## ## ## |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|