AN COLLISSON FO CHARITY NO. 263852 TRUSTEES, REPORT AND FINANCIAL STA TEMENTS Year Ended 5, APRIL 2024 THE NORMAN COLLISSON FOUNDATION INDEX Pa Trustees, Report. Independent Examination Report. S￿lemen1 of Financial Activities. Balance Sheei. 7-10. Notes to the Financial Siatemenis. THE NORMAN COLLISSON FOUNDATION TRUSTEES, REPORT The Trustees present their Report, together wilh the Financial Statements. for the yeor ended 51h April 2024. al and Administration Informaiion Registered Chariiy Number.. 263852 Goveming Instrument.. Trust Deed dated 5 March 1970. Principal Office Address.. 25A Market Square, Bicester, Oxon. OX26 6AD Trustees and Principal 0￿]cers.. Mr. R. C. M. Collisson {Chaimianl Mr. J. G. Heller Miss. S. E. Collisson Professor A. J. Carr Bank¢rs.' Barclays Bank p.l.c.. 50 Pall Mall, London. SWIA IQD Invesimeni Managers Rathbones, 8 Finsbury Circus, Mayfair. London. EC2M 7AZ Independ¢ni Examiner.. Edwin Smith Charter¢d Accountants 3? Queens Road Reading RG14AU ment of Trustees, Res Charity Law requires the Trusiees to prepare financial statemenis for each financial year, in accordon¢e with United Kinuidom Generdlly Accepted Praciice {Uniied Kingdom Accouniino Siandards and applicable law). The financial staternents are required by law to giv¢ a true and fair vic￿. of the State of affairs of the Charity and of its incoming regources and applications of resources of the Charity for ihat period. In preparing these finaneial staiemenis. the TNsiees should follow best practice and.. - Select suitable accountinb policies and then apply them con5lStently. Make judgemenrs and estimaies ihai are re￿onable aJ)d prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. Prepare ihe financial 5ta¢ements on the going concern basis, unless it is inappropriate to assutne that the Charity will continue to function. The Trusiees are responsible for keeping proper accounting rc¢ord5, whi¢h disclose, with reasonable accuracy at aTry time. the financial position of Ihe Charity, and io enable ihem io ensure that, where applicable, the financial staremenis comply with ihe applicable law, res7ulation5 and tnjst d¢ed. They are also responsible for safeguarding the assets of the Charity. and hence foT taking reasonable sieps for the prevention and det¢¢tion of fraud or other irr¢gularitie5. THE NORMAN COLLISSON FOUNDATION TRUSTEES. REPORT Continll Governance & Mana emeni The Charity's constituiion was adopted on the 5 March 1970 by Trust Deed. The app)inimeni ofnew Trn51¢¢5 15 V¢St¢d in Mr. R. C. M. Colli550n a5 5ta¢¢d in th¢ Founders Will. Appoint¢¢s ar¢ int¢rviewed by Mr. R. C. M. Collisson and are provided with full informarion about ihe Charity befor¢ bein&y invited to join th¢ Board. New Trustees are given an appropriaie induction programme to the WOTkings of the Charity and receive training as necessary. Th¢ Board Trust¢¢ M¢mber5 generally meet bi-annually and otherwise as reqUi￿d to administer the Charity. The Board ofTrusiees delegate the day 10 day running of the Charity to Wilkins & Co.. Bicester and management and custody of invesimenis to Rathboneg. The Board Members have overall responsibility for ensuring that the Charity ha5 appropriate systems of control. rinan¢ial and otherwise. These systems should provide reasonable assurance that=_ the Charity is operalinLY efficiently and effectively. its assets are safegyuarded a¥Jainsl unauthori5ed use or disposition. proper records arc mdiniained. and financial infomation used wiihin the charity, or for publication. is reliable, and the charity complies with relevani laws and regulations. The sys¢ems of internal control are designed to provide reasonable. bui noi absolute assurance against material misstatement or105s. they include'.- regular consideration by '] rust¢es of financEal result5, and delegaiion ot authority and segregation of dutie5 as defined atK)ve. Risk Review The Trusie¢s have assessed the rnajor ri5k5 to which the Charity may be exposed. in particular those rela(ed to lh¢ (Trperataon and finances of ihe Trusr and are saiisfi¢d that Systems are in place io mitigate their exposure to the major risks. Th¢ Trustees take legal and other professional advi¢¢ wherever necessary and will always continue to do so. Ob'ectiveg and Activities The objects of the Charity are as follows.. A) The general promotion, advancement and encouragem¢nt of the arts and sciences of architecture. and of mechonical and constructional engineering. Bl The general promotion and encouragement of siudi¢s and research into archiiectural and tnechanical and constructional epgineering. C) The general promotion. advancemeni and encouragement of surgical and medical scienc¢. D) The general promotion and encouragement of surgical and medical studies and research. The Trustees have referred to the LJuidan¢e in the Charity Commissions general guidance on public benefit when reviewinL iheir aim5 and objectives and in planning their fuiure activities. In particular the TNstees consider how planned activities will contribute to the aims 2nd objectives they have set. Achievements and Perforniance The Foundation's finan¢ial aecounting year ended 51h April 2024 produced the following results.. Income amounted lo £160.OJO being a detrease of £5,04i when compared with the previous year. The ineome is derived from interesi and dividends arising from investments made on behalf of the Charity by an independent financial management Company. THE NORMAN COLLISSON FOUNDATION Pa TRUSTEES, REPORT Continued A¢hievements and Perfomiance Continued Managemeni expenditure of £51,049 decreased by £8,576 compared to 2023. Thi5 was due to a decrease in rnanagement fees for day to day running costs paid to Wilkins & Co, Bicester. Chaiiiable donations show a cost of£134,496 in the accounis for the year. This relates to a new grani being awarded to the True Colollrs IBD Endeavour. for the project to continue. A net operating deficit of £?5.515 arose in the year12023 surplus £178.486). The deficit of £25,515 arose from normal op¢rations and arose due to a new gjrant beingj coimmitted to in the year. After taking account of an increase in ihe value of the Char2ty'5 qlkOt¢d investm¢nt5 in the year of £534.624 (2023 decrease £552.9801 the Charity recorded an overall surplus of £509,109 {2023 £374,494 overall deficit). The overall iolal of Unrestricted Funds at 5 April 2024 amounted to £6.186.528 and was represented by quoted investments and cash deposiis legs creditors. 'I'he balance held on ihe Charity's bank current account will continue to be reviewed and compared with known future outgoings with any ¢x¢¢ss funds being returned to the financ2al management company for r¢-inv¢stm¢nt. Having regard to tU￿ent market conditions, the'frustees consider ihat that the Portfolio has perfornled saiisfactorily when compared io similar investment fund5. Financial Review Reserves Polic No commitments are made unless funding is in place and th¢ Trustees intend that thi5 policy will continue for the protection of Trustees. Grant Makin Polic Gr)nt applications in respe¢1 of medical research ore Considered at th¢ p¢riodi¢ Trusi¢es' Meetings. and if approved they are confirnied by ihe TNstees. The Trustees are able to make grants from both the capiial and income of the Charity. Investment Poli The monies and prope￿ of ihe Charity noi immediaiely required for the purpose of the Charity may be held or vested in such persons. whether Members of ihe Charity or noL ￿ Ihe Board of Trustees may from time to time deiemiine as Holding Trusiees. The Trusiees have placed the management of the Charity's investments with a fully authorised investment management organisation and are in receipt of quarterly reports from this organisation. These reports assist the Trustees regarding ihe invesiment fund value and asseis of ihe Chariiy, and in Considering deci5ion5 regarding expenditure of funds where applicable. The Trustees review ihe perfomiance of the investment managemeni organisation periodically, by measurinLT the portfolio perfonnance againsi ihe benchmark Wealih Manag>ement Association"Balanced Fund" index. with any significant varian¢¢s being discussed with the investment management organisation. Plans f(Trr the Future With all available funds continuing to be held in the hands of a firrn of investTnent fllnd managers the Trustees can continue to conceniraie on the main aims of the Charity being the funding of Medical research projects. Th¢ T￿St¢e5 hav¢ resolved that the Charity should not hold any direct inve5tment5 in the tobacco industry and will continue io review the investments held in order lo ensure that the firni of investment managers are cornplying with this directive. R.C.M. COLLISSON On behalf of the Board of Trustees INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE NORMAN COLLISSON FOUNDATION I report to the twstees on my examination of the accounis of The Nonnan Collisson Foundation (the Foundation) for the year ended 5, April 2024, which are set oui on pa&Tes 5 to l O. Res n5ibilities and basis of re ort As the charity trustees of the Foundaiion, you are responsible for the prepardtion of the accounts in accordance with the requiremenis to th¢ Chariiies Act 2011 ('the Act'l. I report in resP¢Ct of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in ¢arrying oui my examination I have followed all the applicable Directions given by the Charity Cotnmi55ion under seciion 145(5Mb) of the 2011 Act. Inde endent examiner's statemen I have completed my exominaiion. I confimi that material matters have come to my attention in connectkon wilh the examination givinbT Tne Cause ro believe that in any maierial respect.. I l Accounting recoTd5 were noi kept in respect of ihe Foundation as required by section 130 of the Act. or 2) The accounis do not accord with those records. or 3) Th¢ accounts do noi Lomply with the applicable requirements conceming the fom) and content of ac¢ounis sei out in the Charities IAccLiunts and Report51 Regulations 2008 other than ally requirement ihai the account5 give a'true and fair view, which is not a maller considered as part of an independent examination. I hav¢ no concerns and have come acr05s no other mailers in eonn¢¢tion with the examinaiion io which attention should be drawn in this repon in order 10 enable a proper understsnding of the accounts to be reach￿. P. Nixon F.C.A. Edwin Smith Chartered Accountants 32 Queens Road Reading RGI 4AU Date.. THE NORMAN COLLISSON FOUNDATION Pa STA TEMENT OF FINAN IAL ACTIVITIES for the ded 51h APRIL 2024 2024 Unrestrieted Funds 2023 Unrestricted Funds Notes IncoTne Investment Income 160.030 165,073 Ex nditure Ch(Lritable Activities Otlier- Governance Costs 2(a) 2(b) 134.496 51,049 (73,038) 59,625 Total Expenditure 185,545 (13,4131 Net Incomin enditure for the (25,515) 178.486 Orher Reco nised Gains & L05se GainsllLosses) on investment assets 534,624 (552.980) Net Movetnent of Funds 509,109 (374,494) Totsl Funds brou hi lorward 6, A ril ?023 5,677,419 6.051.913 Total Funds carried forwaTd 5, A ril 2 24 £ 6,186,528 £ 5.677.419 THE NORMAN COLLISSON FOUNDATION BALANCE SHEET as at 5, APRIL 2024 2024 Unresiricied Funds 2023 unregirlc￿d Funds Notes Fixed Asseis Investments 6,490.217 5.863,595 Current Asseis Cash at Bank 140.748 267.027 Total Current Assets 140.748 267.027 Liabilities Creditors-. amounis falling due within one year 338.841 228.731 Net Current Assets (198,093) 38,296 6,292.124 5.901,891 Creditors.. amounts falling due after one year 105,596 224.472 Net Current Assets £ 6.186.528 5,677,419 The Funds of the Chari Unrestricted funds 6,186.528 5,677,419 Total Chari Funds £ 6,186.528 5,677.419 Approved on behalf of the Board of Twstees on J5/iolJoJ and signed on its behalf by.. J. G. HELLER- TRUSTEE THE NORMAN COLLISSON FOUNDATION Pa NOTES TO THE FINANCIAL STA TEMENTS for the ear ended APRIL 2024 ACCOUNfiNG POLICIES The Norman Collisson Foundation is a registered tharity incortx)rdted in England and Wales and gov¢rn¢d by Trust Deed. The principal office address is 25A Market Square. Bicester, Oxon. OX26 6AD. The financial statements have been prepared in actordance with Accounting and Reporting by Charities.. Statement of Recommended Praciice applicable to tharities preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in (he UK and Republic of Ireland (FRS 102) (effective l January 2019)- (Charities SORP FRS1021. and the Charities Act 201 l and applicable regulations. The accounts have been prepared under the historical cost ¢onvention with iiems recognised ai cosi or iransaciion value unless oiherwise sta￿d in ihe relevant notes to these accounts. The accounts are prepared in sierling which is the funciion currency of the charity. Monethry amounts in these accounts are rounded to the nearesi £. The charity Constitutes a public entity as defined by FRS 102. The charity has a reasonable expectation that th¢re are adequat¢ resources to ¢ontinu¢ in 0￿ratIonal existence for the foreseeable future. It has therefore continued to adopt the goingj ¢oncern basis in preparinbj Its financial statements. The principal accouniing policies adopted in the preparation of the financial $￿teMents are as follows.. a) Fund Accollntin The Charity's gjeneral fund con51St5 of funds, which the Charity may use for its purpose, at its discretion. under the term5 of th¢ objects claus¢ of the Trust D¢¢d. Ther¢ b¢ing no r¢strict¢d funds. b) In¢gme Reco, All incotne 15 recognised when there is entitlement, sufficiertt certainty that receipt of income is probable. and the amount of income receivable can be measllred reliably. Investment income is Tecorded upon notification by the Investment Managers. enditure Rcco nition Liabiliti¢s are recognised as expenditure as soon as there is a legal or constructive obligation committing ihe charity to thar expenditur¢, it Is probable that settlement will be required. and the amount of th¢ obligation can be measured reliably. All expendI￿re is accounted for on an accrual'5 basi5. dl Governance Costs This cornprises all tosts incurred in the management and administration of th¢ Charity during the year under review. e} Charitable Activities Granis and donations payable are accounted for when the Charity is cotnTnitt¢d to paying them. with further details given in Noie 2lal. D Fixed Asset Investments Investmen15 are initially recognised at their transaction value and subsequenily measured at rheir market value at the balance sheet date using the closing mid-market quoted prices. The Statement of Financial Activities include th¢ net ¥ains and Ioss¥5 arising on revaluation and di5P05als Ihrou8houi the year. THE NORMAN COLLISSON FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS for the ear ended 5 APRIL 2024 g) Realised and Unrealised Qtains and Losses All gains and losses are taken 10 ihe Staiement of Financial Activities as they arise. Realised gains and losses on investments are ¢al¢ulated as the difference between 9ale proceeds and iheir opening carrying value or iheir purchase value if acquired 5ubsequenr to the first day of ihe financial year. Unrealised gains and losses on invesrment assets are calculaied as the difference beiween the fair value at the year end and their earrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial A¢tivilie5. h} Debtors Debiors are recognised at their seiilement amouni. i) Cash at Bank Cash at bank iTr¢lud¢s cash held at bank ru￿ent accounts and cash ac¢ounts with the Inv¢sttnent Managers. j) Creditors and rovisions Creditors and provisions where the charity has a present obligation resulting from a past event that will probably r¢sult in Ihe transfer of funds io a ihird pany and Ihe amouni due to sellle the obligaiion ¢an be measured or e5titnated reliably. Creditors and provisions are stated ai their settlement amount. k) Cominiltnenls Leb7ally binding* and non-legally binding commiimenis are shown in ihe Notes to the Financial Statements. When rinancial suppon is promised. bur not contracted, the amouni is shown in the F inancial Statement5 when paid. 11 Reserve5 The Trustees will not Commit fund5 for any donations. unless monies are in place or the receipt of same is definite. Th¢ Trustees always ensllre that funds are available for overheads for at leasr one future year. EXPENDITURE 2024 2023 al Donation5 University of Oxford Funding approved in the year Write back of donation not utilised 134,496 (73,038) 134,496 £ (73.038) b) Mana ement and Adminis Bank Charges Investment Managers Accountan¢y Servic¢s Indepcndent ExaTniners Fee Trustce Meeting Expenses f th hari 105 36.917 11.686 2.160 117 36.466 20,301 2,180 561 51.049 59,625 No salaries were paid to any Trustee12023 - £Nil}. Expenses wer¢ paid t(Tr Trustee5 in the year were £181 {2023 - £5611. THE NORMAN COLLISSON FOUN TION NOTES TO THE FINANCIAL TATEMENTS for the ear ended 5, APRIL 2024 3. LIABILITIES 2024 2023 Amounts fallin du¢ within one ear Trade Creditors Professional Fees Charitable Donaiions 9.313 6.900 322.628 9,133 9,978 209,620 £ 338,841 228,731 Amounis fallin due after one ear Charitable Donations £ 105,596 224.472 ACCRUED GRANT COMMITMENTS In accordance with policy Note l(e) contra¢ted grants are accounted for at the inception of the grdnt. The accrued donations comprise... 2024 e within One Year Due after One Year The Development of a Novel Braided Electrospun Cord for Knee Ligameni Repair 255,380 71,491 True Colours IBD Endeavour- New Grant 67,248 34.105 £ 322,628 £ 105,596 TANGIBLE ASSETS 24 2023 uoted Investments Market Value at 6, April 2023 Additions Disposals Nei Unrealised Investment GaIn￿(LOSseS) 5,863,595 2.255,983 (2.163,985) 534,624 6,623.407 2,463,091 (2,669,923) (552,980) Market Value at 5, April 2024 £ 6.490.217 £ 5,863,595 6. The Charity has taken advaniage of ihe exemption available not to prepare Cash Flow Statements. RELATED PARTIES There were no related pany iransactions in the year (2023- None). THE NORMAN COLLISSON FOUNDATION e 10 NOTES TO THE FINANCIAL STATEMENTS for the ended 5, APRIL 2024 FUTURE EVENTS Funding of £261,6A7 for a clinical research fellowship inio Psoriatic Arthritis to be paid over three years has be¢n agreed, together with an additional £70,062 10 cover rnaternity leave within the Tesearch team. £301.980 had been paid by 5, April 2023. and a further £29.729 was paid during the year. This proje¢t is now complete.. Funding of £277,363 for further research into and the development of a Novel Braided Electrospun Cord for Knee Ligament Repair has been agjreed. io be paid over three yeats. This will be payable in instalmenls as requested by the University of Oxford. £180,846 had been paid by 5 April 2023 and further £49,646 was paid during the year. There have been no further paymenis since the year end. A request for additional funding in the sum of £280,000 has been approv¢d. This fundrn8 was due to commence on I. Augvsl 20?2 and covers the period to 31, July 2025. Noihing was paid in th¢ year and no payments have been paid since the year end. Funding of £1 11.386 for ihe continllation ofresearch by the True Colours IBD Endeavour was agreed. This was to be paid over iwo-year period Irom 1° Ociober 2021. £83,539 had been paid by 5, April 2023 and a funher £27,847 was paid during the year. I'his phase of the projeci is now complete. Funding of £134,496 for the continuation of research by the True Colours IBD Endeavour was agreed in the year. This is to be paid over two years startin¥ on I. January 2024. £33,143 had been paid by 5 April 2024 and no further paytnenis have been made since ihe year end.