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|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|
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|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|||||||||
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|||||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|
##
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|||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|
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|||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|
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|||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|
##
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||||||||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|
##
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##
||||||||||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|
##
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##
|||||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|
##
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##
|||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|
##
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##
||||||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|
##
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##
|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)|
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