## Annual Report and Accounts 2023 ## Contents Page |Trustees and Officers|..........ccccescccsssecesesssecceceesssecessesseees|2-3| |---|---|---| |Chairman’s Statement|........cccccceccsssceesseccesseeeesseesneeeessees|4-5| |Trustees’ Report
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wic.cccecccccessscccccsssesssssscceecssseescecsscesensnaees||13| |Cash Flow'Statement
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...........ccecesceeeeseeeeee|15-20| ## Wessex Medical Trust **----- Start of picture text -----**
Annual Report and Accounts 2023
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## Legal and Administrative Information **----- Start of picture text -----**
||||||||||| |---|---|---|---|---|---|---|---|---|---| |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| |S016|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|de Vic|Carey| **----- End of picture text -----**
## Patrons: ## Trustees **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |Professor|Sir|Charles|George|Chairman| |Roger Allsopp| |Professor Jonathan|Cole|Retired|13.10.23| |Tony|Cottam| |Professor Max|Crispin| |Professor|Diana|Eccles|Dean|of the|Faculty|of Medicine,|University|of Southampton| |Luke|March| |Nick|Page| |Angela|Suggate FCCA|Retired|13.10.23| |Officers|and|Advisers| |Independent|Examiner|Paul Wright FCA DChA| |Sheen|Stickland| |Chartered|Accountants| |Statutory|Auditors| |7|East|Pallant| |Chichester| |West|Sussex| |PO19|1TR| |Honorary|Solicitors|Womble|Bond|Dickinson|(UK)|LLP| |Oceana|House| |Commercial|Road| |Southampton| |SO15|1GA| **----- End of picture text -----**
Wessex Medical Trust Annual Report and Accounts 2023 ## Bankers HSBC Bank plc 55 Above Bar Street, Southampton S014 7DZ ## Investment Managers M&G Securities Ltd CCLA M&G House Investment Management Limited Victoria Road One Angel Lane Chelmsford London CM1 1FB EC4R 3AB ## Scientific Advisory Committee Dr Yihua Wang Chairman Faculty of Environmental and Life Sciences University of Southampton Mr Brian Birch Faculty of Medicine, University of Southampton Dr Jeremy Blaydes Faculty of Medicine, University of Southampton Dr Katrin Deinhardt Faculty of Environmental and Life Sciences University of Southampton Dr David Filingeri Faculty of Environmental and Life Sciences University of Southampton Dr Jana Kreppner Faculty of Environmental and Life Sciences University of Southampton Dr Jay Laver Faculty of Medicine, University of Southampton Professor Deborah Mackay Faculty of Medicine, University of Southampton Professor Sumeet Mahajan Faculty of Physical Sciences and Engineering University of Southampton Professor Tilman Sanches-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 ## External Expert Assessors Professor Neil Hanley Professor Hilary Critchley Dr Dario Carugo University of Birmingham University of Edinburgh University of Oxford ## Chairman’s Statement **----- Start of picture text -----**
ef ( S| “..a good yearfor the Trust that
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: - a wv ended ona high note.”
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| am pleased to report on a good year for the Trust that ended on a high note. Professor John Iredale, who graduated BM Southampton in 1985, was appointed Knight Bachelor in the New Years’ Honours. Sir John received three research grants from our Trust before he moved to the University of Edinburgh and later to Bristol. He has served as interim executive chairman of the Medical Research Council. Financially, as a small medical research charity, we have benefitted from the UK Government Covid Medical Research Charity Support Fund. We received two grants from this source in 2023. These, together with income received from legacies, enabled the Trustees to improve our spend on research. We offered five Innovation Grants during the year and four PhD studentships (three of which were provided on a[joint][venture][basis),][all][for][ commencement][in] October 2024. An earlier grant received in 2022 had permitted us to enhance the stipends of all current PhD studentships in line with the national inflation proposals recommended by UKRI. **----- Start of picture text -----**
For many years now, the Hope for Guernsey Committee has raised significant amounts of
money for our Charity and medical research in the Wessex region has been greatly enhanced
as a result of their activities. However, the sad accident suffered by Roger Allsopp (which |
referred to last year), coupled with the introduction of stringent new regulations regarding
charity governance on the Island, accelerated a debate by the members of the Committee
about their future. The Committee had been very ably led by Roger for many years but his
inability to continue prompted the Committee to resolve to wind itself up and this was finally
completed at the end of February 2023. The Charity owes all
ij " -Ds enormousmembers ofdebttheofCommittee,gratitude and,bothonpastbehalfandofmorethe Trustees,recent, an|
j fa dh % would like to take this opportunity to pay tribute to them all.
ao
iLey , In October, we bade farewell to we
;
: : fed two of our Trustees who had ae: .
%oe completed their two periods of % ..
“7 three years on the Trust board ae)
and who were therefore obliged a oe a
to stand down. Angela Suggate had worked extremely hard as " Ubcaal
Trustee responsible for finance and | would like to pay special Sa "
tribute to her here. Professor Jonathan Cole, brought his wealth \ Pa * ay
of scientific and clinical experience to enhance our debates on i
scientific matters. We thank them both and wish them well.
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It was with great sadness that we learned of the death in January 2024 of Sir Christopher Benson. Christopher had been a stalwart supporter of our Trust for many years and, as a Trustee for several terms, had been instrumental in raising its profile in the Salisbury area where he lived. In recognition of this, he was subsequently appointed a Patron of the Trust. Once again, we were able to join the University of Southampton Roadshow for our stand at the New Forest Show. The number of researchers volunteering to help us was the highest ever and visitors to the Show and our stand almost exceeded pre-pandemic numbers. Finally, it is my pleasant duty to pay tribute to the donors, fundraisers, partners and volunteers who have supported the Trust during the past year. It is greatly appreciated by us all. Charles Geor ## Trustees Report This report should be read in conjunction with information shown on pages 2 and 3 and the Chairman’s statement on pages4 to 5. The Trustees present their report along with the Financial Statements of the Trust for the year ended 31 December 2023. The Financial Statements have been prepared in accordance with the accounting policies set out on page 15 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" 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: - e bursaries and scholarships for students; e teaching facilities and medical equipment of all kinds; and e amenities for the students and relevant staff including any person engaged on medically-related research or in the instruction of medical students at such hospitals, places of education and other establishments as shall from time to time be used for the instruction of students or the carrying out of medical research. The Trust considers it fulfils the requirements of charitable purpose and public benefit as set out in the Charities Act 2011: - e its principal charitable purpose is the advancement of health but it also contributes incidentally to the relief of those in need by reason of ill health or disability; - e its aims—as set out above—are clear and the benefits it creates are directly related to these aims and outweigh any potential detriment; - e the general public are the ultimate beneficiary of the Trust's activities through the advancement of medically-related science. Research papers produced as a result of each grant made are available in the public domain and the clinical benefits of the research are, subject to any necessary regulatory approval processes, immediately available to the general public, both in the Wessex region and beyond. ## 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 2023 are set out on page 11. There was a total of 9 grants amounting in aggregate to £310,347 and 31 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. In addition, the Trustees made a one-off award of £30,000 to provide uplifts in stipends for current PhD studentships. This reflected a similar decision by UKRI to increase all its current awards country-wide. ## Trustees Report, continued ## 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 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 16 to the financial statements and details of grants awarded are on page 11. 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. 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. 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 ## Trustees Report, continued including the investment of its funds and on other issues such as a reserves policy. The Trustees currently engage CCLA and 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 CCLA, HSBC, and other major UK banks. As a Memberofthe 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 2020. To maintain this process independently of the Board of Trustees, the Trust has a Scientific Advisory Committee, chaired by a member of the Faculty of Environmental and Life Sciences 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. On each occasion, once the Scientific Advisory Committee has evaluated all applications for a grant for both scientific quality and relevance to the declared priorities of the relevant 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 applications are further 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: steps to mitigate this risk are also set out in the Reserves Policy. Further risk mitigation is achieved by the receipt and review of regular reports from the investment managers. ## Investment Policy The Trustees have full discretionary investment powers in accordance with the Declaration of Trust dated 7" November 1977 under which the Trust was set up. They currently invest in M&G Charifund and CCLA COIF Charities Ethical Investment Fund which are each equity based. In addition, a cash reserve has been established in the CCLA COIF Charities Deposit Fund. The Trustees keep the allocation between the funds and cash under regular review to maintain a balance of risk. ## Reserves Policy It is the policy of the Trust to retain a reserve of £200,000 to protect the Trust from stock market volatility. This policy is kept under review by the Trustees during the year and on preparation of the annual accounts. , Unrestricted Reserves are set out in Note 17 to the accounts. ## Trustees Report, continued ## Liquidity The Trustees have set an appropriate reserves policy relating to liquidity. It is the Trust’s policy to keep sufficient funds in cash or cash equivalents for 12 months’ forecast cash outflow. These cash funds will provide for grants payments during the year. ## 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. ## 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: - e select suitable accounting policies and then apply them consistently; - e observe the methods & principles in the applicable charities SORP; - e make judgements and estimates that are reasonable and prudent; - e state whether the recommendations of applicable Accounting Standards and the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; - e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and - e prepare the financial statements on the going concern basis unless it is inappropriate to presume the Trust will continue its activities. 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 19" April 2024 ## Independent Examiner's Report to the Trustees of ## Wessex Medical Trust ## Independent examiner's report to the trustees of Wessex Medical Trust | report to the charity trustees on my examination of the accounts of Wessex Medical Trust for the year ended 31% December 2023. ## 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). | 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 | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner's statement | have completed my examination. | 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. | 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. **----- Start of picture text -----**
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Paul Wright FCA DChA Sheen Stickland Chartered Accountants 7 East Pallant Chichester West Sussex PO191TR Dated 19th April 2024 ## GRANTS AWARDED FOR THE PERIOD: 187 JANUARY 2023 - 31ST DECEMBER 2023 **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Grantee|Total| |Research Project|value| |3| |ADO1|||Dr Jane|Cleal| |Faculty of Medicine|50,000| |PhD|studentship|jointly funded|with|Rosetrees|Trust| |Student—Ella|Proudiley| |Can endometrial gland structure and function|help us understand why some| |women are more at risk ofmiscarriage|than|others?| |ADO2_|||Professor Jonathan|Swann|110,000| |Faculty|of Medicine| |PhD|studentship| |Student—Kate|Pearce| |Calculating neonatal biochemical age at the bedside|to|transform paediatric| |nutrition.| |ADO3|||Dr Jane Gibson|55,000| |Faculty|of Medicine| |PhD|studentship jointly funded|with|the|Centre|for Cancer Immunology| |Student-Lili|Ferson| |Investigating|the genomic structure,|regulation and function of|the low affinity| |FCGR cluster to improve cancer immunotherapy.| |ADO4|||3rd|Year Medical|Student|Project Presentation|Grants|1,000| |ADO5|||Dr|Ella|Baker|15,100| |Faculty|of Medicine| |Understanding|the anti-inflammatory actions|ofpinolenic acid,|a sustainable| |alternative|to EPA|and DHA.| |ADO6|||Dr George|Williams|19,984| |Faculty|of|Engineering|and|Physical|Sciences| |Polymer conjugates|for|advanced imaging and drug delivery to study and| |treat pancreatic ductal adenocarcinoma.| |ADO7_|||Dr Colleen|Deane|19,600| |Faculty|of|Medicine| |Using metabolomics to|uncover novel biological markers|of,|and targeted| |nutritional interventions|to|offset,|age-related musculoskeletal decline.| |ADO8|||Dr Jodie Ackland|19,878| |Faculty|of|Medicine| |Using triple RNASegq|to investigate|macrophage-bacterial-viral|interactions| |during co-infection.| |ADOS|||Dr Ysobel|Baker|19,785| |Faculty of|Engineering and Physical Sciences| |A new class ofRNA|degrading|therapeutic|oligonucleotides.| |po|Annual total 2023|310,347| |||Annual total|2022|200, 146| **----- End of picture text -----**
|Statement of Financial Activities|||||| |---|---|---|---|---|---| |For the Year Ended 31st December 2023|||||| ||Note|Unrestricted|Restricted|Total Funds|Total Funds| |||Funds|Funds|2023|2022| |||£|£|&|£| |Income and endowmentsfrom|||||| |Donations|2a|16,552|-|16,552|6,854| |Legacies|2b|158,137|-|158,137|135,000| |Othertrading activities||3,700|-|3,700|6,819| |Covid Medical Research Charity Support Funds||140,465|-|140,465|96,643| |Investment income|3|100,779|-|100,779|91,292| |Total||419,634|-|419,634|336,608| |Expenditure on|||||| |Raising Funds|4|29,829|-|29,829|19,677| |Charitable activities|5,8|316,560|1,583|318,143|213,803| |Total||346,389|1,583|347,972|233,480| |Gains/(losses) on investment assets||26,264|-|26,264|(117,748)| |Net income/(expenditure)||99,508|(1,583)|97,925|(14,620)| |Transfers between funds|16|-|-|-|-| |Net movement in funds||99,508|(1,583)|97,925|(14,620)| |Reconciliation offunds|||||| |Balances brought forward at 1° January 2023||1,571,342|78,217|1,649,559|1,664,179| |Balancescariedforwardat318'December2023||1,670,850|76,634|1,747,484|1,649,559| 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. ## Balance Sheet as at 31° December 2023 |||Note|2023|2022| |---|---|---|---|---| ||||£|£| |Fixed Assets||||| |Tangible Assets||10|-|-| |Investments||11|1,850,845|1,724,581| ||||1,850,845|1,724,581| |Current Assets||||| |Debtors||12|116,169|139,382| |Short Term Deposits|||300,000|200,000| |Cash at bank and in hand|||48,056|45,029| ||||464,225|384,411| |Current Liabilities||||| |Amounts falling due within|one year|13|(272,459)|(246,171)| |Net Current Assets/ (Liabilities)|||191,766|138,240| |Total Assets lessCurrent Liabilities|||2,042,611|1,862,821| |Liabilities||||| |Amounts falling due aftermore than one year||14|(295,127)|(213,262)| |NetAssets||15|1,747,484|1,649,559| |Funds||||| |Unrestricted|General|17|1,670,850|1,571,342| |Restricted||16|76,634|78,217| |TotalFunds|||1,747,484|1,649,559| These financial statements were approved by the Board of Trustees on 19th April 2024 and were signed on its behalf by Sir Charles George Chairman The notes on pages 15 to 20 form part of these financial statements. ## Cash Flow Statement **----- Start of picture text -----**
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |”|2023|”|2022| |£|£| |Cash|from|Operating|Activities|Note|1|102,248|(45,612)| |Cash|flow|from|Investing| |Purchase|of Fixed|Asset|Investments|(100,000)|(800,000)| |Sale|of|Fixed|Asset|Investments|-|300,000| |Sale|of Current|Asset|Investments|-|28,425| |Distributions|Received|100,779|91,292| |779|(380,283)| |Change|in|cash|and|cash|equivalents|in|the|period|103,027|(425,895)| |Cash|and|cash|equivalents|at|1st January|2023|245,029|670,924| |Cash|and|cash|equivalents|at|31st December|2023|348,056|245,029| **----- End of picture text -----**
Note 1 Cash from operating Activities **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Net|income/(expenditure)|for|reporting|period|per SOFA|97,925|(14,620)| |Adjustments|for:| |Distributions|received|(100,779)|(91,292)| |Decrease/(increase)|in|Debtors|23,213|(88,870)| |(Decrease)/increase|in|Creditors|(3,071)|1,719| |(Decrease)/increase|in|Grants|payable|111,225|29,702| |(Gain)/Loss|on|Investments|(26,264)|117,748| |~|102,248|~__ (45,612)| **----- End of picture text -----**
## 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 note 4 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. h) Costs in respect of operating leases are charged on a straight line basis over the lease term. i) Gifts in kind are recognised at market value at the date of receipt. ## Notes forming part of the financial statements - continued |2a. Donations|2023|2022| |---|---|---| ||£|£| |Trusts and foundations|2,350|-| |Individuals|11,983|5,631| |Gift aid|2,131|1,217| |Corporate|88|6| ||16,552|6,854| |2b. Legacies||| |Legacies|158,137|135,000| At the year end the Trust had 2 outstanding legacies totalling approx £108k, which have been accrued for in these accounts (2022 : 3 legacies £135K) At 31 December 2023 the Trust had a notification of 3 further legacies, estimated at £110k. These are not certain and therefore have not been included in these accounts. (2022 : £nil) ## 3. Investment Income |3. Investment Income||||| |---|---|---|---|---| ||||2023|2022| ||||£|£| |Income from UK quoted investments|||90,534|88,875| |Income on short term deposits and cash|||10,245|2,417| ||||100,779|91,292| |4.
Raising Funds||||| ||Unrestricted|Restricted|2023|2022| ||£|£|£|£| |Event Costs|6,641|-|6,641|2,668| |Brochures and Leaflets|3,895|-|3,895|3,952| |Advertising|708|-|708|910| |Support Costs|18,585|-|18,585|12,147| ||29,829|-|29,829|19,677| ## 5. Analysis of Expenditure on Charitable Activities ||||Grant||| |---|---|---|---|---|---| ||||Funding of|Support|| ||||Activities|Costs|Total| ||||£|£|£| |Advancement|ofmedical|research|296,902|21,241|318,143| ||||296,902|21,241|318,143| ## Notes forming part of the financial statements - continued ## 6. Allocation of Support Costs |6.
Allocation of Support Costs|||| |---|---|---|---| ||Raising|Charitable|Total| ||Funds|Activities|| ||£|£|£| |Office Costs|1,134|1,039|2,173| |Professional Fees|17,451|17,352|34,803| |Independent Examination Fees|-|2,850|2,850| ||18,585|21,241|39,826| 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 2023 (2022:nil) No remuneration was paid to any Trustee in 2023 (2022: nil) No expenses were paid to Trustees in 2023 (2022: nil) ## 8. Grants Awarded During 2023 9 grants totalling £310,347 (2022: seven grants totalling £200,146) were awarded to the University of Southampton to fund educational posts and research projects as detailed on page 11. An inflationary uplift was also agreed to increase funding of additional £30,000 across 12 grants, this included £1,583 for one restricted fund grant. Grants not expended totalling £43,445 (2022: £6,688) were added/netted against these figures in the Statement of Financial Activities, of these £nil (2022:£nil) was from restricted funds. ## 9. Independent Examiners remuneration ||||2023|2022| |---|---|---|---|---| ||||£|£| |Independent|Examiners|Serices|2,850|2,700| ||||2,850|2,700| | ## Notes forming part of the financial statements - continued ## 10. Tangible Fixed Assets ; **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |Fixtures,|Fittings| |and|Equipment| |£| |Cost at|1$*|January|2023|190| |Additions|=| |Disposals|-| |Cost at|315'|December|2023|190| |Accumulated|depreciation|at|1%*|January|2023|190| |Charge|for year|-| |Disposals|-| |Accumulated|depreciation|at 315|December|2023|190| |Net|Book|Value| |318!|December|2023|=| |315'|December|2022|-| |11.|Investments|at|market value:|fixed|assets| |£| |Market Value|at|1st January|2023|1,724,581| |Additions|400,000| |Disposals|-| |Unrealised|Gain|for the year|26.264| |Market value|at 31st December 2023|1,850,845| **----- End of picture text -----**
The historical cost of investments at 315' December 2023 amounted to £1,827,935 (2022: £1,727,935). The equities are investments held in the M&G Equities Investment Fund for charities (Charifund) and the CCLA COIF Charities Ethical Investment Fund - Income Units ## Notes forming part of the financial statements - continued **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |12.|Debtors| |2023|2022| |£|£| |Other|debtors|116,169|139,382| |Prepayments|-|-| |116,169|139,382| |13.|Creditors:|amounts falling|due|within|one|year| |2023|2022| |£|£| |Grants|payable|265,794|236,435| |Trade|creditors|-|2,801| |Accruals|6,665|6,935| |272,459|246,171| |14.|Creditors:|amounts falling|due|after|more|than|one|year| |2023|2022| |£|£| |Grants|payable|295,127|213,262| |295,127|213,262| **----- End of picture text -----**
## 15. Analysis of net assets **----- Start of picture text -----**
||||||| |---|---|---|---|---|---| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |£|£|£| |Fixed|Assets|1,850,845|-|1,850,845| |Current|Assets|377,101|87,124|464,225| |Current|Liabilities|(261,969)|(10,490)|(272,459)| |Amounts|falling|due|after|more| |than|1|year|(295,127)|-|(295, 127)| |Total|Net Assets|1,670,850|76,634|1,747,484| **----- End of picture text -----**
## Notes forming part of the financial statements - continued **----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |16.|Restricted|Funds| |2023|2022| |£|£| |Opening|balance|at|1** January|2023|78,217|1,122,481| |Net|movement|in|restricted|funds|(1,583)|35,736| |Transfer to|unrestricted|general|funds|-|(1,080,000)| |Balance|at|31*t December 2023|76,634|78,217| **----- End of picture text -----**
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. **----- Start of picture text -----**
||||||||| |---|---|---|---|---|---|---|---| |Opening|Incoming|Resources|Transfers|Closing| |balance|at|Resources|Expended|between|balance|at| |1st|funds|315t| |January|December| |2023|2023| |£|£|£|£|£| |Allergies|9,506|-|-|-|9,506| |Brain|Injury|9,089|-|-|-|9,089| |Cancer|35,854|-|(1,583)|-|34,271| |Cancer [Cenical]|2,442|-|-|-|2,442| |Diabetes|135|-|-|-|135| |Meningitis|7,247|2|-|-|7,247| |Steve|Mills|fund|11,882|-|-|-|11,882| |Other disease|specific|funds|2,062|-|-|-|2,062| |Total|78,217|-|(1,583)|-|76,634| |or|ceeeneneny|=|SSS|Eee|(SSRISSEST AG| **----- End of picture text -----**
**----- Start of picture text -----**
|||||||| |---|---|---|---|---|---|---| |17.|Unrestricted|Funds| |2023|2022| |£|£| |Opening|balance|at|1*t January|2023|1,571,342|541,698| |Net movement|in|Free|funds|99,508|(50,356)| |Transfer from|Restricted|Funds|-|1,080,000| |Balance|at|31%t December|2023|1,670,850|1,571,342| |————|——————| **----- End of picture text -----**
18. Related Party Disclosures There were no related party transactions for the year ended 31 December 2023