Page Trustees and Officers Chair's Statement Trustees, Report Statement of Trustees, responsibilities Report of the Independent Examiner............................ Grants awarded 10 11 Statement of Financial Activities 12 Balance sheet 13 CashFlowStatement................-...................... 14 Notes to the Finanaal Statements 15-20 Le al and Administrative iii formaiion Cha77ty N¢yne Other by whith the elwrity is knwtLW". Wessex Meditsl Twi St Wessexmedicaj R￿arth Hope for Guernses. Trust Office Mailpoint 420 Level B-south Acaaemic Block Southampton General Hospltal Southampton S016 6YD Registered Charity Number 274839 P8trons and Trustees Patrons". The Lords-Lieutenant of Hampshire, Iyiltshire and the Isle of Wisht The Bailiffs of Guernsey and Jersey Sir de Vic Carey Trustees FrofessoI Sir Charles George Rotrer Allsopp Tony Cottam Professor Max Crispin Professor Diana Eccles Luke March Nid( Page Chair Retired 19.04.14 Dean of the Faculty ofmedicine, Uniuersity of Southampton offi￿rS and Advisers Indepepzdent Examiner Sarah Alexander FCCA FCA Lewis Brownlee (Chidiester) Ltd Chartered Accountants Appledram Bams Birdham Road Cbichester West Sussex P020 7EQ HonorLVy Solicitors Womble Bond Dickinson (UK) Oceana House ComrneroaA Road So7Jthampton S015 IGA Bimkers HSBC Bank plc 55 Above Bar Street, Southampton S014 7DZ 171vestMent Monagers M&G Securities Ltd M&G House Victoria Road Chelmsford CMI IFB CCLA Investment Management Limited One Angel Lane London EC4R JAB Scientific Adviso Committ Dr Yihua Wang Chairniim Faculty of Environmental and Life Sciences University of Southampton Faculty of Medicine, University of Southarnpton Faculty of Medicine, University of Southampton Faculty of Medicine, University of Southampton Faculty of MediciJ)e, University of Southampton Fawlty of Environrnental and Life Sciences University of Southampton Faculty of Envll"onnientsl and Lrfe Scienc University of Southampton Faculty of EnvironTnental and Life Saences University of Southampton Faculty of Medicine, University of Southampton Faculty of Medicine, University of Southampton Faculty of Medicine, Universityr of Southampton Faculty of Physical Sciences and Engineerin& University of Southampton Faculty of Medicine, University of Southampton Faculty of Physical Sciences and Engineering University of Southampton Mr Brian Birch Dr Jeremy Blaydes Dr Cornelia Blume Dr Colleen Deane Dr Katrin Deinhardt Dr David Filingeri Dr Jana Kreppner Dr Jay Laver Dr Salah Mansour Dr Ali Roghanian Professor Tijia Roose Professor Jon Strefford Dr George Williams External Ex ert Assessors Dr James Armstrong Professor Hilary Critchley Dr Dario Carugo University of Bristol University of Edinburgh University of (hEoTd ir's tatement .our overallfinancial position was enhanced by receiptsfrom a number of legacies and trusts.... JJ l am pleased to report another successful year for the Trust. A further, very welcome contribution from the UK Government Covid Medical Research Charity Support Fund during the year enabled us to offeran additional PhD studentship (for2025) and to award an extra Innovation Grant in 2024. Our overall financial position was enhanced by receipts from several legacies and trusts and by the increased retums from investments. We have continued with what may reasonably be called our 'regular' activities. These include our annual appearance at the New Forest Show iri July and at ihe University of Southampton's Science and Engineering Day in March. Given our very limrted workforcè, we are heavily reliant on the research community to assist us and wts are very grateful fortheir continuing and positive response. In April Roger Allsopp retired from the Trustee Board having completed his six year term a5though sadly,he was prevented by illness from attending re￿nt meetings. Roger had been the powerhouse of Hope's fund raising operation on the Island of Guemsey. Not only did he raise our profile there but also he swam the Channel in 2006 to raise funds. He repeated the challenge in August 2011 at the age of 70 years and 4 months. generated rnore than £350,000 in donations and became the oldest person to achieve that feat. This was recognised by the presentation of a Points of Light award in 2018, the first to be granted to someone on Guernsey. Several now distinguished medical researchers are thankTuI forthe efforts of Roger and his dedicated team of volunteers on Guernseyforthe funding they raised. It is my privilege to pay tribute to all Roger's activities on behalf of of the Trust and to wish him and his wife Kaye 811 the very best for the future. Finally, it is my pleasant duty On￿ again to pay tribute to the donors, fundraisers, partners and volunteers who have supported the Trust during Ihe past year. It is greatly appreciated by us Charles George rustees This report should be read in conjunction with information shown on paoes 2 and 3 and the Chairnan's statement on pages 4 to 5. The Trustees present their report alorig with the Financial Statements of the Trust for ihe year ende 31 De￿Mber 2024. 1 he Financial Statements have been prepored in accordance with rhe 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 Chartties: Statement of Recommended practi￿ applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- Charitable Objècts Wessex Medical Trust is an unincorporated Trust established by a Declaration of Trust dated 7th November 1977 and subsequent Charity Commission Schemes. The objects Oi the charity are to fijrther Medical education, medical research and medical practice both in the Faculty of Medicine and rnore generGlly 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 benefft. These include the provision within the University of Southampton OT-. bursaries and scholarships for students; teaching facilities and medical equipment Oi all kinds,. and amenities for ihe students and relevant stafft including any person engaged on medicaSly-related research or in the instruction of medical students at such hospitsls, pla￿ of education and other establishments as shall rrom 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 Chartties Act 2011: its principal charitable purpose is the advancement of health but IL also contributes incidentally to the relief of those in need by reason of ill health or disability. its aims--as set out abov&-are clear and Lhe benefits it creates are directly re12ted to these aims and OU￿e19h any potential detriment; the general public are the ultimate beneficiary of the Trust's activities through the advancement of medica15y-related scien￿. Research paper5 produced as a result OT each grant made are available in the public domain 8nd the clinical benefits of the research are, subject to any necessary regulatory approval processes, immediately available to the general public, both in the Wessex ￿910n and beyond. Trustees The Board of Trustees comprises a maximum of twelve elected persons who may seNe for up to Iwo 3-year tems before reiiring. An amendment made to the Trust Deed during 2012 means the Tru•tee Board now has the power in indtvidual cases to extend a Trustee's ienure beyond six years. The Dean of the Faculty of Medicine at the Universty of Souihampton is an ex-officio I rustee" the University OT Southampton may appoint one further person to be a Trustee. Grants Awarded Deiails of a51 grants awarded during 2024 are set out on page 11. There was a total of 11 grants amounting in aggr&g8te to £387.969 and sg applrcants made submissions for one or more of these. The Trustees are pleasad to report that. On￿ again, the graiits made covered a broad range of diseases and conditions. stees eport, continued Research Results The Trust not only has a rigorous process to ensure the qual(ty 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 prrming grants from the Innovation Fund to early career researchers. In 2ddition, 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 knjo consecuts've three year periods may be served after which the Trustee must retire. Trustees may then tse 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. on￿ elected, the Trustees are gtven full written information about their duties and about the Twst and are invited to have a discussion with the Trust Director about specific policies and procedures of the time. They are 21so kept up to date with the Trust's work through attendan￿ at Board Meet'ngs and by ad hoc briefings during the year. A Trustee induclion pack is given to all new Trustees. The Board meets at least t￿iCe each year. in the18te spring to re￿1ve and approve the annual accounts for the previous year, and in the autumn to review the perfonnance of the Trust during the first half year. In adclition, the Trustees attend to all matters of polw and govemants. Previously, an Executive Committee, comprising the Chaimian, the Dean, the Trustee with responsibility for Finance and up to Iwo 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 department in 2016, rt has not been felt iiecessary to hold meetings of this committee.. nevertheless, its acttvity may be revived if felt necessary by the Trustees. The Board of Trustees accepts full responsibilty for all of the actiViLies of the Trust and has approved a comprehensive set of policies and procedures to guide its activities in accordance with current bAst practice in governance. The Board seeks extemal profession21 advice where it feels this is appropriate. The Trustee with responsibility for Finance is charged with ensuring thai sufficient controls and procedures are in pla￿ to protect ihe interests of our donors and of our Trust•es and that the Trust satisfies the requirements of the Charity Commission, as w-11 as 2dvising the Board on financial matters ort, con6.nued incltjding Lhe investment of iÈi funds and on other issues such as a reserves policy. The I rust•es currently engage CCLA and M&G to atti on their behalf in the investmeni OT funds whilst awaitins applicaiion. In addition. from time to lime. excess casn may be invested in interest-eaming cash deposit accounts with CCLA, HSBC, and other major UK banks. As a Member Oi the Association of Medical Research Charities (AMRC}, the Trust subscribes to a code of conduci which includes subjecting applications for ￿ndIng to peer review in order that the merit an likely outcome of the project can be gauged and the 5cientt.fic integrTty of the Drojects being fiJnded by the Trust ensured. The Trust successfully completed the most receni AMRC peer review audii in 2020. To maintain this process independently of the Board of Trustees, the Trusi has a Scientinc Advisory Committee, chaired by a member OT the Faculty of Environmental and Liie ScienTrs at the Universi* of Southampton. Committee members are lisied on page 3 ond each serves for a maximum three ytsar tem (with a possible single extension of 3 years) or for the length of their relevant appoinLment 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 appropriate Faculty rrom time to time, a schedule of all applications, together with the 8CtUa applications for the preferred candidates, will invanably be sent for extemal expert assessment, For grants of £50,000 and over, all applications are fiJrther sent for fomial extemal peer review, normally by at least reviewers. Additionally. iniemal peer review may also be soughi. Once peer review has been satisfactority concluded, the Trustees are invited LO authorise the relevant granL Grants are formally awarded by the Trustees on a discrets'onary 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 4vhere they are within their control. In evaluating these risks, the Trustees have identified the volatility of the stock market as a significant financisl risk. The procedures in place to mitigate this risk are detailed in the par2graph of this report entitled 'Reserves Policy,. The Trustees have also identified a risk of lack of free reserves.. steps to miLigate 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 Trnst dated 7th November 1977 under which the Trust was set up. They currently invesL in M&G Charifund and CCLA COIF Charities Ethical Investrnent Fund vihich are each equity based. In addition, a cash reserve has been established in the CCLA COIF Charities Deposit Fund. The Trustees keep the a51ocats.on beiween the funds and cash under regular review to maintsin a balance of risk. Reserves Policy It is the policy of the I rust to retain a reserve of £200,000 to protect the Trust from stock markeL volatility. This policy is kept under review by the Trustees during the year and on prepara￿on Oi the annual accounts. Unrestricted Reserves are set out in Note 17 to the accounts. stees eport, conbnued Liquidity The TrLrstees have set an appropriate reserves policy relating to liquidtty. li is the Trust's policy to keep sufficient funds in cash or cash equNalents for 12 months, forecast cash oufflow. These ￿sh funds will provide for grants payments during the year. Supporters and Advisers The Board of TrLJStees thanks our honorary solicitors: Womble Bond Dickinson LLP. Tor their assist2nce during the year. We are also extremely orateful to those external expett. assessors who give their iirne 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 Ji ears. Statement of Trustees, Responsibilities Under charity law. the Trustees are required to prepare financial statemenis for each financial year which show a true and fair view of the Trusys 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.. select suitsble accounting policies and then apply them consistently,. observe the methods & principles in the applicable charities SORP., make judgements and estimates that are reasonable and prudent., 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 matertal departures disclosed and 8xplained in the financial statements: state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements," and prepare the financial statements on the going concem 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 thom to ensure that the financial ststements 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 11 th April 2025 Independent Examinefs Report to the Trustees of essex ffjfiedical Trust Independent examinerfs report to the trustees of Wessex Medical Trust I report to the charity truslees on my examination of the accounts OT Wessex. Medical Trust for the year ended 31st De￿mber 2024. Responsibilities and basis of report As the charity trustees of the Trust you are responsible tr the preparation of the accounts in accordance with the requirements of the Charities Act L011 (Yhe ACY). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Attl and in carying Out my examination I have followed all applicable Directions giv•n by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement I h8ve completed my examination. I confim that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounts'ng records We￿ 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 wilh the applicable requirements conceming 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. Sarah Alexandear FCCA FCA Lewis Brownlee (Chichester) Ltd Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Dated t*L)4￿ jl 2(y_) S GRAtsrrs AWARDED Fog THE PERIOD: 1ST JANUARY 2024_ 31 sr DECEMBER 2024 Grantee Research Pro Dr Matthew Blunt Faculty of Medicine PhD StudeTrtship studen￿LUdMIl¥ Horchajova Sp£tio1 TranscnptomicAn3fysis ofJmm4une cell. Cantsr Celllnt8racbons in a 3D Lyen7ph Node Model. Professor Tim Fenton Faculty of Medicine PhD Studenlshipiointyfimded Ihe CeNre for Carrer Imrnundogy S¢udenl-Tsin K¢ay Est8b/ishing 3D Gulture modelsystems to studyhowinNamm8tion subverts controlof ￿lI18te duni7g carcinogenests. Dr Emily Gwyer Findlay Faculty of Environmental and Lrfe Sciences PhD Studentshlpj¢intyfunded by R¢8ttrees Trust s￿0¢￿￿￿11 JohnNon Investigafyng human Tcelldevelopmentin lymph nodes Professor Mark Young Faculty of Engineering and Physical Sciences PhD Studentshiplointy lundecf a Tcard GTrrrt StUdeN￿s1ephanie Prfoi F?frgue nsk m8nag*menlin he3JthL3re." ? wake-up call 3rd Year Medical Student Proje￿ Presenlation Grants T¢)tsl value AE01 110,000 AE02 59,880 AE03 53,987.50 AE04 47,014.50 AE05 1,000 AE06 Dr. Triana Amen Faculty of Environmental & Life Saences Mo/ecul8rregu18tion 0fper0x￿me fonry8bon andfunctson in Peroxisome 8iogenesis Disorders Dr Giorgia Chiodin Faculty of fvledicine Investigating Ihe GonsequenG&S ofimmJno9/oLSulin v3nable region N- glycosyla&on in Burkitt/ymphom8 (BL) Dr Ben Geastra Faculty of Medicine The sphingosine- 1-phosph8t& sign8ll1ngp8th￿?Y8n￿OUlcQn1e after aneurysma15ubar8chnLvdhaemorrh8g8 Dr Camien Jacob Faculty of Medicine Haenpolysis in Mul&ple Sclerosys {HIMS)pi7otsrudy Notawarded 18,124 AE07 18,000 AE08 20,000 AE09 20,000 AE10 AE11 Dr Bonnie Ng Faculty of Medicine Usrno single GellRNA sequenung3ndproteomics to unco/ernoveJ immunotherapeutic tsrgets forimp13ntstiion d￿orde￿. Dr Nela Nikolic Faculty of Environmental and Lrfe Sciences Phage ther8Pyto treat unKFary tractinfecbons 19,973 AE12 19,990 Annual tolal 2024 387,969 Annu&/xots/2023 SYG.347 ststement of Financial Aciivities Forthe Year Ended 31st December 2024 Note Unrestricted Restricted To'¥al Fund5 Total Funds Funds Funds 2024 2023 Income and endowmentsfrom Donations Legacies Other Irdding acliulies Comd Medical Research Chaiity Support Funds ￿n￿stMent income 2a 14.922 233,000 3,847 199.422 112,544 1,063 15.985 233,ODO 3.847 199,422 112.544 16,552 158,137 3.70a 140,465 100,779 Totsl 563.735 1.063 564,798 419,634 Expenditure on Raising Funds Charitable acti￿ltieS 19.512 408,486 19,512 408,486 29,829 318,143 Totsl 427,998 427,998 347,972 Gainsl(l¢ssesl on inKestment assets $3,145 53,145 26,264 Net incomellexpenditure) 188,882 1.063 97.925 Transfers b&hYeen fijnds 16 43.556 (43,556) Net movement funds Reconciliatlon of fvnds B&lances brought frI￿rd at l January 2024 231438 142,493) 189.945 97,925 1.670.850 76.634 1.747,484 1.849,559 •t Balances carried fornard at 31 December 2024 1.903,288 34,141 1,937,429 1,747,484 All amounts relate to continuing actlmties. There were no other Ecogni$ed gains or IDS5es duiing the period. The notes on pages 16 to 21 foryn part of these financial Statements. Balance Sheet as at 31 December 2024 Note 2024 2023 Fixed A￿t8 Tangible Assets Investments 10 2,103,990 1,850.845 2,103,990 1,850,845 Current Assets Debtors Short Term Deposits Cash at bank and in hand 12 75,950 300.000 270,959 586,909 116,169 300,000 48,056 464,225 Current Lia bilitles AmounLS falling due within one year 13 (369,169) (272.459} Net Current As8ets l (Liabilities) 217.740 191,766 Total Assets less Current Liabilities 2.321.730 2,042,611 Lia bilities Amounts f811ing due after more than one year 14 (384,301) {295,12n Net A*ets 15 1,937,429 1,747,484 Funds Unrestricted Restricted General 17 18 1.903,288 34,141 1,670,850 76,634 Totsl Funds 1,937,429 1,747,484 These financial statemenLS were approNed by the Board of Twstees on 1 Ith April 2025 and were signed on its behalf by Sir Charles George Chairman The notes on pages 15 to 20 fomi p8rt of these financial statements. Cash Flow Statsmeni 2024 2023 Cash from Operating Activities Note 1 250.360 102,248 Cash flow from Investing Purchase of Fixed Asset In￿StMentS Sale of Fixed Asset Inv2stments Sale oi Current Asset In*stments Distributions Recei￿ (200, OC,O) (100,000) 112,544 100,719 (87,456) 779 Change in cash and cath equivalents in the peri¢)d 162,904 103,027 Cash and cath equivalents at 1st January 2024 348,056 245,029 Cash and cash equivalents at 31st December 2024 510.960 3a.8,056 Note 1 Cash from operating Activltles Net incomel(expenditure) for reporting period per SOFA 189,945 97,925 Adjustments for. Distributions reCeI￿d Decre2sel(incfftse) in Debtors {Decrease)lincrease in Creditors {Decrease)/increase in Grants payable {Gain}ILoss on In￿stMentS (112.54a.) 40,219 (256) 186.140 (53,1a5) (100, 779) 23.213 (3,071) 111,225 (26,264) 250,360 102,248 Notesfomiing part of the financt31 ststements 1. Accounting policies a) The financial statements are prepared undèr the histOriC21 cost Con￿ntion as modtfed by the revaluation of inNestments at mathet ￿lUe, and are in accordance with Accounting and Reporting by Chariti&'. Stat8ment of Recommended Practice appticable to ch¢21ities preparing their accounts in accordance with ¥he Financial RepDrtiro standar￿ 11> and the CharFties Act 20 11.The transition to FRS102 ha5 had no material effect on the reported ￿nanCIal performance and position of the charity. b) The restricted funds rep￿ent monies recei* bs. the Trust Ihat is spectfied by the donors for particular projects. The unrestricted fvnd represents uncommitted ￿nds. The designated fvnds are unrestrictecl funds that ha* been set aside by the Tnjstees for a sFecific purpose. cl In￿tr)ents arè stated at Mid￿na￿