04.12.25
18/12/25
| Unrestricted Distribution |
Expendable Endowment |
Total | Unrestricted Distribution |
Expendable Endowment |
Total | ||
|---|---|---|---|---|---|---|---|
| Fund | Fund | Fund | Fund | ||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| £ | £ | £ | £ | £ | £ | ||
| Incomingresources: | |||||||
| Investmentincome | 2 | 607,597 | 607,597 | 611,940 | 611,940 | ||
| Other | 2 | 8,124 | - | 8,124 | 99 | 99 | |
| Totalincoming resources |
615,721 | - | 615,721 | 612,039 | 612,039 | ||
| Resourcesexpended: | |||||||
| Costsofgenerating | |||||||
| funds | 3 | 89,172 | 89,172 | 82,994 | 82,994 | ||
| Charitableactivities | 4 | 751,447 | 751,447 | 361,091 | 361,091 | ||
| Totalresources | |||||||
| expended | 751,447 | 89,172 | 840,619 | 361,091 | 82,994 | 444,085 | |
| Netincome/ | |||||||
| (expenditure)before | (135,726) | (89,172) | (224,898) | 250,948 | (82,994) | 167,954 | |
| gains/(losses) | |||||||
| Netgains/(losses)on investments |
202,474 | 202,474 | - | 1,281,995 | 1,281,995 | ||
| Netincome/ | |||||||
| (expenditure)andnet | 13 | (135,726) | 113,302 | (22,424) | 250,948 | 1,199,001 | 1,449,949 |
| movementinfunds | |||||||
| Reconciliationof | |||||||
| funds: | |||||||
| Totalfundsbrought forward |
13 | 1,704,146 | 16,266,719 | 17,970,865 | 1,453,198 | 15,067,718 | 16,520,916 |
| Totalfundscarried forward |
13 | 1,568,420 | 16,380,021 | 17,948,441 | 1,704,146 | 16,266,719 | 17,970,865 |
04.12.25
| TATEMENTOFCASHFLOWS ORTHEYEARENDED31MARCH2025 |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| Notes | |||
| Cashflowfromoperatingactivities: | |||
| Netcashusedinoperatingactivities | 16 | (406,438) | (567,150) |
| Netcashusedinoperatingactivities | (406,438) | (567,150) | |
| Cashflowsfrominvestingactivities: | |||
| Dividends,interestandrentsfrominvestments | 631,760 | 569,011 | |
| Disposalofinvestments | 1,361,828 | 485,000 | |
| Purchaseofinvestments | (1,331,828) | (473,043) | |
| Netcashprovidedbyinvestingactivities | 661,760 | 580,968 | |
| Changeincashandcashequivalentsintheyear | 255,322 | 13,818 | |
| Cashandcashequivalentsatthebeginningofthe | 17 | 139,544 | 125,726 |
| reportingperiod | |||
| Cashandcashequivalentsattheendofthereporting | 17 | 394,866 | 139,544 |
| period |
| vestmentincome | ||||
|---|---|---|---|---|
| Unrestricted Distribution Fund |
Total 2025 |
Unrestricted Distribution Fund |
Total 2024 |
|
| £ | £ | £ | £ | |
| Dividendsreceived | 607,597 | 607,597 | 611,940 | 611,940 |
| Interestreceived | 8,124 | 8,124 | 99 | 99 |
| 615,721 | 615,721 | 612,039 | 612,039 |
| Expendable Endowment Fund |
Total 2025 |
Expendable Endowment Fund |
Total 2024 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Investmentmanagementfees | 89,080 | 89,080 | 82,902 | 82,902 |
| Bankcharges | 92 | 92 | 92 | 92 |
| 89,172 | 89,172 | 82,994 | 82,994 |
| Grantsto | Support | Total | Grantsto | Support | Total | |
|---|---|---|---|---|---|---|
| institutions | costs | 2025 | institutions | costs | 2024 | |
£ |
£ |
£ |
£ |
£ |
£ |
|
| Fundedfromunrestricted | 702,739 | 48,708 | 751,447 | 315,839 | 45,252 | 361,091 |
| distributionfund | ||||||
| 702,739 | 48,708 | 751,447 | 315,839 | 45,252 | 361,091 |
low: |
||||||
|---|---|---|---|---|---|---|
| Other support costs |
Governance costs |
Total allocated 2025 |
Other support costs |
Governance costs |
Total allocated 2024 |
|
£ |
£ |
£ |
£ |
|||
| Accountancy | 20,052 | 20,052 | 40,104 | 18,642 | 18,642 | 37,284 |
| Auditfees | 8,604 | 8,604 | 7,968 | 7,968 | ||
| 20,052 | 28,656 | 48,708 | 18,642 | 26,610 | 45,252 |
| Research | Total | Total | |
|---|---|---|---|
| costs | 2025 | 2024 | |
| £ | £ | £ | |
| Reconciliationofgrantspayable: | |||
| Commitmentsat1April | 292,085 | 292,085 | 422,537 |
| Commitmentsmadeduringtheyear: | |||
| BloodCancerUK | - | 55,000 | |
| CandlelightersTrust | 82,739 | 82,739 | |
| MuscularDystrophyUK | - | 97,002 | |
| RCSFullbrightScholarship | 35,000 | 35,000 | |
| TheInstituteforCancerResearch | - | 20,000 | |
| TheRoyalCollegeofSurgeons | 80,000 | 80,000 | 55,000 |
| TheRoyalHospitalforNeuroDisability | 88,837 | ||
| UKHealthSecurityAgency | 30,000 | 30,000 | |
| UniversityofCambridge | 475,000 | 475,000 | |
| Totalcommitmentsmadeinyear | 702,739 | 702,739 | 315,839 |
| Totalcommitmentsmade | 994,824 | 994,824 | 738,376 |
| Grantspaidduringtheyear | (268,858) | (268,858) | (446,291) |
| Commitmentsat31March | 725,966 | 725,966 | 292,085 |
| mentsat31Marcharetobefundedby | investmentrevenuea | ndarepayable |
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Withinoneyear | 296,473 | 217,744 |
| Betweentwoandfiveyears | 429,493 | 74,341 |
| 725,966 | 292,085 |
| 8 | Netincome/(expenditure) | ||
|---|---|---|---|
| Thisisstatedaftercharging: | |||
| 2025 | 2024 | ||
£ |
£ |
||
| Auditors'remuneration | 8,604 | 7,968 | |
| 9 | Investments | ||
| 2025 | 2024 | ||
£ |
£ |
||
| Marketvalueat1April | 18,098,555 | 16,716,560 | |
| Acquisitionsatcost | 1,331,828 | 250,000 | |
| Disposalproceeds | (1,361,828) | (150,000) | |
| Netrealisedandunrealisedgainsintheyear | 202,474 | 1,281,995 | |
| 18,271,029 | 18,098,555 | ||
| Cashheldoninvestment | 21,270 | 37,308 | |
| At31March | 18,292,299 | 18,135,863 | |
| Historiccostvalueatendofyear | 13,442,685 | 13,579,495 |
| TheFoundation'sinvestmentassetshavebeenincludedatfai | rvalueat31March2025as | follows: |
|---|---|---|
| Level1 | Total | |
£ |
£ |
|
| Investmentslistedonstockexchange | 18,271,029 | 18,271,029 |
| Cashheldintheportfolio | 21,270 | 21,270 |
| 18,292,299 | 18,292,299 | |
| Theanalysisat31March2024wasasfollows: | ||
| Level1 | Total | |
£ |
£ |
|
| Investmentslistedonstockexchange | 18,098,555 | 18,098,555 |
| Cashheldintheportfolio | 37,308 | 37,308 |
| 18,135,863 | 18,135,863 |
| rangeofinvestmentsandth | eirhighlevelexpos | uretoeachtype | ofriskcanb | esummarisedasf |
|---|---|---|---|---|
| INVESTMENTS | 2025 | 2024 | Direct | Indirect |
| £ | £ | |||
| FixedIncome | 1,784,356 | 2,947,899 | Credit | Other,Interest |
| UKEquities | 878,503 | 831,559 | Credit | Other |
| GlobalEquities | 11,671,544 | 11,767,817 | Credit | Other,Currency |
| Property | 691,938 | 597,363 | Credit | Other |
| AlternativeInvestments | 1,807,624 | 1,250,114 | Credit | Other |
| LiquidAssets | 1,576,822 | 873,317 | Credit | Interest |
| 10 | Debtors | ||
|---|---|---|---|
| 2025 | 2024 | ||
£ |
£ |
||
| Accruedincome | 35,179 | 32,792 | |
| 35,179 | 32,792 | ||
| 11 | Creditors | ||
| 2025 | 2024 | ||
| Amountsfallingduewithinoneyear: | £ | £ | |
| Tradecreditors | 7,561 | 7,200 | |
| Accruals | 40,376 | 38,049 | |
| Grantspayable(note6) | 296,473 | 217,744 | |
| 344,410 | 262,993 | ||
| Amountsfallingdueafteroneyear: | |||
| Grantspayable(note6) | 429,493 | 74,341 | |
| Totalcreditors | 773,903 | 337,334 | |
| 12 | Financialinstruments | ||
| 2025 | 2024 | ||
£ |
£ |
||
| Financialassetsmeasuredatfairvaluethroughstatementof | 18,271,029 | 18,098,555 | |
| financialactivities(note9) |
| nds | |||||
|---|---|---|---|---|---|
| Balance b/fwd 2025 |
Income 2025 |
Expenditure 2025 |
Gains/ (losses)and transfers 2025 |
Balance c/fwd 2025 |
|
| £ | £ | £ | E | ||
| Expendableendowmentfunds | |||||
| Expendableendowmentfunds | 16,266,719 | (89,172) | 202,474 | 16,380,021 | |
| Totalexpendableendowmentfunds | 16,266,719 | (89,172) | 202,474 | 16,380,021 | |
| Unrestricteddistributionfunds | |||||
| Unrestricteddistributionfunds | 1,704,146 | 615,721 | (751,447) | - | 1,568,420 |
| Totalunrestricteddistributionfunds | 1,704,146 | 615,721 | (751,447) | 1,568,420 | |
| Totalfunds | 17,970,865 | 615,721 | (840,619) | 202,474 | 17,948,441 |
| Balance b/fwd 2024 |
Income 2024 |
Expenditure 2024 |
Gains/ (losses)and transfers 2024 |
Balance c/fwd 2024 |
|
| E | £ | £ | £ | E | |
| 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 |
| Netcurrent | ||||
|---|---|---|---|---|
| (liabilities)/ | Non-current | |||
| Fixedassets | assets | liabilities | Total | |
| 2025 | 2025 | 2025 | 2025 | |
| £ | £ | £ | £ | |
| Expendableendowmentfunds | 16,896,100 | (516,079) | 16,380,021 | |
| Unrestricteddistributionfunds | 1,396,199 | 601,714 | (429,493) | 1,568,420 |
| 18,292,299 | 85,635 | (429,493) | 17,948,441 |
| 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 |
| 2025 | 2024 | |
|---|---|---|
£ |
£ |
|
| Netincome/(expenditure)fortheyear(asperthe | (22,424) | 1,449,949 |
| statementoffinancialactivities) | ||
| Adjustmentsfor: | ||
| Dividends,interestandrentsfrominvestments | (615,721) | (612,039) |
| Netrealisedandunrealised(gains)/lossesintheyear | (202,474) | (1,281,995) |
| (840,619) | (444,085) | |
| (Increase)/decreaseindebtors | (2,387) | (1,876) |
| (Decrease)/increaseincreditors | 436,568 | (121,189) |
| Netcashusedinoperatingactivities | (406,438) | (567,150) |
| 1April2024 | Cashflows31March2025 | Cashflows31March2025 | |
|---|---|---|---|
£ |
£ |
£ |
|
| Cashatbankandinhand | 7,338 | 269,040 | 276,378 |
| Cashheldbyinvestmentmanagers | 132,206 | (13,718) | 118,488 |
| 139,544 | 255,322 | 394,866 |