2022-03-31-accounts

Charity Number:	277964
Principal Office:	Second Floor, 1 The Square, Temple Quay, Bristol, BS1 6DG

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
Banker:	CAF Bank Ltd
	Kings Hill
	West Malling
	Kent
	ME19 4JQ
Auditor:	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 ofNew York Europe Limited

		2022	2021
Number of awards granted	Note 6	6	10
Total value of awards granted	Note 6	£218,716	£529,781
Total investment value	Note 9	£17,769,176	£17,319,378

11 January 2023

		Unrestricted	Expendable		Unrestricted	Expendable
		Distribution	Endowment	Total	Distribution	Endowment	Total
		Fund	Fund		Fund	Fund
		2022	2022	2022	2021	2021	2021
		£	£	£	£	£	£
Income from:
Investments	2	611,765		611,765	616,513		616,513
Other	2	34		34	227		227
Total		611,799		611,799	616,740		616,740
Expenditure on:
Raisingfunds	3		86,646	86,646		78,025	78,025
Charitable activities	4	260,116		260,116	568,348		568,348
Total		260,116	86,646	346,762	568,348	78,025	646,373
Net income/
(expenditure) before		351,683	(86,646)	265,037	48,392	(78,025)	(29,633)
gains/(losses)
Netgains on investments			285,005	285,005		2,913,599	2,913,599
Net income and net movement in funds	13	351,683	198,359	550,042	48,392	2,835,574	2,883,966
Reconciliation of
funds:
Totalfunds brought forward	13	1,126,364	16,081,378	17,207,742	1,077,972	13,245,804	14,323,776
Total funds carried forward	13	1,478,047	16,279,737	17,757,784	1,126,364	16,081,378	17,207,742

14 December 2022

		2022	2021
	Notes	£	£
Cash flow from operating activities:
Netcash used in operating activities	16	(401,484)	(788,985)
Net cash used in operating activities		(401,484)	(788,985)
Cash flows from investing activities:
Dividends, interestand rentsfrom investments		547,006	586,798
Proceedsfrom sale ofinvestments			576,000
Purchase ofinvestments		(100,000)	(427,715)
Net cash provided by investing activities		447,006	735,083
Change in cash and cash equivalents in the year		45,522	(53,902)
Cash and cash equivalents at the beginning of the	17	80,667	134,569
reporting period
Cash and cash equivalents at the end of the reporting	17	126,189	80,667
period

	Unrestricted Distribution Fund	Total 2022	Unrestricted Distribution Fund	Total 2021
	£	£	£	£
Dividends received	611,765	611,765	616,513	616,513
Interestreceived	34	34	227	227
	611,799	611,799	616,740	616,740

	Expendable Endowment Fund	Total 2022	Expendable Endowment Fund	Total 2021
	£	£	£	£
Investmentmanagement fees	86,530	86,530	77,922	77,922
Bankcharges	116	116	103	103
	86,646	86,646	78,025	78,025

	Grants to	Support	Total	Grants to	Support	Total
	institutions	costs	2022	institutions	costs	2021
	£	£	£	£	£	£
Funded from unrestricted	218,716	41,400	260,116	529,781	38,567	568,348
distributionfund
	218,716	41,400	260,116	529,781	38,567	568,348

	Other support costs	Governance costs	Total allocated 2022	Other support costs	Governance costs	Total allocated 2021
	£	£	£	£	£	£
Accountancy	17,490	17,490	34,980	16,216	16,216	32,432
Audit fees		6,420	6,420		6,135	6,135
	17,490	23,910	41,400	16,216	22,351	38,567

6	Analysis of grants payable
		Research	Total	Total
		costs	2022	2021
		£	£	£
	Reconciliation of grants payable:
	Commitments at 1 April	185,116	185,116	331,181
	Commitmentsmade during the year:
	Antibiotic Research UK			15,000
	University ofCambridge			264,000
	Royal College ofSurgeons	55,000	55,000	75,000
	Royal College ofAnaesthetists			53,220
	Northamptonshire Rape Crisis			10,000
	INSPIRE Foundation			22,252
	Stroke Association			38,309
	The Royal Hospital for Neuro Disability	30,000	30,000	30,000
	DKMS (Delete Blood Cancer)			2,000
	Care forVeterans			20,000
	British HeartFoundation	50,000	50,000
	Well Being ofWomen- Barts Cancer
	Institute	21,550	21,550
	Bowel Cancer LIK	42,591	42,591
	The Migraine Trust	19,575	19,575
	Total commitmentsmade in year	218,716	218,716	529,781
	Total commitments made	403,832	403,832	860,962
	Grants paid during the year	(278,802)	(278,802)	(675,846)
	Commitments at 31 March	125,030	125,030	185,116

	2022	2021
	£	£
Within one year	78,030	91,116
Between two and five years	47,000	94,000
	125,030	185,116

This isstated aftercharging:
	2022	2021
	£	£
Auditors' remuneration	6,420	6,135
Investments
	2022	2021
	£	£
Marketvalue at 1 April	17,243,664	14,478,350
Acquisitions atcost	117,812	427,715
Disposal proceeds		(576,000)
Netrealised and unrealised gains/(losses) in the	285,005	2,913,599
year
	17,646,481	17,243,664
Cash held on investment	122,695	75,714
At31 March	17,769,176	17,319,378
Historiccostvalue atend ofyear	13,228,897	13,111,085

	Level 1	Total
	£	£
Investments listed on stock exchange	17,646,481	17,646,481
Cash held in the portfolio	122,695	122,695
	17,769,176	17,769,176
The analysis at 31 March 2021 was as follows:
	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

INVESTMENTS	2022	2021	Direct		Indirect
	£	£
Fixed Income	1,976,535	2,621,746	Credit	Other,	Interest
UK Equities	3,590,015	3,244,272	Credit	Other
Global Equities	8,039,193	8,544,513	Credit	Other,	Currency
Property	906,637	386,552	Credit	Other
Alternative Investments	2,269,499	1,384,429	Credit	Other
Liquid Assets	1,100,453	1,205,095	Credit	Interest

		2022	2021
		£	£
	Accrued income	31,937	31,937
		31,937	31,937
11	Creditors
		2022	2021
	Amountsfalling due within one year:	£	£
	Accruals	44,488	39,124
	Grants payable (note 6)	78,030	91,116
		122,518	130,240
	Amountsfalling due afterone year:
	Grants payable (note 6)	47,000	94,000
	Total creditors	169,519	224,240
12	Financial instruments
		2022	2021
		£	£
	Financial assets measured atfairvaluethrough statementof	17,646,481	17,243,664
	financial activities(note 9)

	Balance b/fwd 2022	Income 2022	Expenditure 2022	Gains/ (losses) and transfers 2022	Balance e/fwd 2022
	£	£	£	£	£
Expendable endowment funds
Expendable endowmentfunds	16,081,378		(86,646)	285,005	16,279,737
Total expendable endowmentfunds	16,081,378		(86,646)	285,005	16,279,737
Unrestricted distribution funds
Unrestricted distributionfunds	1,126,364	611,799	(260,116)		1,478,047
Total unrestricted distributionfunds	1,126,364	611,799	(260,116)		1,478,047
Totalfunds	17,207,742	611,799	(346,762)	285,005	17,757,784
	Balance b/fwd 2021	Income 2021	Expenditure 2021	Gains/ (losses) and transfers 2021	Balance e/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 distributionfunds	1,077,972	616,740	(568,348)		1,126,364
Total unrestricted distribution funds	1,077,972	616,740	(568,348)		1,126,364
Totalfunds	14,323,776	616,740	(646,373)	2,913,599	17,207,742

			Net current
			assets/	Non-current
		Fixed assets	(liabilities)	liabilities	Total
		2022	2022	2022	2022
		£	£	£	£
Expendable	endowmentfunds	16,724,468	(444,731)	-	16,279,737
Unrestricted	distributionfunds	1,044,708	480,339	(47,000)	1,478,047
		17,769,176	35,608	(47,000)	17,757,784

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

	2022	2021
	£	£
Net income forthe year (as perthe statementof	550,042	2,883,966
financial activities)
Adjustments for:
Dividends, interestand rentsfrom investments	(611,799)	(616,740)
Netrealised and unrealised gains in the year	(285,005)	(2,913,599)
	(346,762)	(646,373)
Increase in debtors		(4,682)
Decrease in creditors	(54,722)	(137,930)
Netcash used in operating activities	(401,484)	(788,985)

		1 April 2021	Cash flows	31 March 2022
		£	£	£
Cash	atbankand in hand	13,438	(404)	13,034
Cash	held by investmentmanagers	67,229	45,926	113,155
		80,667	45,522	126,189