## ## ## |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|