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2020-12-31-accounts

Annual Report and Accounts 2020

Wessex Medical Trust

Annual Report and Accounts 2020

Contents

Page

Trustees and Officers ..................................................... 2 - 3
Chairman’s Statement ................................................... 4 - 6
Trustees’ Report ............................................................. 7 - 10
Statement of Trustees’ responsibilities ....................... 10
Grants awarded .............................................................. 11
Report of the Independent Examiner ........................... 12
Statement of Financial Activities ................................. 13
Balance sheet .................................................................. 14
Cash Flow Statement ………………………………… 15
Notes to the Financial Statements ............................... 16 - 21

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Annual Report and Accounts 2020

Wessex Medical Trust

Legal and Administrative Information

Charity Name Wessex Medical Trust Other names by which the charity is known: Wessex Medical Research Hope for Guernsey Trust Office Mailpoint 420 Level B—South Academic Block Southampton General Hospital Southampton SO16 6YD Registered Charity Number 274839

Patrons and Trustees

Patrons :

The Lords-Lieutenant of Hampshire, Wiltshire and the Isle of Wight The Bailiffs of Guernsey and Jersey Sir Christopher Benson Sir de Vic Carey

Trustees

Terry Madden Chairman
Roger Allsopp
Professor Jonathan Cole
Tony Cottam Appointed 24.04.20
Professor Max Crispin
Professor Diana Eccles Dean of the Faculty of Medicine, University of Southampton.
Stella Gardener
Professor Sir Charles George
Nick Page Appointed 16.10.20
Angela Suggate FCCA
Michael Wilkins

Officers and Advisers

Independent Examiner A C Kensett FMAAT FCCA Sheen Stickland 7 East Pallant Chichester West Sussex PO19 1TR Honorary Solicitors Womble Bond Dickinson (UK) LLP Oceana House Commercial Road Southampton SO15 1GA

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Annual Report and Accounts 2020

Wessex Medical Trust

Bankers

HSBC Bank plc 55 Above Bar Street, Southampton SO14 7DZ

Investment Managers

M&G Securities Ltd M&G House Victoria Road Chelmsford CM1 1FB

Scientific Advisory Committee

Professor John Holloway Chairman Associate Dean for Research, Faculty of Medicine, University of Southampton. Dr Nisreen Alwan Faculty of Medicine, University of Southampton Dr Jeremy Blaydes Faculty of Medicine, University of Southampton Dr Claire Clarkin Faculty of Environmental and Life Sciences. University of Southampton Dr Nick Evans Faculty of Medicine, University of Southampton Dr Jana Kreppner Faculty of Environmental and Life Sciences University of Southampton Professor Deborah Mackay Faculty of Medicine, University of Southampton Professor Peter L Roach Faculty of Physical Sciences and Engineering, University of Southampton Professor Tiina Roose Faculty of Physical Sciences and Engineering, University of Southampton Dr Tilman Sanchez-Elsner Faculty of Medicine, University of Southampton Professor Jon Strefford Faculty of Medicine, University of Southampton Dr Will Tapper Faculty of Medicine, University of Southampton Professor Jessica Teeling Faculty of Environmental and Life Sciences’ University of Southampton Dr Dawn-Marie Walker Faculty of Environmental and Life Sciences, University of Southampton

External Expert Assessors

Professor Neil Hanley University of Manchester Professor Hilary Critchley University of Edinburgh Dr Dario Carugo University College London

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Annual Report and Accounts 2020

Wessex Medical Trust

Chairman’s Statement

“The Trustees are continuing to approach any future grant commitments with great caution.”

As for so many others, 2020 was for Wessex Medical Trust an exceptional year. Whilst we were able to award two PhD studentships in January (one co-funded by the Centre for Cancer Immunology at Southampton and the other co-funded by Rosetrees Trust), a disinvestment of funds which had been planned for April was thrown off course by the immediate effects of the Covid-19 lockdown which saw a dramatic fall in the value of stock markets. So, as a result and to avoid crystallisation of a significant loss, the disinvestment was deferred and we were not able to award any Innovation Grants—or indeed any other research grants--for the remainder of the year.

A small sub-committee of Trustees was able to guide the Trust through the financial minefield until the end of the year at which point, assisted by the very welcome receipt of some income from a legacy, the cash position was satisfactorily restored. The Trustees are continuing to approach any future grant commitments with their customary caution.

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Wessex Medical Trust

Another casualty of the pandemic was the cancellation of the New Forest Show. We were hoping to be joined by our colleagues from the Southampton University Roadshow for a second year but this clearly did not happen. We are currently waiting to hear whether the 2021 Show will go ahead.

We were very pleased to welcome two new Trustees during the year. Tony Cottam, who joined us in April, was a partner in KPMG for 22 years and was their South Region chairman for 10 years; he also chaired a CBI committee and, more recently, has been chairman of governors of a leading independent school in Dorset.

Nick Page became a Trustees in October. He joined Bond

Pearce in Southampton in 1994 and was Chairman from

2008 until 2018 during which time they merged with the north country firm of Dickinson Dees and a large US firm to become Womble Bond Dickinson. He is currently a mentor for the Prince's Trust and Chairman of the Project Board of St Paul's Church in Winchester.

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Wessex Medical Trust

In conclusion, it is once again my pleasant duty to thank all those individuals and groups who supported us financially and otherwise during the year and especially the members of the volunteer group Hope for Guernsey whose sterling efforts have continued to result in a magnificent source of income for us.

Terry Madden

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Annual Report and Accounts 2020

Wessex Medical Trust

Trustees’ Report

This report should be read in conjunction with information shown on pages 2 and 3 and the Chairman’s statement on pages 4 to 6.

The Trustees present their report along with the Financial Statements of the Trust for the year ended 31 December 2020. The Financial Statements have been prepared in accordance with the accounting policies set out on page 16 and comply with the trust deed, the Charities Act 2011 and the provisions of Accounting and Reporting by Charities:Statement of Recommended practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Charitable Objects

Wessex Medical Trust is an unincorporated Trust established by a Declaration of Trust dated 7[th] November 1977 and subsequent Charity Commission Schemes.

The objects of the charity are to further medical education, medical research and medical practice both in the Faculty of Medicine and more generally in the University of Southampton.

The Trustees award grants for the purposes of research into medically-related matters and the advancement of medical practice and medical education, all for the public benefit. These include the provision within the University of Southampton of:

The Trust considers it fulfils the requirements of charitable purpose and public benefit as set out in the Charities Act 2011:

Trustees

The Board of Trustees comprises a maximum of twelve elected persons who may serve for up to two 3-year terms before retiring. An amendment made to the Trust Deed during 2012 means the Trustee Board now has the power in individual cases to extend a Trustee’s tenure beyond six years. The Dean of the Faculty of Medicine at the University of Southampton is an ex-officio Trustee; the University of Southampton may appoint one further person to be a Trustee.

Grants Awarded

Details of all grants awarded during 2020 are set out on page 11. There was a total of 3 grants amounting in aggregate to £91,228 and 21 applicants made submissions for one or more of these. The Trustees are pleased to report that, once again, the grants made covered a broad range of diseases and conditions.

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Wessex Medical Trust

continued Trustees’ Report,

Research Results

The Trust not only has a rigorous process to ensure the quality of the research it supports but it also has a system of requiring reports on research results. This allows the Trustees to monitor progress from the fellowships and project grants that they award.

Financial Review

Unrestricted income for the year was in accordance with the budget. A total of £151,000 was received by way of legacies, which were unexpected.

The Trust continues to manage the awarding of grants in accordance with financial circumstances and keeps fundraising and administrative costs under tight control.

Details of restricted fund movements during the year are set out in Note 17 to the financial statements and details of grants awarded are on page 11.

The value of investments reached its lowest point in March 2020, due to the pandemic, but has improved considerably since.

The overall financial position of the Trust remains sound.

The Future

The major emphasis continues to be on providing pump priming grants from the Innovation Fund to early career researchers. In addition, we have continued to develop the award of PhD studentships, which is particularly welcomed by the research community.

Governance

The Trust is governed by a Board of Trustees who are each elected for a three year period. A maximum of two consecutive three year periods may be served after which the Trustee must retire. Trustees may then be re-elected after a gap of at least one year unless invited specifically by the Trustees to continue for a further period which must itself be specified at the outset. An exception is the Dean of the Faculty of Medicine whose appointment is ex-officio.

The Trustees aim to ensure that the board has a mixture of experience and talents and is representative of the Wessex region and the Channel Islands. Once elected, the Trustees are given full written information about their duties and about the Trust and are invited to have a discussion with the Trust Director about specific policies and procedures of the time. They are also kept up to date with the Trust’s work through attendance at Board Meetings and by ad hoc briefings during the year. A Trustee induction pack is given to all new Trustees.

The Board meets at least twice each year: in the late spring to receive and approve the annual accounts for the previous year, and in the autumn to review the performance of the Trust during the first half year and to set a budget for the forthcoming year. In addition, the Trustees attend to all matters of policy and governance.

Previously, an Executive Committee, comprising the Chairman, the Dean, the Trustee with responsibility for Finance and up to two additional co-opted Trustees, met approximately every three months with the Trust Director to review progress. Its minutes were circulated to all Trustees. However, since the closure of the fundraising operation in 2016, it has not been felt necessary to hold meetings of this committee: nevertheless, its activity may be revived if felt necessary by the Trustees.

The Board of Trustees accepts full responsibility for all of the activities of the Trust and has approved a comprehensive set of policies and procedures to guide its activities in accordance with current best practice in governance. The Board seeks external professional advice where it feels this is appropriate.

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Wessex Medical Trust

continued Trustees’ Report,

The Trustee with responsibility for Finance is charged with ensuring that sufficient controls and procedures are in place to protect the interests of our donors and of our Trustees and that the Trust satisfies the requirements of the Charity Commission, as well as advising the Board on financial matters such as the investment of its funds and on other issues such as a reserves policy. The Trustees have appointed M&G to act on their behalf in the investment of funds whilst awaiting application. In addition, from time to time, excess cash may be invested in interest-earning cash deposit accounts with the Trust’s bankers, HSBC, and other major UK banks.

As a Member of the Association of Medical Research Charities (AMRC), the Trust subscribes to a code of conduct which includes subjecting applications for funding to peer review in order that the merit and likely outcome of the project can be gauged and the scientific integrity of the projects being funded by the Trust ensured. The Trust successfully completed the most recent AMRC peer review audit in 2015.

To maintain this process independently of the Board of Trustees, the Trust has a Scientific Advisory Committee, chaired by the Associate Dean for Research of the Faculty of Medicine at the University of Southampton. Committee members are listed on page 3 and each serves for a maximum three year term (with a possible single extension of 3 years) or for the length of their relevant appointment at the University, whichever is shorter. Each member is precluded from receiving any research grant from the Trust during their period of office.

On each occasion, once the Scientific Advisory Committee has vetted all applications for a grant for both scientific quality and relevance to the declared priorities of the Faculty from time to time, all applications, together with its list of preferred candidates will invariably be sent for external expert assessment. For grants of £50,000 and over, all preferred applications are sent for formal external peer review, normally by at least two reviewers. Additionally, internal peer review may also be sought.

Once peer review has been satisfactorily concluded, the Trustees are invited to authorise the relevant grant.

Grants are formally awarded by the Trustees on a discretionary basis.

Risk Management

The Trustees have instituted a procedure for considering the risks to which the Trust is exposed and have taken steps to remove or minimise these risks where they are within their control. In evaluating these risks, the Trustees have identified the volatility of the stock market as a significant financial risk. The procedures in place to mitigate this risk are detailed in the paragraph of this report entitled ‘Reserves Policy’. The Trustees have also identified a risk of lack of free reserves during the year: steps to mitigate this risk are also set out in the Reserves Policy.

Investment Policy

The Trustees have full discretionary investment powers in accordance with the Declaration of Trust dated 7[th] November 1977 under which the Trust was set up. They have chosen to invest in two M&G unit trusts, Charifund and Charibond, and in cash. Charifund is equity based; Charibond is gilt and corporate bond based. The Trustees keep the allocation between the funds and cash under regular review to maintain a balance of risk.

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Annual Report and Accounts 2020

Wessex Medical Trust

continued Trustees’ Report,

Reserves Policy

It is the policy of the Trust to retain a reserve of £100,000, which is approximately one year’s operational expenditure, to protect the Trust from stock market volatility or fluctuations in unrestricted income from year to year. This policy is kept under review by the Trustees during the year and on preparation of the annual accounts. Please refer to the Chairman’s statement for the plans for the future grants.

Unrestricted Reserves are set out in Note 18 to the accounts.

Supporters and Advisers

The Board of Trustees thanks our honorary solicitors, Womble Bond Dickinson LLP, for their assistance during the year. We are also extremely grateful to those external expert assessors who give their time voluntarily to assist the Scientific Advisory Committee.

Finally we are enormously grateful to all our donors, many of long standing, who have continued to support our work: without their support the charity could not have achieved so much over recent years. Particular mention goes to Hope for Guernsey whose members work tirelessly organising events to raise funds and gain publicity for the charity. Our thanks go to them all.

Statement of Trustees’ Responsibilities

Under charity law, the Trustees are required to prepare financial statements for each financial year which show a true and fair view of the Trust’s financial activities during the year and of its financial position at the end of the year. In preparing those financial statements, generally accepted accounting practice requires that the Trustees:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other infringements.

Signed on behalf of the Trustees

Trustee 23[rd] April 2021

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Annual Report and Accounts 2020

Wessex Medical Trust

GRANTS AWARDED FOR THE PERIOD: 1[ST] JANUARY 2020 - 31[ST] DECEMBER 2020

----- Start of picture text -----
Grantee Total
Research Project value
£
AA01 Dr Edd James 50,000
Faculty of Medicine
PhD Studentship jointly funded with the Centre for Cancer Immunology
Student—Michael Spurway
Understanding the relationship between the breadth of the anti--
cancer CD8 T cell response and successful immunotherapy.
AA02 Dr Rob Ewing 40,228
Faculty of the Environment and Life Sciences
PhD Studentship jointly funded with Rosetrees Trust
Student—Matthew Sherwood
Understanding the molecular mechanisms of Zika virus - driven
oncolysis of brain tumour stem cells
AA03 3 [rd] Year Medical Student Project Presentation Grants 1,000
Annual Total 2020 91,228
Annual Total 2019 347,785
----- End of picture text -----

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Annual Report and Accounts 2020

Wessex Medical Trust

Independent Examiner's Report to the Trustees of Wessex Medical Trust

Independent examiner's report to the trustees of Wessex Medical Trust

I report to the charity trustees on my examination of the accounts of Wessex Medical Trust for the year ended 31st December 2020.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.

A C Kensett FMAAT FCCA

Sheen Stickland Chartered Accountants 7 East Pallant Chichester West Sussex PO19 1TR

Date: 23[rd] April 2021

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Annual Report and Accounts 2020

Wessex Medical Trust

Statement of Financial Activities
For the Year Ended 31st December 2020
Note
Income and endowments from
Donations
2a
Legacies
2b
Other trading activities
Investment income
3
Total
Expenditure on
Raising Funds
4
Charitable activities
5
Total
Other recognised gains/(losses)
Gains/(losses) on investment assets
Net income/(expenditure)
Transfers between funds
17
Net movement in funds
Reconciliation of funds
Balances brought forward at 1stJanuary 2020
Balances carried forward at 31stDecember 2020		 Unrestricted
Funds
Restricted
Total Funds
2020
Total
Funds
2019
£
£
£
£
27,270
15,049
42,319
22,314
151,000
-
151,000
113,866
1,750
1,810
3,560
21,455
45,979
-
45,979
56,749
225,999
16,859
242,858
214,384
17,114
-
17,114
20,263
44,286
50,000
94,286
333,550
61,400
50,000
111,400
353,813
(193,733)
-
(193,733)
159,386
(29,134)
(33,141)
(62,275)
19,957
-
-
-
-
(29,134)
(33,141)
(62,275)
19,957
506,429
95,539
601,968
582,011
477,295
62,398
539,693
601,968

All amounts relate to continuing activities. There were no other recognised gains or losses during the period. The notes on pages 16 to 21 form part of these financial statements.

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Annual Report and Accounts 2020

Wessex Medical Trust

Balance Sheet as at 31[st] December 2020

Note
Fixed Assets
Tangible Assets
10
Investments
11
Current Assets
Investments
12
Debtors
13
Cash at bank and in hand
Current Liabilities
Amounts falling due within one year
14
Net Current Assets / (Liabilities)
Total Assets less Current Liabilities
Liabilities
Amounts falling due after more than one year
15
Net Assets
16
Funds
Unrestricted
General
18
Restricted
17
Total Funds		 2020
2019
£
£
-
-
868,776
1,113,059
868,776
1,113,059
32,624
49,575
50,604
58,736
129,175
35,831
212,403
144,142
(394,771)
(330,863)
(182,368)
(186,721)
686,408
926,338
(146,715)
(324,370)
539,693
601,968
477,295
506,429
62,398
95,539
539,693
601,968

These financial statements were approved by the Board of Trustees on 23rd April 2021 and were signed on its behalf by

Terry Madden Chairman

The notes on pages 16 to 21 form part of these financial statements

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Annual Report and Accounts 2020

Wessex Medical Trust

Cash Flow Statement

Cash from Operating Activities
Note 1
Cash flow from Investing
Sale of Fixed Asset Investments
50,000
Sale of Current Asset Investments
17,500
Distributions Received
45,979
Change in cash and cash equivalents in the period
Cash and cash equivalents at 1st January 2020
Cash and cash equivalents at 31st December 2020		 2020
£
(20,135)
113,479		 -
-
56,749		 2019
£
(142,816)
56,749
93,344
35,831		 (86,067)
121,898
129,175 35,831

Note 1

Cash from operating Activities

Net income/(expenditure) for reporting period per SOFA
Adjustments for:
Distributions received
Decrease/(increase) in Debtors
Decrease in Creditors
(Decrease)/increase in Grants
payable
Loss/(Gain) on Investments		 (62,275)
19,957
(45,979)
(56,749)
8,132
(1,557)
(19,005)
(51,232)
(94,741)
106,151
193,733
(159,386)
(20,135)
(142,816)

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements

1. Accounting policies

a) The financial statements are prepared under the historical cost convention as modified by the revaluation of investments at market value, and are in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 and the Charities Act 2011.The transition to FRS102 has had no material effect on the reported financial performance and position of the charity.

b) The restricted funds represent monies received by the Trust that is specified by the donors for particular projects. The unrestricted fund represents uncommitted funds. The designated funds are unrestricted funds that have been set aside by the Trustees for a specific purpose.

c) Investments are stated at mid-market value. Investments that are separately held to meet current obligations are treated as current assets. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

d) All resources expended, including irrecoverable VAT, are charged against income on an accruals basis. Expenditure is allocated directly where the costs are directly attributable, otherwise on a basis of staff usage and their allocation of time. For further details of expenses, please refer to notes 4 and 5 of the accounts.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the 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 of the control of the Trust. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

e) Donations and legacies are recognised in the Statement of Financial Activities only when there is a reasonable assurance of receipt.

f) Dividends on investments and bank interest are accounted for on the accruals basis.

g) Fixed assets are depreciated over their estimated useful lives. The method of depreciating Fixtures, Fittings and Equipment is 33% on cost. All assets costing over £500 are capitalised.

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements - continued

2a. Donations
Trusts and foundations
Individuals
Gift aid
Corporate
Other
2b. Legacies
Legacies		 2020
£
30,950
6,313
21
35
5,000		 2019
£
15,100
6,664
550
-
-
42,319
151,000		 22,314
113,866

At the year end the Trust had one outstanding legacy notified to them of approx £50k, which has been accrued for in these accounts (2019 : 2 legacies £58k)

  1. Investment Income
3. Investment Income
Income from UK quoted investments
4. Raising Funds
Unrestricted
£
Event Costs
1,750
Brochures and Leaflets
2,990
Advertising
690
Support Costs
11,684
17,114		 Restricted
£
-
-
-
-
-		 2020
£
45,979
45,979
2020
£
1,750
2,990
690
11,684
17,114		 2019
£
56,749
56.749
2019
£
4,563
2,985
690
12,025
20,263
  1. Analysis of Expenditure on Charitable Activities
Advancement of medical
research		 Grant
Funding of
Activities
£
74,618
74,618		 Support
Costs
£
19,668
19,668		 Total
£
94,286
94,286

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements - continued

6. Allocation of Support Costs

6. Allocation of Support Costs
Office Costs
Professional Fees
Independent Examination		 Raising
Funds
£
1,066
10,618
-
11,684		 Charitable
Activities
£
827
16,441
2,400
19,668		 Total
£
1,893
27,059
2,400
31,352

Professional fees (relating to bookkeeping, accountancy and Trust Director) have been apportioned by the approximate amount of time spent in each area by the professional to which the cost relates.

Office costs have been apportioned to the activity the cost related to.

7. Staff Costs

There were no employees in 2020 (2019:nil)

No remuneration was paid to any Trustee in 2020 (2019: nil)

No expenses were paid to Trustees in 2020 (2019: nil)

8. Grants Awarded

During the year 2020 three grants totalling £91,228 (2019: nine grants totalling £347,785) were awarded to the University of Southampton to fund educational posts and research projects as detailed on page 11. Grants not expended totalling £16,609 (2019: £34,477) were added/netted against these figures in the Statement of Financial Activities, of these £nil (2019: £3,534) was from restricted funds.

9. Auditors and Independent Examiners remuneration

Independent Examiners services 2020
£
2,400
2,400		 2019
£
2,400
2,400

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements - continued

10. Tangible Fixed Assets

Cost at 1stJanuary 2020
Additions
Disposals
Cost at 31stDecember 2020
Accumulated depreciation at 1stJanuary 2020
Charge for year
Disposals
Accumulated depreciation at 31stDecember 2020
Net Book Value
31stDecember 2020
31stDecember 2019
11. Investments at market value: fixed assets
Equities - UK
Market Value at 1st January 2020
Additions
Disposals
Unrealised Loss for the year
Market value at 31st December 2020		 Fixtures, Fittings
and Equipment
£
190
-
-
190
190
-
-
190
-
-
£
1,113,059
-
(61,915)
(182,368)
868,776

The historical cost of investments at 31[st] December 2020 amounted to £755,484 (2019: £795,961).

The equities are investments held in the M&G Equities Investment Fund for charities (Charifund)

12. Investments at market value: current assets

Government Stocks
Market Value at 1st January 2020
Additions
Disposals
Unrealised Gain for the year
Market value at 31st December 2020		 £
49,575
-
(17,323)
372
32,624

The historical cost of investments at 31[st] December 2020 amounted to £33,463 (2019: £51,436).

The government stocks are UK securities investments held in the M&G Charibond Charities Fixed Interest Common Investment Fund.

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements - continued

13. Debtors

13. Debtors
Other debtors
Prepayments
14. Creditors: amounts falling due within one year
Grants payable
Trade creditors
Accruals
15. Creditors: amounts falling due after more than one year
Grants payable
16. Analysis of net assets
Unrestricted
Funds
£
Fixed Assets
856,470
Current Assets
83,228
Current Liabilities
(353,188)
Amounts falling due after more than 1 year
(109,215)
Total Net Assets
477,295		 2020
£
50,187
417
50,604
2020
£
388,236
-
6,535
394,771
2020
£
146,715
146,715
Restricted
Funds
£
12,306
129,175
(41,583)
(37,500)
62,398		 2019
£
58,736
-
58,736
2019
£
305,323
19,974
5,566
330,863
2019
£
324,370
324,370
Total
Funds
£
868,776
212,403
(394,771)
(146,715)
539,693

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Annual Report and Accounts 2020

Wessex Medical Trust

Notes forming part of the financial statements - continued

17. Restricted Funds

Opening balance at 1stJanuary 2020
Net movement in restricted funds
Transfer to unrestricted general funds
Balance at 31stDecember 2020		 2020
£
95,539
(33,141)
-
62,398		 2019
£
55,235
40,304
-
95,539

The income funds of the charity include restricted funds where the donors wish the monies to be applied in a specific research area. The Trust holds many different income funds and the largest of these are illustrated below.

The sums shown are the unexpended balances of donations held on trust to be applied for a specific purpose by the Trustees at a future date

Allergies
Brain Injury
Cancer
Diabetes
Meningitis
Steve Mills Fund
States of Guernsey
Other disease-specific funds
Total		 Opening
balance at
1st January
2020
Incoming
Resources
Resources
Expended
Transfers
between
funds
Closing
balance at
31st
December
2020
£
£
£
£
£
9,506
-
-
-
9,506
9,089
-
-
-
9,089
55,667
11,810
(50,000)
-
17,477
135
-
-
-
135
7,247
-
-
-
7,247
11,833
49
-
-
11,882
-
5,000
-
-
5,000
2,062
-
-
-
2,062
95,539
16,859
(50,000)
-
62,398

18. Unrestricted Funds

18. Unrestricted Funds
Opening balance at 1st January 2020
Net movement in Free funds
Transfer from Restricted Funds
Balance at 31st December 2020		 2020
£
506,429
(29,134)
-		 2019
£
526,776
(20,347)
-
477,295 506,429

19. Related Party Disclosures

There were no related party transactions for the year ended 31 December 2020

21