| Referenceandadminis | trativedetails: |
|---|---|
| CharityNumber: | 277964 |
| PrincipalOffice: | ThePinnacle,170MidsummerBoulevard,MiltonKeynes,MK91BP |
| Trustees | |
| Thefollowingservedasthecharity'sTrusteesandprofessionaladvisorsduring2022/23,andsincetheendofthe | |
| periodunderreview: |
| Thefollowingservedasthechari periodunderreview: |
ty'sTrusteesandprofessionaladvisorsdur |
|---|---|
| Trustees: | MrSRCannonMBE,MCh,FRCS |
| MrDISSweetnamFRCS-Chairman | |
| MrJLWilliams,CBE,FRCS,FDSRCS | |
| MrMJWRushton | |
| Banker: | CAFBankLtd |
| KingsHill | |
| WestMailing | |
| Kent | |
| ME194JQ | |
| Auditor: | SumerAudit |
| CountyGate | |
| CountyWay | |
| Trowbridge | |
| Wiltshire | |
| BA147FJ | |
| InvestmentManager: | Sarasin&PartnersLLP |
| JuxonHouse | |
| 100StPaul'sChurchyard | |
| London | |
| EC4M8BU | |
| CustodianTrustee: | TheBankofNewYorkEuropeLimited |
| Accountantsandadministrator: | RSMUKTaxandAccountingLimited |
| ThePinnacle | |
| 170MidsummerBoulevard | |
| MiltonKeynes | |
| MK91BP |
| Unrestricted | Expendable | Unrestricted | Expendable | ||||
|---|---|---|---|---|---|---|---|
| Distribution | Endowment | Total | Distribution | Endowment | Total | ||
| Fund | Fund | Fund | Fund | ||||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | £ | £ | ||
| Incomefrom: | |||||||
| Investments | 2 | 592,697 | 592,697 | 611,765 | 611,765 | ||
| Other | 2 | 50 | 50 | 34 | 34 | ||
| Total | 592,747 | 592,747 | 611,799 | 611,799 | |||
| Expenditureon: | |||||||
| Raisingfunds | 3 | 82,098 | 82,098 | 86,646 | 86,646 | ||
| Charitableactivities | 4 | 617,596 | 617,596 | 260,116 | 260,116 | ||
| Total | 617,596 | 82,098 | 699,694 | 260,116 | 86,646 | 346,762 | |
| Net(expenditure)/ | |||||||
| incomebefore | (24,849) | (82,098) | (106,947) | 351,683 | (86,646) | 265,037 | |
| (losses)/gains | |||||||
| Net(losses)/gainson investments |
- | (1,129,921) | (1,129,921) | 285,005 | 285,005 | ||
| Net(expenditure)/ | |||||||
| incomeandnet | 13 | (24,849) | (1,212,019) | (1,236,868) | 351,683 | 198,359 | 550,042 |
| movementinfunds | |||||||
| Reconciliationof | |||||||
| funds: | |||||||
| Totalfundsbrought forward |
13 | 1,478,047 | 16,279,737 | 17,757,784 | 1,126,364 | 16,081,378 | 17,207,742 |
| Totalfundscarried forward |
13 | 1,453,198 | 15,067,718 | 16,520,916 | 1,478,047 | 16,279,737 | 17,757,784 |
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | |||
| Fixedassets | |||
| Investments | 9 | 16,822,797 | 17,769,176 |
| Currentassets | |||
| Debtors | 10 | 30,916 | 31,937 |
| Cashatbankandinhand | 5,515 | 13,034 | |
| Cashheldbyinvestmentmanagers | 120,211 | 113,155 | |
| 156,642 | 158,126 | ||
| Creditors:amountsfallingduewithin oneyear |
11 | (249,691) | (122,518) |
| Netcurrent(liabilities)/assets | (93,049) | 35,608 | |
| Totalassetslesscurrentliabilities | 16,729,748 | 17,804,784 | |
| Creditors:amountsfallingdueafterone | 11 | (208,832) | (47,000) |
| year | |||
| Totalnetassets | 16,520,916 | 17,757,784 | |
| Fundsofthecharity | |||
| Unrestrictedfunds | 13 | 1,453,198 | 1,478,047 |
| Expendableendowmentfunds | 13 | 15,067,718 | 16,279,737 |
| 16,520,916 | 17,757,784 |
| TATEMENTOFCASHFLOWS ORTHEYEARENDED31MARCH2023 |
|||
|---|---|---|---|
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Cashflowfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | 16 | (409,668) | (401,484) |
| Netcashusedinoperatingactivities | (409,668) | (401,484) | |
| Cashflowsfrominvestingactivities: | |||
| Dividends,interestandrentsfrominvestments | 549,724 | 547,006 | |
| Disposalofinvestments | 320,000 | ||
| Purchaseofinvestments | (460,519) | (100,000) | |
| Netcashprovidedbyinvestingactivities | 409,205 | 447,006 | |
| Changeincashandcashequivalentsintheyear | (463) | 45,522 | |
| Cashandcashequivalentsatthebeginningofthe | 17 | 126,189 | 80,667 |
| reportingperiod | |||
| Cashandcashequivalentsattheendofthereporting | 17 | 125,726 | 126,189 |
| period |
| vestmentincome | ||||
|---|---|---|---|---|
| Unrestricted Distribution Fund |
Total 2023 |
Unrestricted Distribution Fund |
Total 2022 |
|
| £ | £ | £ | £ | |
| Dividendsreceived | 592,697 | 592,697 | 611,765 | 611,765 |
| Interestreceived | 50 | 50 | 34 | 34 |
| 592,747 | 592,747 | 611,799 | 611,799 |
| penditure—costofraisingfunds | ||||
|---|---|---|---|---|
| Expendable Endowment Fund |
Total 2023 |
Expendable Endowment Fund |
Total 2022 |
|
| £ | £ | £ | £ | |
| Investmentmanagementfees | 81,988 | 81,988 | 86,530 | 86,530 |
| Bankcharges | 110 | 110 | 116 | 116 |
| 82,098 | 82,098 | 86,646 | 86,646 |
| Grantsto | Support | Total | Grantsto | Support | Total | |
|---|---|---|---|---|---|---|
| institutions | costs | 2023 | institutions | costs | 2022 | |
£ |
£ |
£ |
£ |
£ |
£ |
|
| Fundedfromunrestricted | 573,556 | 44,040 | 617,596 | 218,716 | 41,400 | 260,116 |
| distributionfund | ||||||
| 573,556 | 44,040 | 617,596 | 218,716 | 41,400 | 260,116 |
low: |
||||||
|---|---|---|---|---|---|---|
| Other support costs |
Governance costs |
Total allocated 2023 |
Other support costs |
Governance costs |
Total allocated 2022 |
|
£ |
£ |
|||||
| Accountancy | 18,396 | 18,396 | 36,792 | 17,490 | 17,490 | 34,980 |
| Auditfees | 7,248 | 7,248 | 6,420 | 6,420 | ||
| 18,396 | 25,644 | 44,040 | 17,490 | 23,910 | 41,400 |
| 6 | Analysisofgrantspayable |
|||
|---|---|---|---|---|
| Research | Total | Total | ||
| costs | 2023 | 2022 | ||
| £ | £ | £ | ||
| Reconciliationofgrantspayable: | ||||
| Commitmentsat1April | 125,030 | 125,030 | 185,116 | |
| Commitmentsmadeduringtheyear: | ||||
| RoyalCollegeofSurgeons | 46,365 | 46,365 | 55,000 | |
| TheRoyalHospitalforNeuroDisability | - | - | 30,000 | |
| BritishHeartFoundation | - | 50,000 | ||
| WellBeingofWomen-BaitsCancer | ||||
| Institute | - | 21,550 | ||
| BowelCancerUK | 42,591 | |||
| TheMigraineTrust | - | - | 19,575 | |
| AnthonyNolanresearchInstitute | 95,553 | 95.553 | ||
| NorthamptonshireRapeCrisis | 10,000 | 10,000 | ||
| Crohn'sandColitis | 15,000 | 15,000 | ||
| GuysCancerCentre | 212,914 | 212,914 | ||
| TheBrainTumorCharity | 224,754 | 224,754 | ||
| GrantforRoyalCollegeofSurgeonsno | ||||
| longerrequired | (31,030) | (31,030) | ||
| Totalcommitmentsmadeinyear | 573,556 | 573,556 | 218,716 | |
| Totalcommitmentsmade | 698,586 | 698,586 | 403,832 | |
| Grantspaidduringtheyear | (276,049) | (276,049) | (278,802) | |
| Commitmentsat31March | 422,537 | 422,537 | 125,030 |
| mentsat31Marcharetobefundedby | investmentrevenuea | ndarepayabl |
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Withinoneyear | 213,705 | 78,030 |
| Betweentwoandfiveyears | 208,832 | 47,000 |
| 422,537 | 125,030 |
| Thisisstatedaftercharging: | |||
|---|---|---|---|
| 2023 | 2022 | ||
£ |
£ |
||
| Auditors'remuneration | 7,248 | 6,420 | |
| 9 | Investments | ||
| 2023 | 2022 | ||
| Marketvalueat1April | 17,646,481 | 17,243,664 | |
| Acquisitionsatcost | 200,000 | 117,812 | |
| Netrealisedandunrealised(losses)/gainsintheyear | (1,129,921) | 285,005 | |
| 16,716,560 | 17,646,481 | ||
| Cashheldoninvestment | 106,237 | 122,695 | |
| At31March | 16,822,797 | 17,769,176 | |
| Historiccostvalueatendofyear | 13,450,397 | 13,228,897 |
| Level1 | Total | |
|---|---|---|
£ |
£ |
|
| Investmentslistedonstockexchange | 16,716,560 | 16,716,560 |
| Cash heldintheportfolio | 106,237 | 106,237 |
| 16,822,797 | 16,822,797 | |
| Theanalysisat31March2022wasasfollows: | ||
| Level1 | Total | |
£ |
£ |
|
| Investmentslistedonstockexchange | 17,646,481 | 17,646,481 |
| Cashheldintheportfolio | 122,695 | 122,695 |
| 17,769,176 | 17,769,176 |
| INVESTMENTS | 2023 | 2022 | Direct | Indirect |
|---|---|---|---|---|
| £ | £ | |||
| FixedIncome | 3,177,134 | 1,976,535 | Credit | Other,Interest |
| UKEquities | 3,013,872 | 3,590,015 | Credit | Other |
| GlobalEquities | 7,375,537 | 8,039,193 | Credit | Other,Currency |
| Property | 678,382 | 906,637 | Credit | Other |
| AlternativeInvestments | 2,077,272 | 2,269,499 | Credit | Other |
| LiquidAssets | 620,811 | 1,100,453 | Credit | Interest |
| 10 | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
£ |
£ |
||
| Accruedincome | 30,916 | 31,937 | |
| 30,916 | 31,937 | ||
| 11 | Creditors | ||
| 2023 | 2022 | ||
| Amountsfallingduewithinoneyear: | |||
| Accruals | 35,986 | 44,489 | |
| Grantspayable(note6) | 213,705 | 78,030 | |
| 249,691 | 122,519 | ||
| Amountsfallingdueafteroneyear: | |||
| Grantspayable(note6) | 208,832 | 47,000 | |
| Totalcreditors | 458,523 | 169,519 | |
| 12 | Financialinstruments | ||
| 2023 | 2022 | ||
£ |
£ |
||
| Financialassetsmeasuredatfairvaluethroughstatementof | 16,716,560 | 17,646,481 | |
| financialactivities(note9) |
| nds | |||||
|---|---|---|---|---|---|
| Balance b/fwd 2023 |
Income 2023 |
Expenditure 2023 |
Gains/ (losses)and transfers 2023 |
Balance c/fwd 2023 |
|
| £ | £ | £ | |||
| Expendableendowmentfunds | |||||
| Expendableendowmentfunds | 16,279,737 | (82,098) | (1,129,921) | 15,067,718 | |
| Totalexpendableendowmentfunds | 16,279,737 | (82,098) | (1,192,921) | 15,067,718 | |
| Unrestricteddistributionfunds | |||||
| Unrestricteddistributionfunds | 1,478,047 | 592,747 | (617,596) | 1,453,198 | |
| Totalunrestricteddistributionfunds | 1,478,047 | 592,747 | (617,596) | 1,453,198 | |
| Totalfunds | 17,757,784 | 592,747 | (699,694) | (1,129,921) | 16,520,916 |
| Balance b/fwd 2022 |
Income 2022 |
Expenditure 2022 |
Gains/ (losses)and transfers 2022 |
Balance c/fwd 2022 |
|
| £ | £ | £ | |||
| Expendableendowmentfunds | |||||
| Expendableendowmentfunds | 16,081,378 | (86,646) | 285,005 | 16,279,737 | |
| Totalexpendableendowmentfunds | 16,081,378 | (86,646) | 285,005 | 16,279,737 | |
| Unrestricteddistributionfunds | 1,126,364 | 611,799 | (260,116) | 1,478,047 | |
| Unrestricteddistributionfunds | |||||
| Totalunrestricteddistributionfunds | 1,126,364 | 611,799 | (260,116) | - |
1,478,047 |
| Totalfunds | 17,207,742 | 611,799 | (346,762) | 285,005 |
17,757,784 |
| Netcurrent | ||||
|---|---|---|---|---|
| (liabilities)/ | Non-current | |||
| Fixedassets | assets | liabilities | Total | |
| 2023 | 2023 | 2023 | 2023 | |
| £ | £ | £ | £ | |
| Expendableendowmentfunds | 15,511,443 | (443,725) | - |
15,067,718 |
| Unrestricteddistributionfunds | 1,311,354 | 350,676 | (208,832) |
1,453,198 |
| 16,822,797 | (93,049) | (208,832) |
16,520,916 |
| eanalysisat31March2022wasas | follows: | |||
|---|---|---|---|---|
| Netcurrent | ||||
| assets/ | Non-current | |||
| Fixedassets | (liabilities) |
liabilities | Total | |
| 2022 | 2022 | 2022 | 2022 | |
£ |
£ |
£ |
£ |
|
| Expendableendowmentfunds | 16,724,468 | (444,731) | - |
16,279,737 |
| Unrestricteddistributionfunds | 1,044,708 | 480,339 | (47,000) |
1,478,047 |
| 17,769,176 | 35,608 | (47,000) | 17,757,784 |
| econciliationofnetincometonetcashflowusedinoperati | ngactivities | |
|---|---|---|
| 2023 | 2022 | |
£ |
£ |
|
| Net(expenditure)/incomefortheyear(asperthe | (1,236,868) | 550,042 |
| statementoffinancialactivities) | ||
| Adjustmentsfor: | ||
| Dividends,interestandrentsfrominvestments | (592,747) | (611,799) |
| Netrealisedandunrealisedlosses/(gains)intheyear | 1,129,921 | (285,005) |
| (699,694) | (346,762) | |
| Decreaseindebtors | 1,021 | |
| Increase/(decrease)increditors | 289,005 | (54,722) |
| Netcashusedinoperatingactivities | (409,668) | (401,484) |
| 1April2022Cashflows31March2023 | 1April2022Cashflows31March2023 | 1April2022Cashflows31March2023 | |
|---|---|---|---|
| £ | £ | £ | |
| Cashatbankandinhand | 13,034 | (7,519) | 5,515 |
| Cashheldbyinvestmentmanagers | 113,155 | 7,056 | 120,211 |
| 126,189 | (463) | 125,726 |