Charity Reglstratton No. 309659 THE EDWARD PENLEY ABRAHAM RESEARCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 THE EDWARD PENLEY ABRAHAM RESEARCH FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustoes Professor Gllllan Grtfflths Professor Henry Woudhuy8en FBA Profe88or Peter Ctsok Professor Matthew Freeman Professor Mark Greene (￿Pointed 2 November 20201 Charlty numbor 309659 Audltor CritcN8y8 Audit LLP Bgavér House 23-38 Hylhe Brodge Street Oxford OX12EP Bankoys CAF Bank Ltd West Malllng Kent ME19 4JQ 8ollGltors Mark Taylor Knlghts Mldland House We81 Way Bodey Oxford OX2 OPH Invostmont advhorJ Sarasln & P8rtn•TS LLP Juxon House IOO Sl Paul's Chur¢hyard London EC4M 8BU Schrcder Investment Managèment Llrnlted 1 London Wall Place London EC2Y SAU Ballle Glfford Calton Square 1 Greenside Row Edingburgh EH13AN Lan$d¢)wne Pather5 (LLPI 15 Da￿e8 Street London W1K3AG ues Wealtr Monagement 5 Broadgate EC2M 2AN THE EDWARD PENLEY ABRAHAM RESEARCH FUND CONTENTS Pagg Trustees report staternent of Twslees ￿SponsIbl1111es Indep2ndent auditorfs report statement of financial actiwties Balance sheet 10 statement of ¢ash flow 11 Notes lo the financial stslements 12-22 THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 The Trustees present thelr report and financial slalernents for the year ended 5 April 2021. The financial stafrmenls have been prepared in accordance wlth the accounting policies Set out in note 1 to the financial statements and comply wth the Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Reconvnended Practi¢e applicable lo charities preparing their aco)unls in accordance the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" Oblectlves and activities The Trust's objectives are the furtherance of medical, biological, and chemical research al the Slr Imlllam Dunn School of Pathology and Lin¢oln College Oxford and more broadly wlhin the Universty of Oxford and its associated College5. Trustees award grants in the conlext of the trust deed and available resources, lo support current and future research. The Trustees have paid due regard lo guldanc8 issued by th8 Charity Commission in decldlng vthat acti￿lIeS the Charity should undertake. The Trustees, poficles are lo assess the current Irends and needs in the research being carried out 8nd to make grants where appropriate to curtent circumstan￿S and their assessment of future neÈd#. A numbèr of grant applications are considered each year. The accumulated income-generaling capital of the fund was bulll up through royalties in its eadier years aTrJ latterfy income has resulted from investments., substantial funds are need8d to prowde adequate 5UPPOrt for re8earch. The Trust was funded by the late Sir Edward Abraham on 17 March 1967 to help further education and research in spe¢lfic fields of sci8nce. The Trust received royalties from his previous research in the earfy years bul now relies on income from Its endowmenl fvnd to make its grants. The intention being to build a significant enough fund to be able to make regular important contributions to scientific education. and research. Th8 Charity is controlled by it5 goveming d0￿Ment, a deed of trust and constitutes an unlncorporaled charity- The Twst Fund is an Expendable Endowment Fund and the Trustees have absolute discretion for the use of income for the ￿rtherance of the objects of the Charity bul there can be no use of capital without the unanimous consent of the Trustees. If the Tnjstees see no reason lo the contrary. they may give support to research lll the medical, biological and chemical sci8nces within the University of Oxford and Tts Colleges, in •Jdilion to the Sir Willlam Dunn School of Pathology and Lincoln College. The Trustees has assessed the major risks to which the Charity is exposed. and are saJsfied that systems are in place to rnitigate exposure to the major risks. The Truslees make grants where appropriate In response to ellgible appliGations they receive in the context of available resources.. some grants may ba conditional or defe￿ed subject to the provlsion of further infomiation. The Trustees grants for the year are summ8risèd in th8 accounts. hAajor grant commitrnents are outstanding, and Trustees are aware of the need to control and monitor cash flow 50 that ongoing future research can be financed. The Trust investments are managed by third parties and the funds available and resulting perfomiance are reifjewed on a regular basis. The unanimous agreement of all Tnjstses is needed before any capital may be wlhdrawn. Publlc beneflts The Trustees confimi that they have paid due regard to the Charfty Commission's gurdance on publlc bet)efft In deriding which activities they should undertake., th8 public will be the ultimate beneficlary of saentific research work carried out in Ihe Sir William Dunn School of Pathology. THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Flnanclal revlew The Stslemenl of Financial A¢tiviti8s shows not daficit for the year of £8,586,535. There were net investment gains of £59.980,527. The reserves sland at £123,936,257. Govemance costs amounted to £18,172. The Trust is not dependent on donations or the services of unpaid volunfrers. Its investments are held to produce income for grdnts agreed by the Trustees. who continue Ic rTh)nllor the perfc>rmance of Investment Managers on a ￿gUlar basis. Future Grants ￿mMitmentS provided for amounted to £12,152,926. Grants paid wére £3,007,249 and thos8 awarded in th8 year w8re £10,099,686. Adjustments to previous grants awarded amounted lo a decrease of £49,995. Funds available The Trust spends v8ry litue on administration expens*s. The Trustees through thelr grants and longer-tem commitments, feel saknsfied that the Trust has achieved its objectivf(ies in the year, bul are mindful of the need lo preserve an appropriate planning strategy for both cash flow and timing of future gran The avalabl& reserves are sufficient to meet all commitments lo dale. The Trustees fijnd grant payments from investment income. They have. committed to large gran15 for future payment, of vthich £12,152,926 rèmains outstanding. Th8 Truste8s' practice is lo cansider all reasonable requests submltted by eligible appllcants within the charity's oblects. Trustees revlew the ri3k5 of the TTU5t at each meeting. Where applicable, in addillon to the ongolng reporting process, the Trusts investment managers will be contacted or attend meetings. The Tru5teES have agreed the following Reserves Policy: 1. The Twstees ￿1[ meet,grant requests from Income derlved frcm the Expendable Endowment Funds. 2. In exceptional circumStan￿S (for example the desire of the Trustees to furKt a major project Ihat meets the obledves of the Fund) the Trustees may agree to utitlse part of the capltal. 3. Should income be greater than the Sum that the Trustees w5h to award in response to grant requests. then surplus income will be reinvested. The Trustees are con5rAous of the need to protect the end0v￿ent at a lime of financial inse¢urity. 4. The Reserves Pollcy is revlewed al each Truslee8' me￿ng. The Trusiees remaln committed to maintaining the Exp8ndablè Endo4wnent on ￿1¢h ftjtsjre income will be based. Th6 Trustèès are considéring dèsignating funds towards provldlng a new chalr In the Slr William Dunn School of Pathology for teachlng and research purposes. Alongside this, they may also endow other posts in the biomedical sciences. In addition, the Trustees are consldering a subslanlial Investment in building refurbishment at the Sir Wlliam Dunn &hool of Palholo9y. In 2027 Lincoln College will celebrate the 600th ann￿erSary of its foundation. To help mark the anniversary Trustees have agreed a grant of £6.8 million towards the EPA Biomedical and Science Fellowshlp Endowment whlch Y￿11 endow several Fellowshlps over the next seven years from 2021 to 2028. THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Structuroj governance and managemènt The Trustees who setved durlng the year and up to the date of signature ofthe financial ststements were- Professor Gillian Griffith$ Professor Henry Woudhuysen FBA Professor Peter Cook Professor Wlatthew Freeman Profassor Mark Greene PrDfessor Sir Richard Gardner (Appolnted 2 November 20201 (Resigned 2 November 20201 The￿ shall not be appointed 'moré than fve Trustees. The Rector of Lincoln College and Professor of Pathology in the University of Oxford should be entitled to be appointed a Trustee by vlrtue of his or her office and on ceasing that office will cease to be a Tnjstee. Addllion81 Trustees are appointed by the existing Tru$lees. By way of inductlon new Trustees are mentored by one of the existing Trustees and provlded with the 18test annual report and f nancial statements. verbal Islruction on the admlnislration, organisation, previous minutes, grants oulstsnding, financlal PTcceduros, rfsk assessment, charity commission leafiet CC3 IA). and copy Df the trust deed. The daY-t￿daY management and 8dministratlon are conducted at the &r William Dunn School of Pathology by the Administrator lo .the Trust, Rachel Faulkes. The Trustees, major policy decisions are made al Trust meetlngs. Other decisions made be￿een meetings are confimied al TTUSI meetings. The quoted investment portfolios are now managed by five funL1 managers and their perforMan￿S are individually reviewed at these meetings with a senior representative of those funds in attendancè. The Trusteès also USÈ the gèrvices of a financial advlsor. Mr Anthony Brgoke, whu has extsn5ive experience in banking and financTal managemenL The Trustee5 are persons who command high respect and eminence in their r8SPeCtiV8 carèers in education and research development. Th6 Trusteos are consclous ol the need io maSnlaln capital and Income as far as [￿SsIble lo achieve their Dbiectives. Retirement of Chaimian and Trusts6 Al the Autumn meetlng of Trustees In November 2020 Professor Sir Rlchard Gardner $teppe(I down as both Chair and Trustee of the Edward Penley Abraham Research Fund. Richard had. been a Trust8e since 2000 and Chair sineÈ 2003. The Trustees thanked Riehard warmly for his longevlty of seNice and slerfing work during his remarkably long tenure. The Trustees report was approved by the Board of Trustees. Professor Peter Gook Trustee Dated.. 9 November 2021 THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF TRUSTEES RESPONSIBILrriES FOR THE YEAR ENDED 5 APRIL 2021 The Trustees aro reSpo￿l￿e for preparing Ihe Trnslees Report ard the fiftanctal statements in accordance with applicable law and United lQngdom Accolmting Slandards (Unite(l Kingdom Generally Accepted Accountlng Practice). The law applicable to charities In EnglarKI and Wales requ1￿ the Tntstees to prepare financ1￿ statements for each financial year which give a true arK£ fair v￿¥ of tha statè of affairs of the Charity and of the incoming resources and application of resources olthe Chanty for that year. In prepartng these financid statements, Ihe Twstees a￿ reqUI￿d to.. - Select sultable acctyJntln9 polldes and then appty Iham eonsislvjntly,. - obsetve the method8 and principles in the Charities SORP: - mak•juL*ements and estlmates Ihat are reason8ble and PnKlenl' state whether applIca￿t Sccountlng standards have been follo**d. subject to any material departure8 dlsclosed and explalned in the financlal statemen13- and prep8Te the finandal statements M the golng c(￿rn baws U￿eSS it is inapwopriate to presume that Ihe charfty wll ￿ntInue in operalhjn. The Trustees are re5pon¥ible for keeping suificlenl accounlng reccrfds that dtsclose wlh reasonable accura￿ al any time the financial posltion of the Charity and er)abte Ihem to ensure that the financ5al stslemenls comply with the Charities Acl 2011, the Charity {Acco¢Jnls and Reports) Regulab'on¥ 2008 and thfr provlsions of the trust deed. They are 8180 responsible for safeguarding tho asset5 of tho Charity ar#J hencé for tsking re8wnable steps for the prevenlian and delectlon of fraud and other irregLlarityes. THE EDWARD PENLEY ABRAHAM RESEARCH FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND Oplnlon We have audited the finanryal statwnenls of The Edward Penley Abraham Research Fund Ith8 'Charity'l for the year ended 5 April 2021 which comprise the 5ts1ement of financial actiwlies, the balance sheet. the sLilemenl ol cash flows and the notes to the ffinancial statements. including significant accounluig polides. The financSal reportiThJ framework thai has been apFdled In their p￿ParatiOn is appbcable law and United Kingjom Accounting Standards. Includlng FRS 102 Th8 Finanual Reporting Standard applical*e in th8 UK and Republlc of Ireland (Unileil lQngdom GenerallyAcceptedAccounting Pracl•x}. In our opinion, the fin8nclal statements: give a true and fair view of the slate of the Charity's affairs as al 5 Wil 2021 an(1 of Its Ino)mlng r¢¥ourcey and application of resources. for the year then ende(I'. have been propedy prepared In accordarKe wth Unite(I lfjwdom Generally Accepted Accounting Practlce; and have been prepared In accordanc• ￿th the reqtdrements of the Charibes Act 2011. Bag18 for oplnlon We Conducted our audit in accordance V*ilh Intemational Slandards on Audillng (UK) (ISAS (UK)) and applicab law. Our responsibilities under those siand¥rds are furthw descdbed in the Audttorfs re$pon8ibO¥ties for the audll Of the ftnancl818tatem•nts se¢tlon Qf our report. We are Independent of the Charity in accord8nce wtth the ethlc81 requirements that are relevant lo our audit of the finanual statements in tho UK. including the FRC'S Ethlcal Standard, and we have fulfilled our other ethlca responsibilrties In accordance Ihese requirements. We bdbeve that the 8udl eVIden￿ we have thained is $uffi¢ient and apFKopriate lo wovlde a b89is for cur opinion. Conclu8lon8 r•latlng to golng ¢on¢ern In audillng the financlal Statements. we have concluded that the Truslee8' Of the golng conGem bas5$ of accounting in the preparation ofthe financral slatements is approwlale. Based on the work we have perfomed, we have nol Klentified any material uncertaintie8 relatlng lo event8 or eendillons that. Indlvldually or collectively. may cast slgruficanl dwbt on the Charity's abilty to continue as a golng corKem lor a pwlod of at least Iwefve mcth from vktti the finandal statements are authorisod for Issue. Our re8pon$lbllMie¥ and the respon$ibWitie8 of the Trustees wth respg¢t to golng concem are descrfbed In the ralavant sectlons of t￿9 report. Othgr Inft>￿3tk)n The other infomialion comprises the Inlormatlon Induded in Ihe annual repgrt olher Ihan the financial statements and our audilcfs repcrt thereon. Th• Trusteas are respon￿ble for the other informatlon contalned within the annual report. Our opinion on the finandal stslemenls doe$ not cover the plher irrformation and we do not expres5 any fom) of assurance conclusion thereon. Our respon￿￿¥￿ty Is lo read the olher Infornalton and. in dolng so, constder whether the other information ￿ materially inconsislenl with the financia5 statements or our knowledge obtained In the course of the audit. or othemse appears to be materially m155taled. If we identify ch material inconsistencies or apparent materia] misslalements, we are required lo determine vthelher this glves rise to a material misstatement ui the financial stalements themselves. If, based on tha work we have performed, we conclude th81 there Is a malerial misstatement of thls other Informolion, we are requlred lo report that fact We have rv)thlng to report in regard. THE EDWARD PENLEY ABRAHAM RESEARCH FUND INDEPENDENT AUDrroR'S REPORT (coKllNUED) TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND Mattgrs on whlch we ar• r￿￿r•d to r•port by excopllon We have nothing to report in re¥ped of the folhjw matters ¢n rela￿n to whic*t the Charib68 (Accounts and Reports} Regulations 2c￿8 ￿qUIre us to report to you if. in our opinion- the information ¥ven in the financial staterr￿ts is Ir￿on￿5tent h any materlal respect thè Trustees report- or sufficient accountlng records have not been kept; or the flnandal Statements are not in ageement *ith the acc￿nting records; or we hove not re￿Ve￿ all the Informat￿ exFA8nations require for our a￿lIL ResponslbllM•8 ot Trust• As explained more fully in the statement of Trustees respons￿1 llitie8. the Tnthes are Tesponslble for ,the preparation of tho financlal 8tslements Al￿ for being sat¢sfied that they give a true and tsir view, and for such Internal control as the Trustées determine is necessary lo enable the preparatlon of ffinanclal ststements that are free from material mlsslalement. ￿ether due to frdud or e￿Or. In preparing the financial statemènts, the Truslees 8re responsible for aswssing the Charity's a￿lty to eonlinuè a# a going concem, disclosing. as applicable. matters related to going concem and U￿n9 the going ¢orKem basis of aGGounting unle88 the Trustees elther intend to cease eperallons, u have no le￿1$b¢ dlemallve but to do so. Audltofi Mpon8lbllStlM lor th• audlt of th• Ilnanclal •tatem*nts Wo have been appointed as auditor uTrJer section 144 of the Charitm Act 2011 and report In accordan￿ ￿th theAct and relevant re9￿atiOn8 madè or having effect thereunder. r obl•dve8 are lo obtaln reaBonable assurance about tptheth•r the financial stalemenl$ as a whde arn frèe from matertal mlsslatement. whether due lo fraud or ermr. and to issue an audil0rf5 report that Includes our oplnlon. Reasonable assurance 18 8 high ievel of assurance but 1$ not a guarantee that an audlt conducted In accordance wth ISA8 {UKI will 8￿y$ delecl a material misstslement when 11 exlsts. Mi38tat8mènls can arise from fraud or error and are considered material If. mdivldualty or in the aggregate. they could reasonably be expected to inftuence th? eGonomlc dec18ions of users taken on th8 ba￿¥ of these financial Statements. lff¢gulgritie8, Includlng Iraud, 8re Instances of nO1￿￿lance vAlh and regth8tion$. We deslgn procedures In line with our responsibllities, outlined above. to deted malerigl mi88latements In respect of Irregularities, in¢ludlng fraud. Th• extent to vthic* our procedures ￿ capable of detecting Irregularities. induding fraud, Is detslled belcw. A further descriptSon of our respOn￿bIlitieS avalable on the Flnanclal Reportbng Counol'8 ￿Bite al: httpsjl ¥￿.Irc.0rg.ukIaud1toI8re$pon8￿>1litIeS. This dewiption fcrn part of ow audrtofs report. Oth•r matt• Your attention Is drav4f to the that the charty has prepared ffinancial Statements kn accordance "Accounbng and ReporbrvJ by Charities.. Statement of Recommended Pr3clice appl￿ble tr) charities preparing their accounts in accordance wth the Fina￿la1 Rewling Standard applicable in the UK and Republic of Ireland {FRS 1021" las amandedl in weferenee lo Ihe Accounting and Repo￿ng by Charitle$'. Statement of Recommended Practi￿ issued on 1 April 2005 whith is referred to in Ihe extant regulations but has nuw been 1￿1hdraWn. Thls has been done in order for the finanaal statem￿¥ to P￿de a true arKI falr ￿eW In aeeordarKe with rrent Generally Accepted Actiiunting PraciTh. THE EDWARD PENLEY ABRAHAM RESEARCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND U80 of our r•port This report 1$ made ¥ol* to the Charitls Trustees. as a body, in accordancA with part 4 of the Charfljes (Accounts and Reports) Regulations 2008. Our audit has been undertaken so that Y￿ might state to the Charity's Trusteas those matters ￿ are requwed to state to them in an auditors, report and for no other purpose. To the lullèst extent permitted by law, we do not accepl LY ￿ume responsibdity lo anyone other than the cha￿ty and the Charity'8 Trustees as a body, for our audit vrt kn trlls reput. or for the oplnions we have forned. Robert Klrtland (Senlor 8tslutoryAudltor) For and on behalf of Grft¢hl•y8 Audlt LLP Chartgred Accountants 8tstutory Auditor Dale . 07 Deccmbcr 2021 B•av•f House 23-38 Hythe Brfdge Street Oxford OX12EP Crltchley8 Audlt LLP i¥ eloglble for aponlment as audrtor of the Chaiity by vlrtue of its ¢llglbllty for appolntmenl 88 auditor of a corrpany under of section 1212 of the Companies Act 20C6. THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Current financlal year Unrestrl¢tod Endowment funds 2021 Total TDtal 2021 2021 2020 d endowm Investments Other Income 1,986,365 11.526 1.986.365 1,813,985 11,526 11,747 Totsl Incomè 1,997.891 1.997.891 1,825,732 diture o Propety costs Investment managèment 1,820 491.775 1.820 491,775 16,992 461,243 Charltsble a¢tSvilie5 10.090.831 10,090.831 1.333.249 Total expendltuY• 10,584,426 10,584,426 1,811,484 Net gainslOo88esl on inve8tments 11 59,9BO,527 69,980,527 115,076,939) Nét {outgolngVlncomlng re8our¢o$ transfer• (8.586,535) 69,980,527 $1.393,992 115,061,891) Gross transfern betsveen furKIs 11,745,368) 1,745.368 Ngt movemont th lund• {10,331,903) 61,725.895 51,393.992 (10,061,e911 Fund b￿an¢&3 at 6 Aprli 2020 123,936,257 123.936,257 138,997,948 Fund balanc•8 at S Aprll 2021 (10,331.903) 185,882,1 $2 17S.330,249 123,936,257 The statement of fnaneial acliwiies ty)dudes alt gains and losse8 recogntsed in the year. All income and expenditu￿ dertve from c￿tin(ring actsvi1￿S. THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF FINANCIAL ACTIVITIES {coKllNUED) FOR THE YEAR ENDED 5 APRIL 2021 Prlor flnanclal year Unro8trlcted Endov•Thent lunds lund$ 2020 2020 Total 2020 Investments Other IrKome 1.813.985 11,747 1,813,985 11,747 Total incom• 1,825,732 1,825,732 Roising fund8 478.235 478,236 Charitable aCti￿ti•l 1,333,249 1,333,249 Tolal gxp•ndlturn 1.811,484 1,811.484 Net gaIn￿(lo$S•s) on Investments 11 115,075,939) 116,075,939) N•t loutgolngVln¢¢xnlng r•sour￿$ b•for• tr•nsf•rn 14.248 116,075,9391115,061,6911 Gross transfers befv￿en funds 114,248) 14248 N•1 movoment In fund• 116,061,691} (15,061,691) Fund balanos at 6 Awll 2019 138.997.948 138,997,948 Fund balancgs at 5 April 2020 123.936257 123,938,257 The statement of financlal aCti￿tieS Includos dl gains and10s6e8 recogn￿ in the year. All IrKome and expendi￿re derive from ￿tini￿n9 *ivittes. THE EDWARD PENLEY ABRAHAM RESEARCH FUND BALANCE SHEET ASAT5APRIL 2021 2021 2020 Notss Fixed assets Investments 13 185,662,152 127,771,545 Current assots Debtors Cash al bank and In hand 16 2.502 1,935,141 2,638 1,374,156 1,937,643 1,37e,794 Crèdltors: amounts falllng du• ￿thIn ono year 17,889,648) {4,324,598) Net eurr8nl Ilabilitle8 15,951,903) {2,947,804) Total a•8•t• le•• Gurront Ilabllltlos 179,710,249 124,823,741 Cr•dltorn: amounts falllng du• after mor• than one y•ar 17 (4.380,000) {887,4841 175.330.249 123,936,257 Capltal funds Endowmerrt funds- general Income funds Unrestrithd fund6 185,e62,152 123,938,257 {10,331,9031 175,330,249 123,936,267 The flnanclal statements were approved by the Trustees on ...... ........ ....... Professor Peter Cook Trust•• 10- THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2021 2020 Notss Cash flows from oporatlng actlvltle8 88h absorbed by operations 21 (3,515.3001 13,128,215) Investing aGtlvltl8¥ Proceeds on disposal of Investments Investment income recelved 2,089,920 1,986,365 2.124.304 1,813,985 Not cash genèratsd from Investlng •ctlvltlg8 4,D76.285 3,938,289 Not cash u•ed In t5nanGlng •ctlvltlo8 N•t Increa•e In cash and ca¥h equlvalents 560,98S 810,074 Cash and ca8h equ5valents at beglnnlng of year 1,374,156 564,085 ash and cash equlYal•nts at ond ol ya•r 1,935,141 1,374,156 11 THE EDWARD PENLEY ABRAHAM RESEARCH FUND . NOTES TO THE FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 5 APRIL 2021 Accounllng rK4kles Charty Infom)atlon The Edward Penley Abraham Rèsèarch Fund is an unlncorK*)rated Trust domicAled in England. Its principal address is.. University of 0x1c￿d. &r Wllam Dunn sth1>￿ of Pathcdogy. &yJth Parks Road, Oxforf. OX1 3RE. 1.1 Bas15 of accountlng The financial statements have been wepared in accorda￿ Voith the Charity's Trust Daed, the Charitie8 Ad 2011 and 'A￿OUnt￿g and Repowkng by Charities: Statement of Recommended Practice applicable to charities preparing th￿r 8￿nts in accordance ￿￿th the Ftyiancial Reportlng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (eff&tive 1 January 2019)-. Tr Charity is a Public Benefit Entty as defined by FRS 102. The financ1￿ statements are prepared in sterfing, vthich is the function81 Currency of the Charity. Monetary amounts in these'finan¢ial slatemgnts are rounded to the nearest £ The Ettsard PenleyAbraham Research Ful￿ meets the definitron of a P￿liC benefft entity under FRS 102. Assets and ￿abil￿e5 are initialy recognised at hlstorical cost or transaction value unless othenmse stated in the reEevant aecouthg note5. 12 Golng concgTn The financial ststements have been prepared on a g)ing concern basis. The Tnjstees considw that there are no material uncertainties about the Charitys ab￿ to conb.rvje as a going con￿rn. la Charftable funds Unrestricted funds are avallatde for use at the ths(Trtion of the Truslees in furtherance of thelr charitsble .objedNes. The expendat4e Endovhn8nt Fund is also unrestricted and the ￿seNe that the￿ can be no use of the current value ofthis fuTrJ ttus ex(xeds ofthe Y￿Ue. 1A Income All inc¢yne is included on Ihe Statemènt of ¥inanrial AclTvibes vthen the Charity is legally entitled to the inmme and the amount Can be quantified Y+ith reasonable accuracy. Investment Incom8 Income from investments 1$ recognwl in the year wi vthich it ts receiwdb 1.5 Expenditure Expenditure is induded in thÈ Stslement of Financi￿ ACti￿DeS on an a￿la1$ basis indusive of any VAT which cannot be recovered. They are dassffied WKler headings that aggwate all costs related lo the categDry. Where costs canncrt be dlrectty attributed to parttcular heading$, they have been allocated Its activit¢es on a b￿5 consistentthfjth the use of resoLfCts. AJI cost categories are Indi¥Klualty appKJrthJned and hence support costs are nol shown separately. The Gosts cc*npri8e of those attrthtable to wAnaging the wWest￿t portfclios and arising investrnenl income. -12- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Accountlng policies Icontlnuod) Grants payable Grants payable have lo fall vlllhin the terrrrs of the Chanvs obpcts and need approval of the Truslees and the recipient abiding within the tem)s of referen￿ of the (knt. The Charity had, at the Balance Sheèt dale, approved grants to be paiij in subsequent yeor& Provision ha5 been made in these finanaal 8tatements for the Grants as 8XFdained in note 14. Governance costs Governance costs indude those costs. s￿h aSA￿j110ys. fees. a$s￿ated %%ith constiiutK)nal and statutory reqU￿ements of the charity. Forelgn currencies A%els and liabilitEs in foreign currencies afe translated into steffjng at the rales of exchange ruling at the balance sheet date. Trdnsactions in forelgn ¢urrwKies are translaled into sterfing al the rale of exchange at the date of transad1c￿. Exchange (frfFerertes are taken into accouni in arriving at the operating result. Volunteer services The Charity does not rely on the 5UPPOrt of vdunteer servi￿. 1.6 Tanglble fixed assets DepreGialion is recognisèd so as to wriie off the cc6t or valuation of assets les5 their resldual values over Iheir useful lives on the folkn*ing ba Freehold property 1.7 Flxed asset investments Assets held for investment PUTFoses are valued al market Valu8 at the balance sheet dale. Traded seBuTities are va5ued at their market quotation as the year end date. 1.8 Cash and cash equivalents Cash and cash eqLriWdlents indude cash at banks aThJ in hand and short lemi deposi15 With a Ma￿ritY date of three rTh)n￿ or le55. Cash hebj as part of a fixed asset imiestment portfdio are presented as part of fi￿d asset investments. 1.9 Taxation The Charity is exetyw from tax on ils charrtat4e acti%ryhes Value Added Tax is not recoverable by the Chaiity and as is induded in the relevant costs lli the Statement of Financaal Activities. 13- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMEKrs {coKriNUED) FOR THE YEAR ENDED 5 APRIL 2021 AccountlrvJ paliclos {Confjnu#d) 1.10 Othbr financial Instrwnents al Tradg Gr•dltors Trade creditor8 are obligations to pay for QC￿ or SeTh￿S that have been acqulred In the ordI￿ry cour8e of bus1￿$8 from suppliers. A¢o￿nts payabie are classified as current liabilities rf the company does not have an un￿nditIonal right. at the end of the reporting peried. lo defer settlement of the reditor for at teasl ￿1¥& months after the Teporting dalo. If there Is an unconditional right to defer se￿ern&nt for at I￿t months after Ihe report￿ dale, they are presented as non¢urrent Trade wedltors aro recognlsed Initmlly al the transaction aThl 8ubBequentsy mejwred at amort58ed cost Using the effecti￿ tiit8re8t MeIJ￿d. bl Oth•r dobtoys Other debtor8 are mgasured at tran8aclhJn prrte les8 8ry Impalrménl unkn8 the arrangemont constitutes a financing transaction in vthich case the transaction 15 rne￿Ure￿ ot the present value of the fvture receipts ¢*scounled al thè prava'lwig rale of Irrterest. 1.11 Fund AGcountlng Funds held by the Charity are ellher. al Unre8lrtcted funds.. Thès• are ftmds can ￿ used In accord￿ with the charitablè objects at the discretign of the Trustees,. or bl The expendable endoK*Yn•nt furvJ18 a80 Lmrestricted ar￿ Iha PDUcy18 that there can be no use of the current valu8 ot Ihis fund where this ex¢eeds of the ¥4￿. Crltlc•l accountlng ￿lIma￿ty andJthment• In the appllcatton of the Charfty's accounttng poU¢fie8, the Tn￿tea3 are requlred lo make ludgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not re8dlly apparent from other 8Durce5. The estlmates and asswated assurTykn are based on historical éxp8rtenc• and other fadors that are cmsidered to be reknv8nL Artuat reBults may dfftr from those estimates. The eslImates and underlylng assumptions are revyeY•td <>n an ongolng basis. R￿slon8 lo accounting esllmalgs a￿ recognised ￿ the period in vthich the e￿male Is wsed where the revision affecty only that period, or in the period of th• revi8ion 8rKI futwe ￿riOdS ￿ere the revrsion affècts both current and future periods. 14- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Inv•stmonts Unrestrlthd Unreslrtctsd funds funds 2021 2020 DiwdeNJ8 Income tax redaim Interesl 1.962.583 1,784,225 23,466 27,625 316 2,135 1,986,365 1,813,985 Other Income Vnro$lrfct•d Unr•¥lrtcl•d lund8 Jnds 2021 2020 R•nl 11,626 11,747 Ra181ng funds Unr•strlthd Unrestrkted funds funds 2021 2020 Property m￿ntenanCe and Inswance 1.820 16.992 Investment m8nag8m8nt 491.775 461,243 493,595 478,235 15- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Charltable activltles Tolal Exp9nso8 2021 Grnnt8 AvArded 2020 Total 2020 Awarded 2021 2021 2020 staff costs Govemance costs 22,968 18,172 22,968 18,172 46.830 25,445 46,830 25,445 41.140 41.140 72.275 71275 Grant funding ot aGtlvltbes (see note 71 10,049,691 10,049.691 1,260,974 1,260,974 41.140 10,049.691 10.090,831 72,275 1,260,974 1,333,249 Grants payabl• Grants Avmrded 2021 Grants Awarded 2020 Grants to Instilulons- Other 10.049.691 1.260,974 THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (coKfiNUEDI FOR THE YEAR ENDED 5 APRIL 2021 Grants payablo IContlnuBdl Grants Payable 2021 2020 268 Posldoc fun¢fing- Dunn Sthot 270 Access lo the cryoEM centre- Sthool 271 Support Grant- Dunn School 272 Scienufic projects officer- Durm S¢hool 273 Support Grant- Dunn School 274 Support Grant- Dunn School 275 Confoc81 Microsccpe- Dunn SI*￿1 276 Underwritten salary costs- t)Jnn Sthool 277 Research Grant- Dunn Scho 26g Purchase Of equlpment- Dunn SchL 278 Oxvax.. Estst4lshment- Dunn Schc4Jl 279 Support Grant- Dunn School 280 Salary 8UPPOrt- Dunn Sche 281 2027 EPA Biornedical and Sclen¢e Fdlmhlp Endcymnenl 282 Salary support- Dunn School 283 S81ary support- Ounn Scho(Jl 284 Salary support- Dunn School 286 Coronavirug milloall¢)n award 285 S8lary support- Dunn SctKol 287 Post4ocl¢ral extensicn awards 288 Support Grant- Dunn School 289 Salary support- Ounn Sctrthl 177.540 96.000 100.000 225.000 12,000 160,000 350,000 367,601 s,￿0 133,505 28,216 134,433 99,455 6,800.000 154,636 142,807 243.976 800,000 1,200,000 132,274 50.000 180,386 Adlustmenls lo grants dudng the yearwpre a8 foltows.. 2021 2020 166 Support Grant- Dunn School 200 Studentships- fMnn Scts)ol 218 Support Grant- Dunn School 226 Annivèrsary Dlnner- Dunn School 231 Award- Dunn Schwl 233 Support Grant- Dunn School 244 Support Grant- Dunn School 245 Support Grant- Dunn Sch)ol 246 Support Grant- Dunn School 248 Support Grant- Dunn School 251 81ue plaque ceremony- peni¢ifin- Lknn School 213 Support Grant- Dunn School 250 Equipment upgrade- Dunn School (19,634) 11,5111 14,533} 13,449) 1175,000} {24,1171 (109> 115 12,986} {944} Iso,0001 995 232 167 1260 974 -17- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL sTATEME￿rs (copinNUED) FOR THE YEAR ENDED 5 APRIL 2021 Governance costs 2021 2020 Other exp￿￿eS Office insuran Tru5tees' insuran Legal and professlonat fees Bank charges 718 833 5,013 466 8,325 69 9,186 129 Auditors. remunèration Trustees. expenses 6,374 393 4,791 Trustee¥ None ofthe Trustees (or any pers￿$ connected knith them> rewved any remuneratKJn or beneffts from the Charity during the year. Tn￿tee indemnity hsurance wa5 pavj at a cost of£83312020: £nll). 2021 2020 Trustees. expenses 393 5,880 10 Employees The average nTr)nthly number of employees durnwJ tha year 2021 Numbèr 2020 Number Trust administralor Employment costs 2021 2020 ges and salari8S Social secwity CQsts Other pension costs 15,624 5.383 1.961 13,976 11513 20.341 22,968 46,830 There were no emF4oyees whose annual remunerat￿￿ was £60.0￿ or more. 18- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMEPtrs (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 11 Net galnsl(loSs￿} on invgstmonts Endowment Endowment funds funds general general 2021 2020 Gainl{loss) on sale of investsn 59,>60,527 (15.075,9391 12 Tangli )le fixed assets Fre¢hphl prvp*ty Cost At 6Aprfl 2020 1 $1,267 At SApril 2021 151,267 Depreciation and impalrnient At 6 April 2020 1S1.267 At 5ApriS 2021 151,267 Carrylng amount At 5 April 2021 At 5April 2020 13 Fixed asset Inveslments Llsted investments Cost or valuation At 6 April 2020 Valuation changes Disposals 127.771.545 59.980,527 12,089.9201 At 5 41ri12021 185,662,152 Carrying amount At 05 A￿1 2021 185,662,152 At 05 April 2020 127,771,545 -19- THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 13 Hxed as8•t Invostm•nts Icontlnuedl 14 Debto 2021 2020 Amounts falllng duo wlthln One year. Other deblor8 2.502 2.638 1S Crg