## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 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|