## ## ## ## |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|