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## **THE EVELYN TRUST**
## **A COMPANY LIMITED BY GUARANTEE**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
FOR THE YEAR ENDED 31 MARCH 2023
Company no 166995 Charity no 232891
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
## ANNUAL REPORT AND FINANCIAL STATEMENTS
For the year ended 31 March 2023
|**INDEX**|**PAGE**|
|---|---|
|Chair's report|1|
|Report of the Trustees including the Charity Director’s Charitable Activities Review|2 - 11|
|Independent auditor’s report|12 - 15|
|Statement of financial activities|16|
|Balance sheet|17|
|Statement of cash flows|18|
|Notes to the financial statements|19 - 30|
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## **THE EVELYN TRUST**
## CHAIR’S REPORT
## For the year ended 31 March 2023
Last November, we finally celebrated the centenary of the founding of The Evelyn Trust – delayed, of course, by a health issue in the form of the global pandemic. So, it was in 1921 that The Evelyn Nursing Home was established by Morland Agnew and it was very pleasing that Morland’s grandson and our Honorary President, Julian Agnew, was the person to outline the history of The Evelyn Trust at our celebratory event. So many people have contributed to The Evelyn Trust over the years and it is now a very different charity but one thing remains the same, it continues to support better health within and from its Cambridgeshire base.
Anniversaries are useful as opportunities to take stock and reflect but our focus remains the future. The challenges to public health seem to grow exponentially in spite of the remarkable breakthroughs made in combating illness and disease. My background is in urban real estate; in one sense, the invention of ‘the city’ is one of the greatest experiments of humankind. The current consensus is that cities are, overall, good for us (and the notion of nine billion people on the planet living a rural life is unthinkable) but bigger cities bring their own problems and there is urgent work to be done to improve urban environments so that normal life promotes better health and doesn’t contribute to ill health. Congestion, pollution, lack of access to nature, social and community pressures are all preventable contributors to modern health issues.
Most significant for us has been the increase in mental ill-health, particularly for young people. As a result, we have decided to focus our health and wellbeing grant making for the next 2-3 years towards children’s mental health. We won’t exclude other applications but, from the 2023/24 grant year on, we hope to donate 50-75% of our health and wellbeing grants towards tackling these issues.
Since the sale of The Evelyn Hospital in 2003, the majority of our grants have supported pioneering medical research and this continues to be the case. We have a well-established approach to identify the most promising researchers and projects in Cambridgeshire and this is borne out by the monitoring and post grant reporting we carry out. We are able to use our platform to allow other donors who want to support more specific health research, and this is something we will encourage in the coming years so that The Evelyn Trust’s work can be enlarged.
The Medical Advisory Committee members are invaluable in our process and I would like to thank them once again for their dedication. The same also goes for our hard-working Trustees. During the year, we conducted an internal review of our governance arrangements and identified a number of areas for attention and improvement. Part of this relates to maintaining diverse and fresh thinking in our governance. We were delighted to welcome Helen Jones as a new Trustee this year. The appointment of our new management team has been galvanising and has led directly to initiatives such as our new grant management software and soon to be revamped website. We know it is important to make life easier for our time -starved charity stakeholders and to improve our outreach.
I would also like to welcome four new members of The Evelyn Trust family. We have established a new position of Honorary Patron to add further guidance to our work. We are very pleased that Dame Sally Davies, Sir Leszek Borysiewicz, Sir Malcolm Grant and Dr Mike More have accepted our invitation to become our inaugural Honorary Patrons.
As we look to the future, our continued grant making is dependent on the long term performance of our investments. Clearly, these are challenging economic times but we are confident that our endowment is prudently invested to ensure long term growth and with some protection against short term challenges.
Jeremy Newsum Chair
27 September 2023
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
The Trustees (who are Directors for Companies Act purposes) present their report together with the financial statements of The Evelyn Trust for the year ended 31 March 2023 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements have been prepared on the basis of the accounting policies set out on pages 19 to 21 of the financial statements and comply with current statutory requirements, the Memorandum and Articles of Association of the Trust and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019). Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director’s Report) Regulations 2013 is not required.
## **Objectives and activities for the public benefit**
The principal aims of the charity are the relief of sickness and the preservation and protection of health for the public benefit and the promotion of medical research and medical education, particularly in Cambridge and the surrounding area. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
The Trust’s charitable activities are usually in the form of grants for capital projects, for clinical research projects and fellowships and for staff and teams engaged in specific innovative programmes to provide health/wellbeing support to the public. Grants are distributed at the Trustees’ discretion to selected registered charities and institutions and any private or personal benefit accruing to such bodies or their staff is purely incidental. All applications are assessed objectively and fairly and the Trust also uses external advisers including its Medical Advisory Committee to inform the Board of Trustees as to the suitability of a medical application. When selecting successful applications Trustees consider the benefits which should accrue weighed against any identified criteria that might cause detriment or harm. Such benefits are open to all, the ultimate beneficiaries of the Trust’s activities being those whose sickness is relieved and health/wellbeing preserved and protected.
The activities undertaken to achieve the Trust’s aims are discussed in more detail in the Chair’s Report on page 1 of the financial statements and the Charity Director’s Charitable Activities Review paragraphs below.
## **Review of achievements, performance for the year and future plans**
The Trust is a grant making charity and has awarded 39 grants during the year, totalling £2,420,940, for medical research, treatment and health/wellbeing (2022: 31 grants totalling £1,264,089). Set against this £24,401 has been written back in respect of grants awarded in previous years but not fully taken up (2022: £171,542). Grant expenditure is set out in more detail in note 5 to the financial statements.
Investment income and donations during the year to 31 March 2023 totalled £1,013,322 (2022: £832,984) and losses on investments were £1,474,777 for the year (2022: gain of £1,963,160).
These matters together with a review of future plans are discussed further in the Chair’s Report and the Charity Director’s Charitable Activities Review.
## **Charity Director’s Charitable Activities Review**
The Evelyn Trust’s grant giving covers medical research and health in Cambridgeshire from the clinic to the community. This involves early-stage research and health and wellbeing projects, as well as significant capital programmes. During the year to 31st March 2023, 37 grants totalling just over £1.4m were awarded to
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
successful applicants in Cambridgeshire. In addition, we committed funding to two Centenary projects, each of £0.5m.
Our Health and Wellbeing programme has a rolling small grants programme, where applications of between £4K and £10K are reviewed quarterly. The programme has total funding of £100K. The Trustees agreed to add to this amount a number of write-backs from grants that had finished under budget. In total, we awarded 17 small grants worth £116,580.
Our large grants are normally awarded in an annual application programme. Applications are reviewed and recommended to the Board by the Medical Grants and Health and Wellbeing Grants Committees. The decision making on our medical grants is additionally supported by advice given by an independent body of senior experts, our Medical Advisory Committee. All grants are carefully selected and subsequently managed to ensure that they have a high probability of achieving the intended outcomes. Funds are disbursed over the period of the grant, often several years, which is why we have significant balances of unpaid grants.
The Evelyn Trust has low support costs, since services are provided by a small team. The hours worked by the Charity Director and Grants Coordinator were higher than in previous years. The pandemic led to extended timelines for most of our grants – we currently have 148 grants in process, compared to 116 at the end of 2021/22 and 87 in 2020/21. Planning for our Centenary event, including the production of a brochure for current and future marketing, took a substantial amount of time in the first half of the year. The search for additions to our Board gave us a new Trustee in 2022/23, leaving our Health and Wellbeing Sub-committee in particular in a stronger position as we expand our grant-giving programme into the Peterborough region. The increased costs of the extra hours worked by the Charity Director and Grants Coordinator tipped us into paying VAT on their fees. Although our internal running costs (support and governance) were over budget for the year, they remained low at 0.74% of the inflation adjusted value of the fund (0.73% in 2021/22).
At the end of the financial year 2022/23, 148 grants were open with a total value of nearly £8.5 million and with amounts still to be claimed of just over £4.2 million. An overview of the work of the Trust during 2022/23 follows, including those projects completed during that time and the impact made by them. There is also a summary of grant decisions made for this new financial year, 2023/24.
## _**The Impact of COVID-19**_
Trustee meetings and visits to local charities were routinely able to take place in person. Medical research projects in clinics still suffered some delays and high staff turnover within the University’s administrative sections caused problems with getting signatures on grants. Community charities have continued to experience some of the after effects of the impact of COVID-19 control measures on their finances, as well as the economic slow-down. The continued financial impact of COVID-19 on our existing grants has been a slowdown in grant payments for projects that have been delayed. Almost all our grants have terms which restrict payment if funded activity slows or deadlines are deferred, which has been waived where these are due to COVID-19 control measures.
## _**Medical Research Grants**_
The Evelyn Trust prefers to support medical research that is at the proof-of-concept stage, or where studies have a clear sight through to new clinical practice. Often, we will support early-stage researchers who are not yet able to obtain grant support from major research funding bodies such as the Medical Research Council, National Institute for Health Research or other funding charities. We are one of very few grant-givers that specifically fund early-stage clinician scientists, and this is greatly valued by the University of Cambridge’s Clinical School. Our Medical Advisory Committee’s guidance is pivotal to the decision making of our Board, alongside our medical Trustees.
In 2022/23, we received 38 outline applications, worth nearly £5.3 million, of which 12 were invited to submit full applications. Eight of these, worth £673k, were approved by the Board at its meeting in June 2022. Details of projects supported are given in note 5 to the accounts.
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
## For the year ended 31 March 2023
The projects we funded included improving a cardiometabolic risk prediction algorithm for young people with psychosis; developing an assay to determine the pathogenicity of disease-associated gene variants in pulmonary arterial hypertension; the development of wearable optics for metabolic brain monitoring; developing new drugs to treat human cytomegalovirus infection; the optimisation of T-regulatory cell expansion conditions for therapeutic use; the development of technology for protection of brains cells by eliminating toxic proteins at the intracellular sources of their production; deciphering disease resistance mechanisms to develop new drugs and cellular therapies for bile duct diseases; and the investigation of early pathomechanistic and therapeutic discoveries at single cell resolution in a human ALS/FTD brain organoid model.
The Evelyn Trust normally funds a Research Training Fellowship (RTF) every year at around £75K; this is a vitally important way of supporting clinician scientists at a very early stage in their research careers. The vast majority of our RTFs go on to secure highly prestigious PhD studentships from the MRC or Wellcome. Having funded two RTFs in 2021/22 to redress the gap where no award was made during the previous year due to COVID, we were pleased to see that these two excellent young clinicians have also secured prestigious studentships. We have reverted to one annual RTF in 2022/23 for a fellowship to research mitochondrial disease.
For the 2023/24 grant-giving round we received an unusually low number of outline applications; 14, for a total of £2.7 million. Seven of these, worth just over £1 million, were invited to submit full applications. Four of these, worth £449k were approved by the Board at their meeting in June 2023. Although smaller in number, the applications were outstanding. There was no obvious reason for the low number of applications, but we have discussed with the Medical Advisory Committee how to ensure that our grant programmes are even more widely advertised, to ensure that the best applicants and projects continue to benefit from The Evelyn Trust’s potential funding.
In 2021/22 the Trust granted a second Sir Patrick Sissons Evelyn Trust Darwin College PhD Studentship in Medicine. The award was made to Dr Nicole Asemota in 2021/22, and she gave us a fascinating insight to her work on heart transplantation at the Royal Papworth Hospital at our Centenary event in November 2022. Dr Asemota was chosen as the outstanding candidate, but we were delighted that she also has a personal interest in being a role-model for those from a BAME background.
In summary, we believe that our carefully chosen projects increase the pool of medical knowledge and help to make the Cambridge Biomedical Campus one of the most productive in the world in terms of discovery and development.
## _**Health and Wellbeing Programme**_
We provide grants for health and wellbeing projects across Cambridgeshire, including the Fens and Peterborough, where we are now becoming better known.
Our health and wellbeing grant programme has two components: annual applications for larger projects (over £10k), and fund for smaller grants in the range £4-10k, which are awarded quarterly. In Cambridgeshire, we are one of the few local funders which will consider grants for projects costing above £10,000. We prefer to fund projects that support development and change but will also help to protect existing services where we are able, especially in what is still the post-COVID environment and difficult economic times.
During 2022/23, we received 24 major applications for the Large Health and Wellbeing Grants Programme worth a total nearly £3m. Of these, we funded 11 for a total of £557k. Our Large Grants went to Care Network Cambridgeshire for wellbeing support for carers; Two supporting homelessness - Wintercomfort for mental health support and Cornerstone Care in Confidence to contribute to their plans for a mother and baby hostel; Anglia Ruskin University for development and implementation of good practice guidelines for the social prescription of physical activity among those with sight loss; Cambridge Junction Take Two: working with Red Balloon Learners Centres for those self-excluding from school; Peterborough Council for Voluntary Services (PCVS) for Health Xchange to support and develop health projects with small Peterborough charities, many from BAME communities; two projects to help parents in areas of deprivation - Connected Lives for their Cambridgeshire Hub Expansion and National Childbirth Trust for Parents in Mind; the Physiotherapy
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
Department at CUH to develop tai chi for management of fibromyalgia and Dr Cathy Walsh to evaluate the Cambridge and Peterborough NHS Staff Mental Health Service to help it apply for long term funding.
In our Small Grants programme, we received a total of 34 Small Grant applications, totalling £301k. Of these we approved 17, allocating funding of £117k when including some write-backs. Half of these charities were first-time appliers.
For the current year (2023/24), we have agreed to support nine grants totalling nearly £416k through our Large Health and Wellbeing grants programme, as well as beginning to agree Small Grants from our budget of £100,000 for this new financial year. The Large grants awarded in this new year have a strong link with mental health, whether in young people with additional needs, those in the Eastern European communities in Peterborough and surrounds, the homeless or new mothers, but they also recognise the value of volunteers who are able to help others in their communities.
For the first time, we have agreed to set aside some of our future expenditure for an agreed theme. Given the huge increase in need, partly as a result of the pandemic, our first theme will be Children and Young People’s Mental Health. This follows on neatly from our Centenary proposal for a Youth Early Support Hub for Cambridge. We hope that by focusing some of our funding in this way, we can attract other funders to work alongside ourselves in this area which urgently needs to be addressed. Our Small grants programme will remain outside the theme so that we can continue to help health needs across the sector.
## _**Capital Projects**_
As well as our grants to Medical Research and to Health and Wellbeing projects, we are also approached to fund major capital projects. Accounting rules require us to book these grants when they are committed, and we usually spread the funding payments over years in order to maintain our regular grant giving capacity.
The current major capital projects are still open in our accounts, having been paid over extended periods:
- ACRC - Evelyn Research Endoscopy Suite (paid until 2024/25): £200,000 still payable of the £1,000,000 which was committed
- Magpas New Training Facility: with the building going rapidly ahead, £300,000 was paid in the year, with a further £100,000 expected to be paid in 2023/4 and the final payment expected in 2024/25.
One further project of £50,000 towards Cornerstone House (noted above) – a mother and baby hostel - is likely to be paid in full in 2023/24. After the grant holder switched to a leasehold project with specialist partners, rather than require a two-year capital fundraising campaign which was originally envisaged, the project was able to begin immediately. This is an excellent example of an Evelyn Trust grant being used to catalyse other funding.
In addition, we have our potential commitments of £1m to our Centenary projects as set out below. Given the current economic climate’s likely challenges for our investment portfolio, and the wish to maintain a good level for our regular grant giving programme, we are unlikely to commit to other new large capital projects in the next year.
## _**Evaluating the Impact of our Giving**_
An important feature of our continued successful grant programme is that all our projects are subjected to an end of grant evaluation process. For medical research grants, this includes an external review and assessment of the project, particularly whether the results were accepted for publication in notable journals or whether further grant funding was received. Three of the End of Grant Evaluations were outstanding/very good, and one in particular went on to attract £2.5m of funding from Cancer Research UK in the form of a Fellowship. Two were deemed at the satisfactory level. It was felt that even though these two projects failed to produce the desired results, they had been appropriately selected for funding and were well-run. It is just unfortunate that the working hypotheses were wrong.
Three health and wellbeing projects were reviewed at the end of the grant period and were evaluated against the objectives of the original project. Sometimes specific targets are set. For other projects (especially mental health), individual outcomes matter. Under the scoring system, one project was rated outstanding and two as
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
very good. Our small grants are reviewed through simple reports to the Charity Director, who monitors the projects, as it is not considered practical for us to evaluate each one in a similar way to the larger projects.
## _**Future capacity for Evelyn Trust giving**_
In 2022/23 our income includes donations of £458k, thanks to the continuing generosity of a number of donors, which meant we were able to fund many more grants than may have been possible from our investments alone. Adrian and Jane Frost again gave us £250,000, this time via The Britford Bridge charitable trust. We received £163k as the first part of a £1m gift from Catherine Thomas, which will be increased to £1.25m with Gift Aid. We are also grateful to the James Bradfield Memorial Trust, which continued to provide restricted funds towards the cost of the epilepsy grant by Dr Pressler.
The main capacity for our grant-giving remains the long term returns on our investments, and we do not take additional funds from generous individuals for granted. The combination of the challenging outlook for investment returns together with high rates of inflation warrants a degree of caution in our outlook, whilst also recognising that inflation presents a very unwelcome environment for the charities we support. In the longer term we seek to preserve the initial value of the fund from inflation but unsurprisingly, in the face of the highest rate of inflation since The Evelyn Hospital was sold in 2003, there is a shortfall on this measure: the Consumer Prices Index (CPI) increased by 10.1% in the year to 31 March 2023 and funds below the inflation adjusted initial vale were £1.6m. Since the year end the CPI rate reduced (7.9% at 30 June 2023) but inflation together with challenges in the investment markets have continued to have a significant impact and funds fell to £2.6m below the adjusted initial value at 30 June 2023 (see note 15 of the financial statements). However, this is but one of a number of measures used by the Trustees to gauge the level of giving.
At an online Extraordinary Trustee meeting in September 2022, we agreed that we were happy to commit in principle to two Centenary projects, providing that they were able to obtain all the other necessary funding for the projects to go ahead. In order to do this, we set aside £1m of our investments to protect its value. The projects agreed are the Cambridge Youth Early Support Hub, led by Centre 33 (following review of the feasibility study we funded) and the Intraoperative MRI suite at the Neurological Advanced Therapies Treatment Centre at Addenbrooke’s. We were delighted to announce this at our Centenary reception in November 2022.
Finally, a little more on our Centenary event, which was unanimously agreed to have successfully brought the flavour of the Evelyn’s history from hospital into health funders. We are grateful to our speakers, grant holders and other guests, together with our Trustees for a wonderful evening that showcased our work. The Centenary brochure will be a valuable ongoing asset which we can use to engage potential partners, describing as it does the impact of the Trust over nearly 20 years of grant giving, and our intentions for the future, as we continue to support better health in Cambridgeshire.
## **Financial review and Trust policies**
The results for the year ended 31 March 2023 are set out on page 16 of the financial statements.
Investments returned an overall loss for the year of £919,532 (2022: gain of £2,498,652) and are comprised of: investment income of £555,245 (2022: £535,492) and losses on investments of £1,474,777 (2022: gains of £1,963,160). During the year there were new grants awarded of £2,420,940 and £24,401 was written back in respect of grants awarded in previous years which resulted in net charitable grants of £2,396,539 (2022: grants awarded were £1,264,089, write backs were £171,542 resulting in net charitable grants of £1,092,547).
The deficit carried forward to reserves for the year ended 31 March 2023 amounted to £3,243,711 compared with a surplus of £1,305,724 in the previous year. At 31 March 2023 The Trust had total funds of £27,299,878 comprised of unrestricted income funds of £27,310,246 and deficit restricted funds of £10,368. Donors have committed to make donations in future years which are expected to cover the shortfall held in this restricted fund at 31 March 2023 (see note 12 of the financial statements). At 31 March 2023 funds below the initial value of
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
the fund adjusted for the effects of inflation amounted to £1,609,893 (2022: funds were £4,280,329 above the initial value). The Trustees consider that the Trust's assets and funds are available and adequate to fulfil its obligations.
The principal risks faced by the Trust and the management of those risks are discussed further below under ‘Structure, Governance and Management’.
## _**Reserves policy**_
The Trustees have reviewed the Trust’s needs for reserves in line with the guidance issued by the Charity Commission. At 31 March 2023 the Trust has total funds of £27,299,878. The Trustees seek, in the longer term, to maintain the initial value of the fund (see note 15 of the financial statements) in real terms and believe that reserves at the current level are appropriate to ensure the Trust can run effectively and meet the needs of the current and future beneficiaries. In consultation with the Investment Committee, the Grants Committee and the Audit Committee, the Trustees regularly monitor and review the reserves policy together with the part of the unrestricted income fund that is freely available to spend on the Trust’s charitable purposes.
## _**Investment policy and objective**_
Trustees' powers of investment are governed by the Trustee Act 2000. The charity has funds invested through discretionary agreements with two Investment Managers, Schroder & Co. Limited and Ruffer LLP. These funds are invested with a medium level of risk within a well diversified portfolio and the assets are to be managed for total return.
The Trust’s ethical investment policy states that The Trust will not invest directly in a company that generates more than 5% of its total revenue from tobacco, alcohol or gambling; nor will it invest in a managed fund that holds more than 10% of its portfolio in such companies. In addition, the Trustees ask that the investment managers monitor the underlying exposure to such companies to ensure that, in normal circumstance, this exposure does not exceed 3% of the Trust’s total portfolio.
The Trust delegates the management of the investment portfolio to its investment managers. The Trustees’ current investment objective has been to generate an average annualised real return of 3.0% above the UK Consumer Prices Index (CPI), over the longer term, after management fees and expenses.
## _**Grant Making policy**_
The amount to be applied to grants each year is determined by reference to both the investment funds’ performance and the wish to recognise the reserves policy objective of maintaining the initial value of reserves in real terms. This support is usually in the form of grants for capital projects, for clinical research projects and fellowships and for staff and teams engaged in specific innovative programmes to provide health/wellbeing support to the public, as set out in our Objectives above.
## _**Fundraising policy**_
The Trust does not employ a professional fundraiser nor does the Trust fundraise directly from the public.
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## **THE EVELYN TRUST**
REPORT OF THE TRUSTEES
For the year ended 31 March 2023
## **Reference and administrative details**
Charity name: The Evelyn Trust Company Registration Number: 166995 Charity Registration Number: 232891 Registered Office: 50 -60 Station Road, Cambridge CB1 2JH Principal address: PO Box 1436, Cambridgeshire, CB24 5YX
## _**Directors and Trustees**_
For the purpose of company law the Trustees are the Directors of the Company. The Trustees and officers serving during the year and since the year end were as follows:
Mr J H M Newsum (Chair) Ms A E Agnew Dr T P Baglin Mr W M R Dawkins (re-elected 10 November 2022) Professor R C Fitzgerald, OBE (re-elected 10 November 2022) Mr A C Frost (Vice Chair) (re-elected 10 November 2022) Ms H P Jones (appointed 27 January 2023) Ms N Mararike (elected 10 November 2022) Mr J W Pemberton Mrs C P Thomas
All Trustees served throughout the year except Ms H P Jones. Mr J H M Newsum, Ms A E Agnew and Mr J W Pemberton retire by rotation at the next Annual General Meeting and being eligible offer themselves for reelection and in accordance with the Articles of Association members will be asked to confirm the appointment of Ms H P Jones.
Company Secretary: Mrs R A Wood Charity Director: Mrs R A Wood _**President**_ Mr M H J Agnew _**Advisers**_ Bankers: Barclays Bank Plc, PO Box 885, Mortlock House, Vision Park, Histon Cambridge, CB4 9DE Solicitors: HCR Hewitsons, 50 -60 Station Road, Cambridge CB1 2JH Investment Managers: Schroder & Co. Limited, 31 Gresham Street, London, EC2V 7QA Ruffer LLP, 80 Victoria Street, London, SW1E 5JL Auditors: Peters Elworthy & Moore, Registered Auditors, Chartered Accountants, Salisbury House, Station Road, Cambridge CB1 2LA
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## **THE EVELYN TRUST**
REPORT OF THE TRUSTEES
For the year ended 31 March 2023
## **Structure, Governance and Management**
## _**Constitution**_
The Evelyn Trust is a registered charity, Charity Registration No 232891, established in 1920. The charity is constituted as a company limited by guarantee and is a public benefit entity. In the event of the charitable limited company being wound up during the period of membership or within the year following, company members are required to contribute an amount not exceeding £1.
## _**Board of Trustees**_
The Articles of Association stipulate that unless otherwise determined at a General Meeting the number of members of the Board of Trustees shall not be less than four nor more than twelve.
The Trust has introduced formal Board of Trustee effectiveness reviews and the requirements of the Trust in terms of the time and skills required of the Trustees is regularly reviewed by the Nominations Committee and the Board. If new Trustees are to be appointed candidates are widely sought and invited to interview by Trustees. If successful they are asked to join a meeting of the Board as a prospective Trustee to help them more fully understand the workings of the Trust, after which a formal invitation is made to join the Board as a Trustee.
The Trust has a formal induction process for new Trustees and all Trustees are encouraged to attend appropriate external training courses to keep their skills up to date.
## _**Committees and key management personnel**_
The activities of the Trust are supported by a committee structure which is headed up by the Board of Trustees to which the following five sub-committees report: The Medical Research Grants Sub-Committee (chaired by Dr T P Baglin), The Health and Wellbeing Grants Sub-Committee (chaired by Ms A E Agnew), The Investment SubCommittee (chaired by Mr A C Frost), The Audit Sub-Committee (chaired by Mr A C Frost) and The Nominations Committee (chaired by Mr J H M Newsum). The Medical Advisory Committee is a committee of medical specialists, none of whom are Trustees, which advises the Medical Research Grants Sub-Committee.
The Board of Trustees delegate the day-to-day management of the charity to the Charity Director, Mrs R A Wood. Fees paid to Mrs Wood for her services as Charity Director are paid to Wood Professional Services and Support Ltd (see note 4 of the financial statements). The remuneration is set by the Board of Trustees.
## _**Risk management**_
The Trustees are responsible for the management of the risks faced by the Charity. Trustees have examined the major business and operational risks which the charity faces and confirm that systems have been established to manage those risks which include a review at Board meetings.
The principal risks faced by the Trust lie in the performance of investments, operational risks from ineffective grant making and governance risks associated with the capacity of the Trust to secure its longer term future.
The charity uses various financial instruments the main purpose of which is to generate funds for charitable purposes. The main risks arising from the charity’s financial instruments are market risk, credit risk, liquidity risk and the risk of capital impairment. The Trustees review and agree policies for managing each of these risks which are summarised below.
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## **THE EVELYN TRUST**
## REPORT OF THE TRUSTEES
For the year ended 31 March 2023
The charity holds investments which are subject to market and capital impairment risks. An Investment Policy is in place (see page 7) and The Trust uses the services of Investment Managers with whom the Investment Committee and Board of Trustees meet regularly. The Trustees believe that their long-term return objectives are achievable but demanding, particularly in current market circumstances. They acknowledge that the portfolio will be invested in assets and strategies whose values will fluctuate. Risk is considered in the context of the overall portfolio. The Trustees ask that the portfolio should be suitably diversified so as to give reasonable assurance that the investment objectives are achieved over the medium term. The Trustees’ perspective is long term and they have a reasonable tolerance of short term volatility. As part of the more detailed risk management of the Trust’s investments, the Investment Committee provide risk parameters to the Investment Managers covering asset allocation, eligible assets, currency, limitations on asset classes, liquidity risk, credit risk and the maturity, duration and concentration of investments.
Recognising the return objectives and time horizons, it is accepted that the portfolio may be invested in certain assets and strategies whose value cannot be readily realised. However, risk parameters are adopted to limit the extent of liquidity risk with an objective that at least 75% of the portfolio should be held in assets that can be realised, in normal market conditions, within 10 business days; and all the portfolio, with the exception of structured products, should be held in assets that can normally be expected to be realised within twelve months unless otherwise agreed. The charity seeks to manage liquidity risk by having sufficient facilities available to meet up to six months of anticipated grant payments and running costs.
In respect of credit risk management the charity’s risk parameters require that investments in debt instruments, including debt funds, should generally be made in instruments or securities of issuers with a credit rating of at least investment grade.
The Trust carries out regular Board of Trustee effectiveness reviews and the Nominations Committee regularly reviews the time and skills required of the Trustees. The Trust carries out end of grant reviews and uses external advisers including its Medical Advisory Committee which advises as to the suitability of medical grant applications. Strategy Review meetings are held periodically contributing to mitigation of longer term governance risks.
## **Trustees' responsibilities for the financial statements**
The Trustees (who are also Directors of The Evelyn Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company and charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these Financial Statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities Statement of Recommended Practice;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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## **THE EVELYN TRUST**
REPORT OF THE TRUSTEES
For the year ended 31 March 2023
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.
So far as each of the Trustees is aware at the time the report is approved:
- there is no relevant audit information of which the company’s auditors are unaware; and
- the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
## **Auditors**
Peters Elworthy & Moore offer themselves for reappointment as auditors of the company and a resolution proposing their reappointment will be put to the Annual General Meeting.
FOR AND ON BEHALF OF THE BOARD OF TRUSTEES
Adrian Frost Vice Chair
27 September 2023
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## **THE EVELYN TRUST**
INDEPENDENT AUDITOR’S REPORT
For the year ended 31 March 2023
## **Opinion**
We have audited the financial statements of The Evelyn Trust (the ‘Trust’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Trust's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis of Opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If,
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## **THE EVELYN TRUST**
## INDEPENDENT AUDITOR’S REPORT
For the year ended 31 March 2023
based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
## **Responsibilities of Trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Trust or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
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## **THE EVELYN TRUST**
## INDEPENDENT AUDITOR’S REPORT
For the year ended 31 March 2023
and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Trust, including the Companies Act 2006, Charities Act 2011, taxation legislation and data protection legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we;
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions; and
- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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## **THE EVELYN TRUST**
INDEPENDENT AUDITOR’S REPORT
For the year ended 31 March 2023
## **Use of our report**
This report is made solely to the Trust's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trust's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Hewett (Senior Statutory Auditor)
for and on behalf of **PETERS ELWORTHY & MOORE** Statutory Auditor
Salisbury House, Station Road, Cambridge, CB1 2LA
29 September 2023
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## **THE EVELYN TRUST**
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
## For the year ended 31 March 2023
|**Notes**
**Income:**
Investment
income
3
Donations
12
**Total income**
**Expenditure:**
**Raising**
**funds**
Investment
management
costs
**Charitable**
**activities**
Grant giving
5
**Total expenditure**
**Gains and losses**
**on investments:**
(Losses) /
gains on
investments
Investment
management
costs
**Net (losses) /**
**gains on**
**investments**
**Net (expenditure)**
**/ income and net**
**movement in**
**funds**
2
**Reconciliation of**
**Funds**
12
Total funds
brought
forward
**Total funds**
**carried forward**|**Unrestricted**
**funds**
**2023**
**£**
**551,465**
**453,760**|**Restricted**
**funds**
**2023**
**£**
**3,780**
**4,317**|**Total funds**
**2023**
**£**
**555,245**
**458,077**|Unrestricted
funds
2022
£
535,492
250,010|Restricted
funds
2022
£
-
47,482|Total funds
2022
£
535,492
297,492|
|---|---|---|---|---|---|---|
||**1,005,225**|**8,097**|**1,013,322**|785,502|47,482|832,984|
||**(18,805)**
**(2,590,907)**|**-**
**(2,060)**|**(18,805)**
**(2,592,967)**|(21,804)
(1,291,651)|-
(3,999)|(21,804)
(1,295,650)|
||**(2,609,712)**|**(2,060)**|**(2,611,772)**|(1,313,455)|(3,999)|(1,317,454)|
||**(1,474,689)**
**(170,484)**|**(88)**
**-**|**(1,474,777)**
**(170,484)**|1,962,623
(172,966)|537
-|1,963,160
(172,966)|
||**(1,645,173)**|**(88)**|**(1,645,261)**|1,789,657|537|1,790,194|
||**(3,249,660)**
**30,559,906**|**5,949**
**(16,317)**|**(3,243,711)**
**30,543,589**|1,261,704
29,298,202|44,020
(60,337)|1,305,724
29,237,865|
||**27,310,246**|**(10,368)**|**27,299,878**|30,559,906|(16,317)|30,543,589|
There are no recognised gains or losses other than the results for the year as set out above.
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## **THE EVELYN TRUST**
## BALANCE SHEET AT 31 MARCH 2023
Company no 166995
||**Note**|**2023**|2022|
|---|---|---|---|
|||**£**|£|
|**Fixed assets**||||
|Investments|6|**30,951,079**|32,822,060|
|**Current assets**||||
|Debtors|7|**38,679**|91,809|
|Cash at bank and in hand|8|**643,450**|843,336|
|**Total current assets**||**682,129**|935,145|
|**Liabilities**||||
|Creditors: amounts falling due within one year|9|**(2,708,483)**|(2,378,216)|
|**Net current liabilities**||**(2,026,354)**|(1,443,071)|
|**Total assets less current liabilities**||**28,924,725**|31,378,989|
|Creditors: amounts falling due after more than one year|10|**(1,624,847)**|(835,400)|
|**Net assets**|13|**27,299,878**|30,543,589|
|**The funds of the charity**|12|||
|Unrestricted income funds||**27,310,246**|30,559,906|
|Restricted income funds||**(10,368)**|(16,317)|
|**Total charity funds**|15|**27,299,878**|30,543,589|
The financial statements were approved and authorised for issue by the Board of Trustees on 27 September 2023.
Jeremy Newsum Chair
27 September 2023
> The accompanying accounting policies and notes form an integral part of these financial statements.
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## **THE EVELYN TRUST**
## STATEMENT OF CASH FLOWS
## For the year ended 31 March 2023
|**Notes**
**Cash flows from**
**operating**
**activities:**
**Net cash (used in) /**
**provided by**
**operating activities**
14
**Cash flows from**
**investing activities:**
Dividends and
interest from
investments
Purchase of
investments
(Purchase) / disposal
of cash investments
Proceeds from
disposal of
investments
Investment
management costs
**Net cash provided**
**by investing**
**activities**
**Change in cash in**
**the year**
Cash at the
beginning of the
year
8
**Cash at the end of**
**the year**
8|**Unrestricted**
**funds**
**2023**
**£**
**(983,012)**|**Restricted**
**funds**
**2023**
**£**
**20,966**|**Total funds**
**2023**
**£**
**(962,046)**|Unrestricted
funds
2022
£
(898,304)|Restricted
funds
2022
£
38,211|Total funds
2022
£
(860,093)|
|---|---|---|---|---|---|---|
||**551,465**
**(4,780,417)**
**(338,119)**
**5,423,011**
**(97,560)**|**3,780**
**-**
**-**
**-**
**-**|**555,245**
**(4,780,417)**
**(338,119)**
**5,423,011**
**(97,560)**|535,492
(16,275,257)
(751,943)
17,587,390
(102,193)|-
-
-
24,519
-|535,492
(16,275,257)
(751,943)
17,611,909
(102,193)
1,018,008
157,915
685,421
843,336|
||**758,380**|**3,780**|**762,160**|993,489|24,519||
||**(224,632)**
**680,585**|**24,746**
**162,751**|**(199,886)**
**843,336**|95,185
585,400|62,730
100,021||
||**455,953**|**187,497**|**643,450**|680,585|162,751||
The accompanying accounting policies and notes form an integral part of these financial statements.
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## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **1 ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition - October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The most significant areas of judgement and key assumptions that affect items in the accounts are to do with assessing the liability for grants payable where settlement is expected after more than one year from the date of the award (see (g) below for more information). With respect to the next reporting period, 2023-24, the most significant area of uncertainty that affects the carrying value of assets held by the Trust is the performance of investments and investment markets (see the investment policy and risk management sections of the Trustees’ report for more information).
Trustees have assessed whether material uncertainties exist that could cast significant doubt on the Trust’s ability to continue as a going concern together with possible mitigations against such uncertainties. The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **b) Income**
## **Investment income**
Investment income, including associated income tax recoveries, is recognised when there is evidence of entitlement, when receivable and the amount can be measured reliably by the Trust. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due which is normally upon notification by the Trust’s investment manager.
## **Donations and gifts**
All monetary donations and gifts are included in full in the statement of financial activities when there is evidence of entitlement, receipt is probable, the amount can be measured reliably and provided that there are no donor-imposed restrictions as to the timing of any related expenditure, in which case recognition is deferred until the pre-condition has been met. Any associated gift aid is accounted for when receivable.
## **c) Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is recognised on an accruals basis and has been classified under headings that aggregate all costs related to the category.
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## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **ACCOUNTING POLICIES (continued)**
## **Investment management costs**
The costs of raising funds, as shown in the Statement of Financial Activities, consist of investment management fees relating to investment income. In the same statement, those investment management fees that relate to gains / (losses) on investments are shown deducted from those gains / (losses). The total investment management fees are allocated between these two categories with reference to the return targets for investment managers at the start of the year.
Costs associated with acquiring and disposing of investments, such as commissions, form part of the acquisition cost of the investment or reduce the return on disposals. These costs are therefore not part of investment management costs.
## **Grants**
Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the Trust.
## **Discounting to present value**
Grants payable after more than one year are accounted for at present value where the effect of discounting is material.
## **Governance costs**
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
## **Allocation of support costs**
Support costs are allocated between governance costs and other support costs. Where possible, expenditure is allocated directly to the relevant cost category. Where items of expenditure / support costs relate to more than one cost category the costs are allocated on the basis of time spent in respect of each cost category.
## **Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **d) Fund accounting**
Unrestricted funds are available for expenditure on the general objects of the charity. Restricted funds are held as a result of donations received/ receivable for specified areas of the Trust’s work.
## **e) Investments and gains and losses on investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their opening carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
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## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
## For the year ended 31 March 2023
## **ACCOUNTING POLICIES (continued)**
## **f) Current assets / liabilities**
Financial instruments included in current assets and liabilities are all basic financial instruments and are initially recognised at transaction value and subsequently measured at settlement value.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash, deposits repayable on demand and short term deposits.
## **Prepayments**
Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Trade creditors and accruals**
Trade creditors and accruals are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Trade creditors and accruals are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Grants payable**
Grants payable are funding commitments to third parties in the furtherance of the charitable objectives of the Trust.
## **g) Grants payable: amounts falling due after more than one year**
Grants payable are funding commitments recognised at present value where settlement is due over more than one year from the date of the award and the effect of discounting is material.
## **2 INCOME AND NET INCOME / EXPENDITURE**
The income of the Trust is attributable to activities for the relief of sickness and the preservation and protection of health for the public benefit and the promotion of medical research and medical education, particularly in Cambridge and the surrounding area. Net income / (expenditure) is stated after charging:
|Auditors' remuneration:
Audit services|**2023**
2022
**£**
£
**11,436**
9,528|
|---|---|
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## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
## For the year ended 31 March 2023
## **3 INVESTMENT INCOME**
|Investment income comprises income from:
Dividends - listed UK equities and bonds
Dividends – overseas equities and bonds
Interest from UK cash deposits
Other interest
Income from other UK investments
Income from other overseas investments|**2023**
**£**
**48,119**
**161,442**
**32,609**
**28,604**
**270,646**
**13,825**|2022
£
129,320
147,591
455
817
234,835
22,474|
|---|---|---|
||**555,245**|535,492|
## **4 PAYMENTS TO TRUSTEES, SENIOR MANAGEMENT PERSONNEL AND CONNECTED PARTIES**
The following remuneration was paid during the year to Trustees, senior management personnel and connected parties:
|Fees paid to Wood Professional Services and Support Ltd.|**2023**
2022
**£**
£
**119,287**
90,987|
|---|---|
Wood Professional Services and Support Ltd is controlled by R A Wood together with members of her close family and the fees paid were for the services of the Charity Director and Grants Co-ordinator.
Expense reimbursements made to Wood Professional Services and Support Ltd and other Trustees were as follows:
|Travel expenses:
One Trustee
Wood Professional Services and Support Ltd
Office expenses:
One other Trustee
Wood Professional Services and Support Ltd|**2023**
**£**
**135**
**132**
**-**
**3,453**
**3,720**|2022
£
-
-
225
3,086
3,311|
|---|---|---|
No other Trustee received remuneration or payments for expenses during the years to 31 March 2023 and 31 March 2022.
Further information concerning the remuneration of key management personnel is set out on page 9 of these financial statements.
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DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
## For the year ended 31 March 2023
## **5 CHARITABLE ACTIVITIES**
|**2023**
2022
**Grant giving may be summarised as follows:**
**£**
£
**Grants to Institutions:**
Medical research grants and fellowships (9 grants (2022:12 grants))
**747,629**
863,944
Medical treatment, health/wellbeing and training grants
(27 grants,(2022:18 grants))
**623,311**
386,145
Grants for buildings, facilities and equipment for medical research,
medical treatment and health / wellbeing (3 grants (2022:1 grant))
**1,050,000**
14,000
**2,420,940**
1,264,089
Grant funding credited to expenditure in respect of earlier years’ grants
**(24,401)**
(171,542)
**Total Grants to Institutions**
**2,396,539**
1,092,547
Discount to present value on grants payable after more than one year
**(18,500)**
11,500
Governance costs
**61,949**
49,629
Other support costs
**152,979**
141,974
**2,592,967**
1,295,650
Governance and other support costs include professional fees of £202k and computing costs of £13k.
**2023**
2022
**Grants to Institutions were awarded as follows:**
**£**
£
**_Medical research grants and fellowships:_**
**The University of Cambridge**
Improving a psychosis metabolic risk calculator
**30,200**
-
Development of an assay for pulmonary arterial hypertension
research
**15,218**
-
Wearable optics for metabolic brain monitoring
**22,000**
-
Research into novel drug targets for human cytomegalovirus
infection
**168,234**
-
Research with T-regulatory cells for therapeutic uses
**57,180**
-
Study on eliminating amyloidogenic proteins to protect brain cells
**141,682**
-
Research training fellowship to research mitochondrial disease
**74,546**
-
Research work to develop new therapies for bile duct disease
**188,713**
-
Research work with molecular changes in ALS organoid model
**49,856**
-
Research into the role of the 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 of traumatic acute brain injury with succinate
supplements
**-**
46,743
Development of hepatocyte 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 of senescent lung
cancer cells in patients before, during and after treatment
**-**
73,000
Research training fellowship to research cellular immune responses
**-**
69,145
Grant funding credited to expenditure in respect of grants made in
earlier years
**(3,248)**
(162,060)
**744,381**
630,634|**2023**
**£**
**747,629**
**623,311**
**1,050,000**|2022
£
863,944
386,145
14,000|
|---|---|---|
||**2,420,940**
**(24,401)**|1,264,089
(171,542)|
||**2,396,539**
**(18,500)**
**61,949**
**152,979**
**2,592,967**|1,092,547
11,500
49,629
141,974|
|||1,295,650|
Page 23
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
|**CHARITABLE ACTIVITIES (continued)**
**Darwin College**
PhD Studentship in Medicine
Grant funding credited to expenditure in respect of a grant made in
earlier years
**_Medical treatment, health/wellbeing and training grants:_**
**Anglia Ruskin University**
Developing guidelines for social prescription of physical activity
among those with sight loss
**Cambridge Cyrenians Ltd**
Brighter Futures project
**Cambridge Junction**
Red Balloon Learners Centres
Grant funding credited to expenditure in respect of a grant made in
earlier years
**Cambridge University Hospitals NHS Foundation Trust**
Tai chi for the management of fibromyalgia
**Cambridgeshire and Peterborough NHS Foundation Trust**
Evaluating the Staff Mental health Service
**Care Network Cambridgeshire**
Care Network Wellbeing Service
**Caring Together Charity**
Adult Carers’ Counselling Service
**Centre Thirty Three**
Cambridge Youth Early Support Hub Feasibility Study
**Connected Lives**
Cambridgeshire Hub Expansion
**Jimmy’s Cambridge**
Mental health support
**Myelopathy.org**
Developing minimum standards for patient education in
Degenerative Cervical Myelopathy
**National Childbirth Trust**
Birth and Beyond Community Support
**Peterborough Council for Voluntary Service**
Health Xchange project
**Wintercomfort for the Homeless**
Mending Minds project
**Young People’s Counselling Service**
Development of YPCS services into Fenland
**Other institutional grants awarded for £10,000 or less:**
Seventeen awards during the year to 31 March 2023
Thirteen awards during the year to 31 March 2022
Grant funding credited to expenditure in respect of grants made in
earlier years|**2023**
**£**
**-**
**(1,281)**
**(1,281)**
**46,039**
**-**
**22,300**
**(2,829)**
**19,471**
**15,684**
**101,208**
**25,000**
**-**
**13,500**
**50,000**
**-**
**-**
**62,000**
**89,000**
**82,000**
**-**
**116,580**
**-**
**(9,283)**
**107,297**|2022
£
71,250
-|
|---|---|---|
|||71,250|
|||-|
|||87,000|
|||-
-|
|||-|
|||-|
|||-|
|||-|
|||50,000|
|||-|
|||-|
|||20,690|
|||22,740|
|||-|
|||-|
|||120,000|
|||-
85,715
-|
|||85,715|
Page 24
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **CHARITABLE ACTIVITIES (continued)**
|**_Grants for buildings, facilities and equipment for medical research, medical_**
**_treatment and health / wellbeing:_**
**Centre Thirty Three**
Cambridge Youth Early Support Hub
**Cornerstone Care in Confidence**
Cornerstone House project
**Lives Set in Motion CIC**
Provision of a power-chair
**Cambridge University Hospitals NHS Foundation Trust**
Intraoperative MRI suite
**_Grant funding credited to expenditure in respect of grants made in earlier_**
**_years:_**
Addenbrooke’s Charitable Trust
Cambridge Ethnic Community Forum
Ormiston Families
St John & Red Cross DMWS
**Total institutional grants**|**2023**
**£**
**500,000**
**50,000**
**-**
**500,000**
**-**
**(4,945)**
**(2,726)**
**(89)**
**2,396,539**|2022
£
-|
|---|---|---|
|||-|
|||14,000|
|||-|
|||(9,482)
-
-
-|
|||1,092,547|
## **6 INVESTMENTS**
|Market value at
1 April 2022
Acquisitions at cost
Sales proceeds from
disposals
Movement in cash
deposits
Net gain / (loss) on
disposal and
revaluation*
Market value at
31 March 2023
Historical cost at
31 March 2023|**Listed UK**
**equities and**
**bonds**
**£**
2,744,014
1,558,655
(1,358,861)
-
(199,390)|**Overseas**
**equities and**
**bonds**
**£**
14,578,765
2,641,352
(2,327,653)
-
(1,034,075)|**Other UK,**
**overseas**
**and multi-**
**asset**
**investments**
**£**
14,120,557
580,410
(1,736,497)
-
(333,041)|**UK cash**
**deposits**
**Total**
**£**
**£**
1,378,724
32,822,060
-
4,780,417
-
(5,423,011)
338,119
338,119
-
(1,566,506)|
|---|---|---|---|---|
||**2,744,418**|**13,858,389**|**12,631,429**|**1,716,843**
**30,951,079**
1,716,843
28,334,618|
||2,984,078|12,216,949|11,416,748||
The asset allocation of investments at 31 March 2023 is as follows: Equities 45%, Bonds 8%, Multi-Asset Funds 26%, Property 5%, Private Equity 4%, Cash deposits 6% and Others 6%.
Page 25
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **INVESTMENTS (continued)**
At 31 March 2023 54% of assets are held in pounds sterling, 14% in US dollars and 32% in other currencies.
The main risks for the Trust arising from exposure to these investments are considered in the Trustees’ Report, in particular in the sections on Financial review and Risk management.
* net of management fees of £91,729.
## **7 DEBTORS**
|Prepayments, sundry debtors and accrued income|**2023**
2022
**£**
£
**38,679**
91,809|
|---|---|
## **8 ANALYSIS OF CASH AND CHANGES IN NET DEBT**
|Cash at 1 April 2022
Cash flows
Cash at 31 March 2023|**Unrestricted**
**funds**
**£**
680,585
(224,632)|**Restricted**
**funds**
**£**
162,751
24,746
**187,497**|**Total**
**£**
843,336
(199,886)|
|---|---|---|---|
||**455,953**||**643,450**|
## **9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Other creditors and accruals
Grants payable|**2023**
**£**
**20,610**
**81,462**
**2,606,411**|2022
£
18,412
54,866
2,304,938|
|---|---|---|
||**2,708,483**|2,378,216|
## **10 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Grants payable|**2023**
2022
**£**
£
**1,624,847**
835,400|
|---|---|
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DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **11 RECONCILIATION OF MOVEMENTS IN GRANTS PAYABLE**
|Grants payable at 1 April 2022
Grants in the year
Grant funding unused and written back
Discount to present value on grants payable after more than one year
Grants paid in the year
Grants refunded in the year
Grants payable at 31 March 2023|**£**
**3,140,338**
**2,420,940**
**(24,401)**
**(18,500)**
**(1,289,452)**
**2,333**|
|---|---|
||**4,231,258**|
## **12 ANALYSIS OF CHARITABLE FUNDS**
|**For the year ended 31**
**March 2023:**
Unrestricted funds
Restricted funds:
James Bradfield
Memorial Award
**Total charitable funds**
**For the year ended 31**
**March 2022:**
Unrestricted funds
Restricted funds:
James Bradfield
Memorial Award
**Total charitable funds**|**Funds at**
**1 April**
**£**
30,559,906
(16,317)|**Income**
**£**
1,005,225
8,097|**Expenditure**
**£**
(2,609,712)
(2,060)|**Net gains /**
**(losses) on**
**investments**
**Funds at**
**31 March**
**£**
**£**
(1,645,173)
27,310,246
(88)
(10,368)|
|---|---|---|---|---|
||**30,543,589**|**1,013,322**|**(2,611,772)**|**(1,645,261)**
**27,299,878**
**Net gains /**
**(losses) on**
**investments**
**Funds at**
**31 March**
**£**
**£**
1,789,657
30,559,906
537
(16,317)|
||**Funds at**
**1 April**
**£**
29,298,202
(60,337)
**29,237,865**|**Income**
**£**
785,502
47,482|**Expenditure**
**£**
(1,313,455)
(3,999)||
|||**832,984**|**(1,317,454)**|**1,790,194**
**30,543,589**|
During the three years to 31 March 2023 donations were received for the James Bradfield Memorial Award to support research to improve the diagnosis of neonatal seizures and epilepsy. Donors have committed to make donations in future years which are expected to cover the shortfall held in this restricted fund at 31 March 2023.
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DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **13 ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**At 31 March 2023:**
Unrestricted funds
Restricted funds
**Total**
**At 31 March 2022:**
Unrestricted funds
Restricted funds
**Total**|**Fixed**
**assets**
**£**
30,930,221
20,858|**Current**
**assets**
**£**
491,393
190,736|**Liabilities**
**falling due**
**within one**
**year**
**£**
(2,486,521)
(221,962)|**Liabilities**
**falling due**
**after more**
**than one year**
**Total**
**£**
**£**
(1,624,847)
27,310,246
-
(10,368)|
|---|---|---|---|---|
||**30,951,079**|**682,129**|**(2,708,483)**|**(1,624,847)**
**27,299,878**
**Liabilities**
**falling due**
**after more**
**than one year**
**Total**
**£**
**£**
(752,826)
30,559,906
(82,574)
(16,317)|
||**Fixed**
**assets**
**£**
32,801,113
20,947|**Current**
**assets**
**£**
751,573
183,572|**Liabilities**
**falling due**
**within one**
**year**
**£**
(2,239,954)
(138,262)||
||**32,822,060**|**935,145**|**(2,378,216)**|**(835,400)**
**30,543,589**|
## **14 RECONCILIATION OF NET (EXPENDITURE) / INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net (expenditure) /**
**income for the year**
**Adjustments for:**
Losses / (gains) on
investments
Donated investments
Dividends and interest
from investments
Investment
management costs
Decrease / (increase)
in debtors
Increase / (decrease)
in creditors
Increase / (decrease)
in grants payable
**Net cash used in**
**operating activities**|**Unrestricted**
**funds**
**2023**
**£**
**(3,249,660)**
**1,474,689**
**-**
**(551,465)**
**189,289**
**35,547**
**21,768**
**1,096,820**|**Restricted**
**funds**
**2023**
**£**
**5,949**
**88**
**-**
**(3,780)**
**-**
**17,583**
**7,026**
**(5,900)**|**Total funds**
**2023**
**£**
**(3,243,711)**
**1,474,777**
**-**
**(555,245)**
**189,289**
**53,130**
**28,794**
**1,090,920**|Unrestricted
funds
2022
£
1,261,704
(1,962,623)
-
(535,492)
194,770
(9,973)
3,133
150,177|Restricted
funds
2022
£
44,020
(537)
(21,584)
-
-
21,266
251
(5,205)|Total funds
2022
£
1,305,724
(1,963,160)
(21,584)
(535,492)
194,770
11,293
3,384
144,972|
|---|---|---|---|---|---|---|
||**(983,012)**|**20,966**|**(962,046)**|(898,304)|38,211|(860,093)|
Page 28
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **15 INITIAL VALUE OF THE FUND**
The Trustees seek to maintain the initial value of the fund in real terms (refer to the Reserves Policy on page 7). Trustees have determined the value of the indexed initial fund and the funds in excess of this value at 31 March as follows:
|as follows:|||
|---|---|---|
|Initial value of the fund as at 31 March 2003
Protection of the fund for the effects of inflation
Previous years
Current year
Initial value adjusted for the effects of inflation
Funds (below) / in excess of the adjusted initial value
Total charity funds at 31 March|**2023**
**£**
**16,875,980**
**9,387,280**
**2,646,511**|2022
£
16,875,980
7,660,319
1,726,961|
||**28,909,771**
**(1,609,893)**|26,263,260
4,280,329|
||**27,299,878**|30,543,589|
The values of the Consumer Price Index at 31 March were: 2003: **75.3** 2022: **117.1** 2023: **128.9**
The Consumer Prices Index increased by 10.1% in the year to 31 March 2023. Since the year end this rate reduced (7.9% at 30 June 2023) but inflation together with challenges in the investment markets have continued to have a significant impact. The effect has been that funds have fallen further below the inflation adjusted value of the fund. At 30 June 2023 funds below the adjusted initial value were £2.6m.
## **16 CONTINGENT LIABILITIES**
There were no contingent liabilities at 31 March 2023 or 31 March 2022.
## **17 RELATED PARTY TRANSACTIONS**
During the year The Evelyn Trust was charged £122,872 (2022: £94,073) by Wood Professional Services and Support Ltd, an entity controlled by Mrs R A Wood and her close family, in respect of the services supplied by Mrs Wood in her role as the Charity Director.
During the year to 31 March 2021The Evelyn Trust made a grant of £10,000 to Tom’s Trust for whom Mrs Wood acts as Chief Executive Officer. £5,000 of this grant commitment was paid during the year to 31 March 2022 and £5,000 during the year to 31 March 2023.
During the year to 31 March 2021The Evelyn Trust also made a grant of £8,255 to Stars Children’s Bereavement Support Service for whom Mrs Wood acted as trustee during the year to 31 March 2022. £7,621 of this commitment was paid in the year to 31 March 2022 and £634 remains outstanding at 31 March 2023. Mrs Wood was appointed as a trustee of Ormiston Families on 11 March 2022 a charity with whom The Evelyn Trust had an outstanding grant commitment of £2,726 as at 31 March 2022. This was fully paid during the year leaving a £Nil balance as at 31 March 2023.
Note 4 on page 22 sets out in more detail the payments to Wood Professional Services and Support Ltd. At the year-end there was a balance owing to Wood Professional Services and Support Ltd £24,764 (2022: £8,449)
Donations from Trustees and their related parties in the year were £453,750 (2022: £250,000).
Page 29
DocuSign Envelope ID: C8509614-4822-44FB-8507-BF017692E778DocuSign Envelope ID: 02B87A26-57F7-44F8-8743-E8DE9893FE18
## **THE EVELYN TRUST**
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
## **18 CONTROLLING PARTIES**
The Board of Trustees is the controlling party of the charity, meaning the Trustees have control of day to day decision-making for the Trust.
Page 30