| Thefollowingservedasthecharit periodunderreview: |
y'sTrusteesandprofessionaladvisorsdurin |
|---|---|
| Trustees: | MrSRCannonMBE,MCh,FRCS |
| MrDISSweetnamFRCS-Chairman | |
| MrJLWilliams,CBE,FRCS,FDSRCS | |
| MrMJWRushton | |
| MrPDRSpraggs(appointed5/11/2024) | |
| Banker: | CAFBankLtd |
| 25KingsHill | |
| WestMailing | |
| Kent | |
| ME194JQ | |
| Auditor: | SumerAuditcoLimited |
| CountyGate | |
| CountyWay | |
| Trowbridge | |
| Wiltshire | |
| BA147FJ | |
| InvestmentManager: | Sarasin&PartnersLLP |
| JuxonHouse | |
| 100StPaul'sChurchyard | |
| London | |
| EC4M8BU | |
| CustodianTrustee: | TheBankofNewYorkMellon |
| Accountantsandadministrator: | RSMUKTaxandAccountingLimited |
| ThePinnacle | |
| 170MidsummerBoulevard | |
| MiltonKeynes | |
| MK91BP |
| riteriaandmeasuresusedtoassess | success | ||
|---|---|---|---|
| 2024 | 2023 | ||
| Numberofawardsgranted | Note6 | 5 | 6 |
| Totalvalueofawardsgranted | Note6 | £315,839 | £573,556 |
| Totalinvestmentvalue | Note9 | £18,135,863 | £16,822,797 |
12 December 2024
12 December 2024
14 January 2025
| Unrestricted | Expendable | Unrestricted | Expendable | ||||
|---|---|---|---|---|---|---|---|
| Distribution | Endowment | Total | Distribution | Endowment | Total | ||
| Fund | Fund | Fund | Fund | ||||
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | ||
| £ | £ | £ | £ | £ | £ | ||
| Incomefrom: | |||||||
| Investments | 2 | 611,940 | 611,940 | 592,697 | 592,697 | ||
| Other | 2 | 99 | 99 | 50 | 50 | ||
| Total | 612,039 | - | 612,039 | 592,747 | 592,747 | ||
| Expenditureon: | |||||||
| Raisingfunds | 3 | - | 82,994 | 82,994 | 82,098 | 82,098 | |
| Charitableactivities | 4 | 361,091 | 361,091 | 617,596 | 617,596 | ||
| Total | 361,091 | 82,994 | 444,085 | 617,596 | 82,098 | 699,694 | |
| Netincome/ | |||||||
| (expenditure)before | 250,948 | (82,994) | 167,954 | (24,849) | (82,098) | (106,947) | |
| gains/(losses) | |||||||
| Netgains/(losses)on investments |
1,281,995 | 1,281,995 | - | (1,129,921) | (1,129,921) | ||
| Netincome/ | |||||||
| (expenditure)andnet | 13 | 250,948 | 1,199,001 | 1,449,949 | (24,849) | (1,212,019) | (1,236,868) |
| movementinfunds | |||||||
| Reconciliationof | |||||||
| funds: | |||||||
| Totalfundsbrought forward |
13 | 1,453,198 | 15,067,718 | 16,520,916 | 1,478,047 | 16,279,737 | 17,757,784 |
| Totalfundscarried forward |
13 | 1,704,146 | 16,266,719 | 17,970,865 | 1,453,198 | 15,067,718 | 16,520,916 |
12 December 2024
| STATEMENTOFCASHFLOWS FORTHEYEARENDED31MARCH2024 |
|||
|---|---|---|---|
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Cashflowfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | 16 | (567,150) | (409,668) |
| Netcashusedinoperatingactivities | (567,150) | (409,668) | |
| Cashflowsfrominvestingactivities: | |||
| Dividends,interestandrentsfrominvestments | 569,011 | 549,724 | |
| Disposalofinvestments | 485,000 | 320,000 | |
| Purchaseofinvestments | (473,043) | (460,519) | |
| Netcashprovidedbyinvestingactivities | 580,968 | 409,205 | |
| Changeincashandcashequivalentsintheyear | 13,818 | (463) | |
| Cashandcashequivalentsatthebeginningofthe | 17 | 125,726 | 126,189 |
| reportingperiod | |||
| Cashandcashequivalentsattheendofthereporting | 17 | 139,544 | 125,726 |
| period |
| vestmentincome | ||||
|---|---|---|---|---|
| Unrestricted Distribution Fund |
Total 2024 |
Unrestricted Distribution Fund |
Total 2023 |
|
| £ | £ | £ | £ | |
| Dividendsreceived | 611,940 | 611,940 | 592,697 | 592,697 |
| Interestreceived | 99 | 99 | 50 | 50 |
| 612,039 | 612,039 | 592,747 | 592,747 |
| penditure—costofraisingfunds | ||||
|---|---|---|---|---|
| Expendable Endowment Fund |
Total 2024 |
Expendable Endowment Fund |
Total 2023 |
|
| £ | £ | £ | £ | |
| Investmentmanagementfees | 82,902 | 82,902 | 81,988 | 81,988 |
| Bankcharges | 92 | 92 | 110 | 110 |
| 82,994 | 82,994 | 82,098 | 82,098 |
| Grantsto | Support | Total | Grantsto | Support | Total | |
|---|---|---|---|---|---|---|
| institutions | costs | 2024 | institutions | costs | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Fundedfromunrestricted | 315,839 | 45,252 | 361,091 | 573,556 | 44,040 | 617,596 |
| distributionfund | ||||||
| 315,839 | 45,252 | 361,091 | 573,556 | 44,040 | 617,596 |
low: |
||||||
|---|---|---|---|---|---|---|
| Other support costs |
Governance costs |
Total allocated 2024 |
Other support costs |
Governance costs |
Total allocated 2023 |
|
£ |
£ |
|||||
| Accountancy | 18,642 | 18,642 | 37,284 | 18,396 | 18,396 | 36,792 |
| Auditfees | 7,968 | 7,968 | 7,248 | 7,248 | ||
| 18,642 | 26,610 | 45,252 | 18,396 | 25,644 | 44,040 |
| 6 | Analysisofgrantspayable | |||
|---|---|---|---|---|
| Research | Total | Total | ||
| costs | 2024 | 2023 | ||
| £ | £ | £ | ||
| Reconciliationofgrantspayable: | ||||
| Commitmentsat1April | 422,537 | 422,537 | 125,030 | |
| Commitmentsmadeduringtheyear: | ||||
| AnthonyNolanResearchInstitute | - | 95,553 | ||
| BloodCancerUK | 55,000 | 55,000 | ||
| Crohn'sandColitis | 15,000 | |||
| GuysCancerCentre | - | 212,914 | ||
| MuscularDystrophyUK | 97,002 | 97,002 | ||
| NorthamptonshireRapeCrisis | 10,000 | |||
| TheBrainTumourCharity | - | - | 224,754 | |
| TheInstituteforCancerResearch | 20,000 | 20,000 | - | |
| TheRoyalCollegeofSurgeons | 55,000 | 55,000 | 46,365 | |
| TheRoyalHospitalforNeuroDisability | 88,837 | 88,837 | - | |
| GrantforRoyalCollegeofSurgeonsno | ||||
| longerrequired | (31,030) | |||
| Totalcommitmentsmadeinyear | 315,839 | 315,839 | 573,556 | |
| Totalcommitmentsmade | 738,376 | 738,376 | 698,586 | |
| Grantspaidduringtheyear | (446,291) | (446,291) | (276,049) | |
| Commitmentsat31March | 292,085 | 292,085 | 422,537 |
| mentsat31Marcharetobefundedby | investmentrevenuea | ndarepayabl |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Withinoneyear | 217,744 | 213,705 |
| Betweentwoandfiveyears | 74,341 | 208,832 |
| 292,085 | 422,537 |
| 8 | Netincome/(expenditure) | ||
|---|---|---|---|
| Thisisstatedaftercharging: | |||
| 2024 | 2023 | ||
£ |
£ |
||
| Auditors'remuneration | 7,968 | 7,248 | |
| 9 | Investments | ||
| 2024 | 2023 | ||
£ |
£ |
||
| Marketvalueat1April | 16,716,560 | 17,646,481 | |
| Acquisitionsatcost | 250,000 | 200,000 | |
| Disposalproceeds | (150,000) | ||
| Netrealisedandunrealisedgains/(losses)intheyear | 1,281,995 | (1,129,921) | |
| 18,098,555 | 16,716,560 | ||
| Cashheldoninvestment | 37,308 | 106,237 | |
| At31March | 18,135,863 | 16,822,797 | |
| Historiccostvalueatendofyear | 13,579,495 | 13,450,397 |
| Level1 | Total | |
|---|---|---|
£ |
£ |
|
| Investmentslistedonstockexchange | 18,098,555 | 18,098,555 |
| Cashheldintheportfolio | 37,308 | 37,308 |
| 18,135,863 | 18,135,863 | |
| Theanalysisat31March2023wasasfollows: | ||
| Level1 | Total | |
£ |
£ |
|
| Investmentslistedonstockexchange | 16,716,560 | 16,716,560 |
| Cashheldintheportfolio | 106,237 | 106,237 |
| 16,822,797 | 16,822,797 |
| rangeofinvestmentsandth | eirhighlevelexpos | uretoeachtype | ofriskcan | besummarisedasf |
|---|---|---|---|---|
| INVESTMENTS | 2024 | 2023 | Direct | Indirect |
| £ | £ | |||
| FixedIncome | 2,947,899 | 3,177,134 | Credit | Other,Interest |
| UKEquities | 831,559 | 3,013,872 | Credit | Other |
| GlobalEquities | 11,767,817 | 7,375,537 | Credit | Other,Currency |
| Property | 597,363 | 678,382 | Credit | Other |
| AlternativeInvestments | 1,250,114 | 2,077,272 | Credit | Other |
| LiquidAssets | 873,317 | 620,811 | Credit | Interest |
| Debtors | ||
|---|---|---|
| 2024 | 2023 | |
£ |
£ |
|
| Accruedincome | 32,792 | 30,916 |
| 32,792 | 30,916 | |
| Creditors | ||
| 2024 | 2023 | |
| Amountsfallingduewithinoneyear: | £ | £ |
| Tradecreditors | 7,200 | |
| Accruals | 38,049 | 35,986 |
| Grantspayable(note6) | 217,744 | 213,705 |
| 262,993 | 249,691 | |
| Amountsfallingdueafteroneyear: | ||
| Grantspayable(note6) | 74,341 | 208,832 |
| Totalcreditors | 337,334 | 458,523 |
| Financialinstruments | ||
| 2024 | 2023 | |
£ |
£ |
|
| Financialassetsmeasuredatfairvaluethroughstatementof | 18,098,555 | 16,716,560 |
| financialactivities(note9) |
| unds | |||||
|---|---|---|---|---|---|
| Balance b/fwd 2024 |
Income 2024 |
Expenditure 2024 |
Gains/ (losses)and transfers 2024 |
Balance c/fwd 2024 |
|
| £ | £ | £ | |||
| Expendableendowmentfunds | |||||
| Expendableendowmentfunds | 15,067,718 | (82,994) | 1,281,995 | 16,266,719 | |
| Totalexpendableendowmentfunds | 15,067,718 | (82,994) | 1,281,995 | 16,266,719 | |
| Unrestricteddistributionfunds | |||||
| Unrestricteddistributionfunds | 1,453,198 | 612,039 | (361,091) | 1,704,146 | |
| Totalunrestricteddistributionfunds | 1,453,198 | 612,039 | (361,091) | 1,704,146 | |
| Totalfunds | 16,520,916 | 612,039 | (444,085) | 1,281,995 | 17,970,865 |
| 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) | (1,129,921) | 15,067,718 | |
| Unrestricteddistributionfunds | 1,478,047 | 592,747 | (617,596) | 1,453,198 | |
| Unrestricteddistributionfunds | |||||
| 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 |
| Netcurrent | ||||
|---|---|---|---|---|
| (liabilities)/ | Non-current | |||
| Fixedassets | assets | liabilities | Total | |
| 2024 | 2024 | 2024 | 2024 | |
| £ | £ | £ | £ | |
| Expendableendowmentfunds | 16,811,458 | (544,739) | - |
16,266,719 |
| Unrestricteddistributionfunds | 1,324,405 | 454,082 | (74,341) |
1,704,146 |
| 18,135,863 | (90,657) | (74,341) |
17,970,865 |
| eanalysisat31March2023wasas | follows: | |||
|---|---|---|---|---|
| Netcurrent | ||||
| assets/ | Non-current | |||
| Fixedassets | (liabilities) | 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 |
| 2024 | 2023 | |
|---|---|---|
| Netincome/(expenditure)fortheyear(asperthe | 1,449,949 | (1,236,868) |
| statementoffinancialactivities) | ||
| Adjustmentsfor: | ||
| Dividends,interestandrentsfrominvestments | (612,039) | (592,747) |
| Netrealisedandunrealised(gains)/lossesintheyear | (1,281,995) | 1,129,921 |
| (444,085) | (699,694) | |
| (Increase)/decreaseindebtors | (1,876) | 1,021 |
| (Decrease)/increaseincreditors | (121,189) | 289,005 |
| Netcashusedinoperatingactivities | (567,150) | (409,668) |
| 1April2023 | Cashflows31March2024 | Cashflows31March2024 | |
|---|---|---|---|
| £ | £ | £ | |
| Cashatbankandinhand | 5,515 | 1,823 | 7,338 |
| Cashheldbyinvestmentmanagers | 120,211 | 11,995 | 132,206 |
| 125,726 | 13,818 | 139,544 |