## 

## 

## 

|Thefollowingservedasthecharit<br>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|





## 

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## 

## 

## 

## 

|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 



## 

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## 




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<br>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<br>forward|13|1,453,198|15,067,718|16,520,916|1,478,047|16,279,737|17,757,784|
|Totalfundscarried<br>forward|13|1,704,146|16,266,719|17,970,865|1,453,198|15,067,718|16,520,916|





12 December 2024 



## 

## 

|STATEMENTOFCASHFLOWS<br>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<br>Distribution<br>Fund|Total<br>2024|Unrestricted<br>Distribution<br>Fund|Total<br>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<br>Endowment<br>Fund|Total<br>2024|Expendable<br>Endowment<br>Fund|Total<br>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|



|<br>low:|||||||
|---|---|---|---|---|---|---|
||Other<br>support<br>costs|Governance<br>costs|Total<br>allocated<br>2024|Other<br>support<br>costs|Governance<br>costs|Total<br>allocated<br>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|
|---|---|---|
||`£`|<br>`£`|
|Investmentslistedonstockexchange|18,098,555|18,098,555|
|Cashheldintheportfolio|37,308|37,308|
||18,135,863|18,135,863|
|Theanalysisat31March2023wasasfollows:|||
||Level1|Total|
||`£`|<br>`£`|
|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<br>b/fwd<br>2024|Income<br>2024|Expenditure<br>2024|Gains/<br>(losses)and<br>transfers<br>2024|Balance<br>c/fwd<br>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<br>b/fwd<br>2023|Income<br>2023|Expenditure<br>2023|Gains/<br>(losses)and<br>transfers<br>2023|Balance<br>c/fwd<br>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)|<br>-|16,266,719|
|Unrestricteddistributionfunds|1,324,405|454,082|<br>(74,341)|1,704,146|
||18,135,863|(90,657)|<br>(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)|<br>-|15,067,718|
|Unrestricteddistributionfunds|1,311,354|350,676|<br>(208,832)|1,453,198|
||16,822,797|(93,049)|<br>(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|