2021-03-31-accounts

Trustees:	Mr S R Cannon MBE, MCh, FRCS
	Mr D I S Sweetnam FRCS
	Mr J L Williams, CBE, FRCS, FDSRCS
	Mr M J W Rushton
Administrator:	Ben Haines
Banker:	CAF Bank Ltd
	Kings Hill
	West Malling
	Kent
	ME19 4JQ
Auditor:	MHA Monahans
	Fortescue House
	Court Street
	Trowbridge
	Wiltshire
	BA14 8FA
Investment Manager:	Sarasin & Partners LLP
	Juxon House
	100 St Paul's Churchyard
	London
	EC4M 8BU
Custodian Trustee:	The Bank of New York Europe Limited

		2021	2020
Number of awards granted	Note 6	10	6
Total awards	Note 6	529,781	£466,626
Total investment value	Note 9	17,319,378	£14,524,122

13 January 2022

24 January 2022

		Unrestricted	Expendable		Unrestricted	Expendable
		Distribution	Endowment	Total	Distribution	Endowment	Total
		Fund	Fund		Fund	Fund
		2021	2021	2021	2020	2020	2020
		£	£	£	£	£	£
Income from:
Investments	2	616,513		616,513	612,188		612,188
Other	2	227		227	4,578		4,578
Total		616,740		616,740	616,766		616,766
Expenditure on:
Raising funds	3		78,025	78,025		75,811	75,811
Charitable activities	4	568,348		568,348	508,086		508,086
Total		568,348	78,025	646,373	508,086	75,811	583,897
Net income/
(expenditure) before		48,392	(78,025)	(29,633)	108,680	(75,811)	32,869
gains/(losses)
Net gains/(losses) on investments			2,913,599	2,913,599		(759,897)	(759,897)
Net income/
(expenditure) and net	13	48,392	2,835,574	2,883,966	108,680	(835,708)	(727,028)
movement in funds
Reconciliation of
funds:
Total funds brought forward	13	1,077,972	13,245,804	14,323,776	969,292	14,081,512	15,050,804
Total funds carried forward	13	1,126,364	16,081,378	17,207,742	1,077,972	13,245,804	14,323,776

13 January 2022

		2021	2020
	Notes	£	£
Cash flow from operating activities:
Net cash used in operating activities	16	(788,985)	(257,398)
Net cash used in operating activities		(788,985)	(257,398)
Cash flows from investing activities:
Dividends, interest and rents from investments		616,740	616,766
Proceeds from sale of investments		576,000
Purchase of investments		(457,657)	(774,041)
Net cash provided by investing activities		735,083	(157,275)
Change in cash and cash equivalents in the year		(53,902)	(414,673)
Cash and cash equivalents at the beginning of the		134,569	549,242
reporting period
Cash and cash equivalents at the end of the reporting		80,667	134,569
period

	Unrestricted Distribution Fund	Total 2021		Un restricted Distribution Fund	Total 2020
	£	£		£	£
Dividends received	616,513	616,513		612,188	612,188
Interest received	227		227	4,517	4,517
Other investment income				61	61
	616,740	616,740		616,766	616,766

	Expendable Endowment Fund	Total 2021	Expendable Endowment Fund	Total 2020
	£	£	£	£
Investment managementfees	77,922	77,922	75,717	75,717
Bank charges	103	103	94	94
	78,025	78,025	75,811	75,811

	Grants to	Support	Total	Grants to	Support	Total
	institutions	costs	2021	institutions	costs	2020
	£	£	£	£	£	£
Funded from unrestricted	529,781	38,567	568,348	466,626	41,460	508,086
distribution fund
	529,781	38,567	568,348	466,626	41,460	508,086

	Other support costs	Governance costs	Total allocated 2021	Other support costs	Governance costs	Total allocated 2020
	£	£	£	£	£	£
Accountancy	16,216	16,216	32,432	15,900	15,900	31,800
Audit fees		6,135	6,135		5,880	5,880
Other costs					3,780	3,780
	16,216	22,351	38,567	15,900	25,560	41,460

6	Analysis of grants payable
			Other	Buildings
		Research	charitable	and	Total	Total
		costs	endeavours	equipment	2021	2020
		£	£	£	£	£
	Reconciliation of grants payable:
	Commitments at 1 April	331,181			331,181
	Commitments made during the year:
	Antibiotic Research UK	15,000			15,000	15,000
	Bloodwise					10,000
	University of Cambridge	264,000			264,000	235,000
	King's College London					110,521
	The Royal Marsden Cancer Charity					92,105
	The Row UK Foundation					4,000
	Royal College ofSurgeons	75,000			75,000
	Royal College ofAnaesthetists	53,220			53,220
	Northamptonshire Rape Crisis		10,000		10,000
	INSPIRE Foundation	22,252			22,252
	Stroke Association	38,309			38,309
	The Royal Hospital for Neuro Disability	30,000			30,000
	DKMS (Delete Blood Cancer)	2,000			2,000
	Care for Veterens		20,000		20,000
	Total commitments made in year	499,781	30,000		529,781	466,626
	Total commitments made	830,962	30,000		860,962	466,626
	Grants paid during the year	(645,846)	(30,000)		(675,846)	(135,445)
	Commitments at 31 March	185,116			185,116	331,181

	2021	2020
	£	£
Within one year	91,116	146,065
Between two and five years	94,000	185,116
	185,116	331,181

This is stated after charging:
	2021	2020
	£	£
Auditors' remuneration	6,135	5,880
Investments
	2021	2020
	£	£
Marketvalue at 1 April	14,524,122	14,509,978
Acquisitions at cost	457,657	774,041
Disposal proceeds	(576,000)
Net realised and unrealised gains/(losses) in the	2,913,599	(759,857)
year
Marketvalue at 31 March	17,319,378	14,524,122
Historic costvalue at end ofyear	13,111,085	13,210,455

	Level 1	Total
	£	£
Investments listed on stock exchange	17,243,664	17,243,664
Cash held in the portfolio	75,714	75,714
	17,319,378	17,319,378
The analysis at 31 March 2020was as follows:
	Level 1	Total
	£	£
Investments listed on stock exchange	14,478,350	14,478,350
Cash held in the portfolio	45,772	45,772
	14,524, 122	14,524,122
Investment risks

INVESTMENTS	2021	2020	Direct		Indirect
	£	£
Fixed Income	2,621,746	2,655,934	Credit	Other,	Interest
UK Equities	11,788,785	2,414,618	Credit	Other
Global Equities	-	6,694,978	Credit	Other,	Currency
Property	386,552	427,147	Credit	Other
Alternative Investments	1,384,429	1,393,666	Credit	Other
Liquid Assets	1,205,095	937,779	Credit	Interest

	2021	2020
	£	£
Accrued income	31,937	27,255
	31,937	27,255
Creditors
	2021	2020
Amounts falling due within one year:	£	£
Accruals	39,124	30,989
Grants payable (note 6)	91,116	146,065
	130,240	177,054
Amounts falling due after one year:
Grants payable (note 6)	94,000	185,116
Total creditors	224,240	362,170
Financial instruments
	2021	2020
	£	£
Financial assets measured at fair value through statement of	17,319,378	14,524,122
financial activities (note 9)

	Balance b/fwd 2021	Income 2021	Expenditure 2021	Gains 2021	Balance c/fwd 2021
	£	£	£	£	£
Expendable endowment funds
Expendable endowmentfunds	13,245,804		(78,025)	2,913,599	16,081,378
Total expendable endowment funds	13,245,804		(78,025)	2,913,599	16,081,378
Unrestricted distribution funds
Unrestricted distribution funds	1,077,972	616,740	(568,348)		1,126,364
Total unrestricted distribution funds	1,077,972	616,740	(568,348)		1,126,364
Total funds	14,323,776	616,740	(646,373)	2,913,599	17,207,742
	Balance b/fwd 2020	Income 2020	Expenditure 2020	Losses 2020	Balance c/fwd 2020
	£	£	£	£	£
Expendable endowment funds
Expendable endowmentfunds	14,081,512		(75,811)	(759,897)	13,245,804
Total expendable endowment funds	14,081,512		(75,811)	(759,897)	13,245,804
Unrestricted distribution funds
Unrestricted distribution funds	969,292	616,766	(508,086)		1,077,972
Total unrestricted distribution funds	969,292	616,766	(508,086)		1,077,972
Total funds	15,050,804	616,766	(583,897)	(759,897)	14,323,776

				Net current
				assets/	Non-current
			Fixed assets	(liabilities)	liabilities	Total
			2021	2021	2021	2021
			£	£	£	£
Expendable	endowment	funds	16,407,731	(326,353)	-	16,081,378
Unrestricted	distribution	funds	911,647	308,717	(94,000)	1,126,364
			17,319,378	(17,636)	(94,000)	17,207,742

				Net current
				assets/	Non-current
			Fixed assets	(liabilities)	liabilities	Total
			2020	2020	2020	2020
			£	£	£	£
Expendable	endowment	funds	13,722,255	(476,451)	-	13,245,804
Unrestricted	distribution	funds	801,867	461,221	(185,116)	1,077,972
			14,524,122	(15,230)	(185,116)	14,323,776

	2021	2020
	£	£
Net income/(expenditure) forthe year (as perthe	2,883,966	(727,028)
statement offinancial activities)
Adjustments for:
Dividends, interest and rents from investments	(616,740)	(616,766)
Net realised and unrealised gains/(losses) in the	2,913,599	(759,857)
year
	(646,373)	(583,897)
(lncrease}/decrease in debtors	(4,682)
(Decrease)/ Increase in creditors	(137,930)	326,499
Net cash used in operating activities	(788,985)	(257,398)

		1 April 2020	Cash flows	31 March 2021
		£	£	£
Cash	at bank and in hand	1,333	12,105	13,438
Cash	held by investment managers	133,236	(66,007)	67,229
		134,569	(53,902)	80,667