing		 14,000 15,900
1,264,089 1,333,329
Grant funding
credited to expenditure
in respect ofearlier years' grants		 (171,542) (148,191)
Total Grants to Institutions 1,092,547 1,185,138
Discount to present value on grants payable after more than one year 11,500 (31,000)
Governance costs 49,629 52,042
Other support costs 141,974 115,771
12,95,650 1,321,951
Governance and other support costs include
professional
fees ofK141kand		 computing costs of540k.
2022 2021
Grants to Institutions
were awarded
as follows:
Medicalresearch
rants and
ellowshi s:
The University
ofCambridge
Research into the role ofthe MPZL1 gene in cancer metastasis 25,731
Using a nasal challenge
model to research viral innate immunity		 75,000
DNA methylation-based
diagnostics		 for renal cancer 42,015
Preserving
muscle and exercise tolerance
in multi-morbid		 older people 23,069
Research into cell-based therapy
to augment
nerve regeneration		 58,050
Research into mitochondrial
DNA mutations
in the brain		 114,954
Treatment oftraumatic
acute brain injury with succinate		 supplements 46,743
Development
ofhepatocyte
cultures		 for use
in liver cell		 therapy 42,841
Research using cerebral organoids to test new drug treatments for
epilepsy
in Rett syndrome		 222,146
Research training
fellowship
to investigate
the role ofsenescent		 lung
cancer cells in patients before, during and after treatment 73,000
Research training
fellowship
to research cellular immune		 responses 69,145
Modelling
obesity associated
liver disease using stem cell		 derived
hepatic organoids 20,000
Research into the stem cells used for cell-based cartilage therapy 93,160
Use ofDeuterium
Metabolic Imaging		 to improve
dementia		 diagnosis 62,826
Research into inflammatory
pathways		 in autoimmune
disease		 168,458
Research to improve
speech perception
for people with cochlear
implants 51,979
Research into the role ofspecialised pro-resolving
mediators
in		 COPD 147,624
Development
oftreatments
using MesEncymal
ceHs to moderate
excessive immune
responses
in patients
with COVID-19		 pneumonitis 60,000
Research into the immune
pathways		 operating
in patients		 with
COVID-19 infections 240,000
Research to improve
the diagnosis ofneonatal
seizures
and epilepsy		 210,435
Grant funding
credited to expenditure		 in respect ofgrants made in
earlier years (162,060) (126,886)
630,634 927,596

2022 2021
Medical research
rants and
ellowshi		 continued:
Darwin College
PhD Studentship
in Medicine		 71,250
Medical treatment
health!N ellbein		 and trainin rants:
Cambridge
Cyrenians
Ltd
Brighter Futures project 87,000
Cambridge
Ethnic Community
Forum
Improving
refugee and migrant women's		 health and well-being
through
mobile arts		 50,000
Caring Together Charity
Adult Carers' Counselling Service 50,000
Jimmy's Cambridge
Mental health support 20,690
Myelopathy. org
Developing
minimum
standards
for		 patient education in Degenerative
Cervical Myelopathy 22,740
20Twenty Productions
CIC
Family learning
project to		 increase social mobility 27,000
Versus Arthritis
Living Well with Arthritis project 11,400
Young People's Counselling
Service
Development
ofYPCS services into		 Fenland 120,000
Other institutional
grants awarded		 for f10,000or less:
Thirteen
awards
during the year to 31March 2022		 85,715
Twenty one awards
during		 the year to 31March 2021 174,547
85,715 174,547
Grants orbuildin
s
acilitiesande		 ui ment ormedicaltreatmentandhealth!
~wellbein:
Lives Set in Motion CIC
Provision ofapower-chair 14,000
Institutional
grants awarded for f10,000or less:
Two awards
during the year to 31 March		 2021 15,900
Grant
undin
credited to ex enditurein		 res ect o rants madein earlier ears:
Addenbrooke's
Charitable
Trust		 (9,482)
Arthur Rank Hospice Charity (21,305)
Total institutional
grants		 1,092,547 1,185,138

Other UK,
overseas
Listed UK Overseas and multi-
equities and equities and asset UK cash
bonds bonds investments deposits Total
Market value at
1 April 2021 3,680,541 14,470,110 12,737,170 626,781 31,514,602
Acquisitions at cost 2,250,889 5,966,644 8,079,308 16,296,841
Sales proceeds from
disposals (3,309,076) (6,185,895) (8,116,938) (17,611,909)
Movement
in		 cash
deposits 751,943 751,943
Net gain
/ (loss) on
disposal
and
revaluation* 121,660 327,906 1,421,017 1,870,583
Market value at
31 March 2022 2,744,014 14,578,765 14,120,557 1,378,724 32,822,060
Historical cost at
31 March 2022 2,685,012 12,355,837 11,842,170 1,378,724 28,261,743

Unrestricted Restricted
funds funds Total
Cash at 1 April 2021 585,400 100,021 685,421
Cash flows 95,185 62,730 157,915
Cash at 31 March 2022 680,585 162751 843,336

2022 2021
f.
Trade creditors 18,412 11,587
Other creditors and accruals 54,866 58,307
Grants payable 2,304,938 1,718,558
2,378,216 1,788,452

2022 2021
Grants payable 835,400 1,276,808

Grants payable at 1 April 2021 2,995,366
Grants in the year 1,264,089
Grant funding unused
and written back		 (171,542)
Discount to present value on grants payable after more than one year 11,500
Grants paid in the year (959,075)
Grants payable at 31March 2022 3,140,338

Net gains
/
For the year ended 31 Funds at (losses) on Funds at
March 2022: 1 April Income Expenditure investments 31March
Unrestricted
funds		 29,298,202 785,502 (1,313,455) 1,789,657 30,559,906
Restricted funds:
James Bradfield
Memorial
Award		 60,337 47,482 3,999 537 16,317
Total charitable funds 29,237,865 832,984 (1,317,454) 1,790,194 30,543,589
Net gains
/
For the year ended 31 Funds at (losses) on Funds at
March 2021: I April Income Expenditure investments 31March
Unrestricted
funds		 23,509,946 876,549 (1,201,221) 6,112,928 29,298,202
Restricted funds:
Mental health support 18,755 (18,755)
James Bradfield
Memorial
Award		 146,017 207,785 1,431 60,337
Total charitable funds 23,528,701 1,022,566 (1,427,761) 6,114,359 29,237,865

Liabilities Liabilities
falling due falling due
Fixed Current within one after more
At 31March 2022: assets assets year than one year Total
Unrestricted funds 32,801,113 751,573 (2,239,954) (752,826) 30,559,906
Restricted funds 20,947 183,572 138,262 82,574 16,317
Total 32,822,060 935,145 (2,378,216) (835,400) 30,543,589

A NALYSIS OF NET ASSETSBE TWEEN FUN DS (continued)
Liabilities Liabilities
falling due falling due
Fixed Current within one after more
At 31March 2021: assets assets year than one year Total
Unrestricted funds 31,491,257 646,415 (1,744,176) (1,095,294) 29,298,202
Restricted funds 23,345 142,108 44,276 181,514 60,337
Total 31,514,602 788,523 (1,788,452) (1,276,808) 29,237,865

Unrestncted Restncted Unrestricted Restricted
funds funds Total funds funds funds Total funds
2022 2022 2022 2021 2021 2021
Net income
/
(expenditure)
for the
year 1,261,704 44,020 1,305,724 5,788,256 (79,092) 5,709,164
Adjustments
for:
(Gains) / losses on
investments (1,962,623) (537) (1,963,160) (6,183,598) (1,431) (6,185,029)
Donated
investments		 (21,584) (21,584) (21,914) (21,914)
Dividends
and interest
from investments (535,492) (535,492) (464,034) (464,034)
Investment
management
costs		 194,770 194,770 176,480 176,480
(Increase)
/ decrease
in debtors (9,973) 21,266 11,293 (44,333) (42,087) (86,420)
(Decrease) / increase
in creditors 3,133 251 3,384 (15,225) 600 (14,625)
Increase
/ (decrease)
in grants payable 150,177 (5,205) 144,972 (237,912) 225,190 (12,722)
Net cash used in
operating
activities		 (898404) 38,211 (860,093) (980,366) 81,266 (899,100)