| Trustees | Professor Peter Cook |
|---|---|
| Professor Matthew Freeman | |
| Professor Mark Greene | |
| Professor Gillian Griffiths | |
| Professor Henry Woudhuysen FSA | |
| Charity number | 309659 |
| Auditor | Critchleys Audit LLP |
| Beaver House | |
| 23-38 Hythe Bridge Street | |
| Oxford | |
| OX12EP | |
| Bankers | CAF Bank Ltd |
| West Malling | |
| Kent | |
| ME19 4JQ | |
| Solicitors | Mark Taylor |
| Knights | |
| Midland House | |
| West Way Botley | |
| Oxford | |
| OX2 OPH | |
| Investment advisors | Sarasin & Partners LLP |
| 100 St Paul's Churchyard | |
| London | |
| EC4M 8BU | |
| Schroder Investment Management Limited | |
| 1 London Wall Place | |
| London | |
| EC2Y 5AU | |
| Baillie Gifford | |
| Calton Square | |
| 1 GreensideRow | |
| Edingburgh | |
| EH1 3AN | |
| Lansdowne Partners (LLP) | |
| 15 Davies Street | |
| London | |
| W1K3AG | |
| UBS Wealth Management | |
| 5 Broadgate | |
| EC2M 2AN |
| Page | |
|---|---|
| Trustees report | 1 - 3 |
| StatementofTrustees responsibilities | 4 |
| Independent auditor's report | 5-8 |
| Statementoffinancial activities | 9 - 10 |
| Balance sheet | 11 |
| Statementofcash flows | 12 |
| Notes to the financial statements | 13-22 |
25/11/2022
| Current financialyear | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| funds | funds | ||||
| 2022 | 2022 | 2022 | 2021 | ||
| Notes | £ |
£ | £ | £ | |
| Income and endowments from: | |||||
| Investments | 3 | 2,458,113 | 2,458,113 | 1,986,365 | |
| Other income | 4 | 13,095 | 13,095 | 11,526 | |
| - | |||||
| Total income | 2,471,208 | 2,471,208 | 1,997,891 | ||
| Expenditure on: | |||||
| Raising funds | 5 | 540,110 | 540,110 | 493,595 | |
| Charitable activities | 6 | 4,480,883 | 4,480,883 | 10,090,831 | |
| Total expenditure | 5,020,993 | 5,020,993 | 10,584,426 | ||
| Net gains/(losses) on investments | 11 | - | (8,921,711) | (8,921,711) |
59,980,527 |
| Net {outgoing)/incoming resources before transfers | (2,549,785) | (8,921,711) |
(11,471,496) | 51,393,992 | |
| Gross transfers between funds | (227,440) | 227,440 |
|||
| Netmovementinfunds | (2,777,225) | (8,694,271) |
(11,471,496) | 51,393,992 | |
| Fund balances at 6 April2021 | (10,331,903) | 185,662,152 | 175,330,249 | 123,936,257 | |
| Fund balancesat5 April 2022 | (13,109,128) | 176,967,881 | 163,858,753 | 175,330,249 |
| Prior financialyear | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| funds | funds | |||
| 2021 | 2021 | 2021 | ||
| No~s | £ | £ | £ | |
| Income and endowments from: | ||||
| Investments | 3 | 1,986,365 | 1,986,365 | |
| Other income | 4 | 11,526 | 11,526 | |
| Total income | 1,997,891 | 1,997,891 | ||
| Expenditure on: | ||||
| Raising funds | 5 | 493,595 | 493,595 | |
| Charitable activities | 6 | 10,090,831 | - | 10,090,831 |
| Total expenditure | 10,584,426 | - | 10,584,426 | |
| Net gains/(losses)oninvestments | 11 | - | 59,980,527 | 59,980,527 |
| Net (outgoing)/incoming resources before transfers | (8,586,535) | 59,980,527 | 51,393,992 | |
| Gross transfers between funds | (1,745,368) | 1,745,368 |
||
| Net movementinfunds | (10,331,903) | 61,725,895 | 51,393,992 | |
| Fund balances at 6 April 2020 | - | 123,936,257 | 123,936,257 | |
| Fund balancesat5 April 2021 | (10,331,903) | 185,662,152 | 175,330,249 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ |
£ | £ |
|
| Fixed assets | |||||
| Investments | 13 | 176,967,881 | 185,662,152 | ||
| Current assets | |||||
| Debtors | 14 | 2,502 | |||
| Cash at bank and in hand | 1,144,536 | 1,935,141 | |||
| 1,144,536 | 1,937,643 | ||||
| Creditors: amounts falling due within one | |||||
| year | 15 | (10,853,664) | (7,889,546) | ||
| Net current liabilities | (9,709,128) | (5,951,903) | |||
| - | |||||
| Total assets less current liabilities | 167,258,753 | 179,710,249 | |||
| Creditors: amounts falling due after more | |||||
| than oneyear | 16 | (3,400,000) | (4,380,000) | ||
| Net assets | 163,858,753 | 175,330,249 | |||
| Capital funds | |||||
| General endowment funds | 17 | 176,967,881 | 185,662,152 | ||
| Income funds | |||||
| Unrestricted funds | (13,109,128) | (10,331,903) | |||
| 163,858,753 | 175,330,249 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | £ | £ |
£ | £ | ||
| Cash flows from operating activities | ||||||
| Cash absorbed by operations | 20 | (3,021,278) | (3,515,300) | |||
| Investing activities | ||||||
| Purchaseofinvestments | (33,631,125) | |||||
| Proceedsondisposalofinvestments | 33,403,685 | 2,089,920 | ||||
| Investment income received | 2,458,113 | 1,986,365 | ||||
| Net cash generated from investing | ||||||
| activities | 2,230,673 | 4,076,285 | ||||
| Net cash used in financing activities | ||||||
| Net (decrease)/increase in cash and cash | ||||||
| equivalents | (790,605) | 560,985 | ||||
| Cash and cash equivalents at beginningofyear | 1,935,141 | 1,374,156 | ||||
| Cash and cash equivalents at endofyear | 1,144,536 | 1,935,141 |
| FOR THE YEAR ENDED 5 APRIL 2022 | FOR THE YEAR ENDED 5 APRIL 2022 | ||
|---|---|---|---|
| -- | |||
| 3 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Dividends | 2,456,865 | 1,962,583 | |
| Income tax reclaim | 1,290 | 23,466 | |
| Interest | (42) | 316 | |
| 2,458,113 | 1,986,365 | ||
| -- | |||
| 4 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Other income | 13,095 | 11,526 | |
| -- | |||
| 5 | Raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Property maintenance and insurance | 1,031 | 1,820 | |
| Investment management | 539,079 | 491,775 | |
| 540,110 | 493,595 |
| Charitable activities | ||
|---|---|---|
| Total | Total | |
| 2022 | 2021 | |
| £ | £ | |
| Staff costs | 34,227 | 22,968 |
| Governance costs | 20,605 | 18,172 |
| Garden maintenance - Lincoln College | 34,038 | |
| -- | ||
| 88,870 | 41,140 | |
| Grant fundingofactivities (see note7) | 4,392,013 | 10,049,691 |
| 4,480,883 | 10,090,831 | |
| Grants payable | ||
| Grants | Grants | |
| Awarded | Awarded | |
| 2022 | 2021 | |
| £ | £ | |
| Grants | 4,392,013 | 10,049,691 |
| 2022 | 2021 | |
| £ | £ | |
| 213 Contribution to nanobodies | 50,000 | |
| 269 Purchaseofequipment - Dunn School | 133,505 | |
| 278 OxVax: Establishment - Dunn School | 28,216 | |
| 279 Support Grant - Dunn School | 134,433 | |
| 280 Salary support - Dunn School | 99,455 | |
| 2812027 EPA Biomedical and Science Fellowship Endowment | 6,800,000 | |
| 282 Salary support - Dunn School | 154,635 | |
| 283 Salary support - Dunn School | 142,807 | |
| 284 Salary support - Dunn School | 243,976 | |
| 286 Coronavirus mitigation award | 800,000 | |
| 285 Salary support - Dunn School | 1,200,000 | |
| 287 Post-doctoral extension awards | 132,274 | |
| 288 Support grant - Dunn School | 50,000 | |
| 290 Molecular AnalysisofNon-apoptotic Caspase functions | 139,472 | 180,385 |
| 291Genome stability and human disease | 197,900 | |
| 292 Salary support - Dunn School | 165,630 | |
| 293 Salary support - Dunn School | 660,039 | |
| 294 Oxford EPA studentships (2022-26) | 469,733 | |
| 295 Flow cytometry core facility | 457,337 | |
| 296 Salary support - Dunn School | 93,665 | |
| 297 Suiteofelectron microscopes | 500,000 | |
| 298 Salary support - Dunn School | 91,151 | |
| 299 Start up funding for three professorships - Dunn School | 1,500,000 | |
| 300 Start up funding for one professorship - Dunn School | 200,000 | |
| 301Start up funding for one professorship - Dunn School | 150,000 | |
| 302 Support for summer research placements | 12,500 |
| Grants payable | (Continued) | |
| 4,687,427 | 10,099,686 | |
| Adjustments to the grants during the year were as follows: | ||
| 2022 | 2021 | |
| £ | £ | |
| 213 SupportGrant- Dunn School | (22) | (50,000) |
| 250 Equipment upgrade - Dunn School | 5 | |
| 221Purchaseofconfocal microscope | (50,000) | |
| 223 Dunn School Histology Department | (512) | |
| 250 Upgrade AV provision | (13,277) | |
| 260 Funding for Fournier | (235) | |
| 261Postdoc extension awards | (13,785) | |
| 264 Symposium Shanghai | (8,754) | |
| 288 Support grant - Dunn School | (28,444) | |
| 289 Salary support - Dunn School | (180,385) | |
| (295,414) | (49,995) |
|
| Governance costs | ||
| 2022 | 2021 | |
| £ | £ | |
| Other expenses | 9,766 | 718 |
| Trustees' insurance | 1,031 | 833 |
| Office insurance | 482 | 482 |
| Legal and professional fees | 1,064 | 8,325 |
| Bank charges | 122 | 69 |
| Auditors' Remuneration | 8,048 | 6,374 |
| Trustees' expenses | 92 | 393 |
| 20,605 | 17,194 | |
| --- |
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Trust administrator | ||
| Employment costs | 2022 | 2021 |
| £ | £ | |
| Wages and salaries | 21,584 | 15,624 |
| Social security costs | 8,593 | 5,383 |
| Other pension costs | 4,050 | 1,961 |
| 34,227 | 22,968 |
| Net gains/(losses)oninvestments | ||
|---|---|---|
| EndowmentEndowment | ||
| funds | funds | |
| general | general | |
| 2022 | 2021 | |
| £ | £ | |
| Revaluationofinvestments | (8,921,711) 59,980,527 | |
| Tangible fixed assets | ||
| Freeholdproperty | ||
| £ | ||
| Cost | ||
| At 6 April 2021 | 151,267 | |
| At 5 April 2022 | 151,267 | |
| Depreciation and impairment | ||
| At 6 April 2021 | 151,267 | |
| At 5 April 2022 | 151,267 | |
| Carrying amount | ||
| At 5 April 2022 | ||
| At 5 April 2021 |
| 13 | Fixed asset investments | ||
|---|---|---|---|
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2021 | 185,662,152 | ||
| Additions | 33,631,125 | ||
| Valuation changes | (8,921,711) | ||
| Disposals | (33,403,685) | ||
| At 5 April 2022 | 176,967,881 | ||
| Carrying amount | |||
| At 05 April 2022 | 176,967,881 | ||
| At 05 April 2021 | 185,662,152 | ||
| 14 | Debtors | ||
| 2022 | 2021 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 2,502 | ||
| 15 | Creditors: amounts falling due within one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grants payable | 10,741,660 | 7,772,926 | |
| Other creditors | 112,004 | 116,620 | |
| - | |||
| 10,853,664 | 7,889,546 | ||
| 16 | Creditors: amounts falling due after more than one year | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Grants payable | 3,400,000 | 4,380,000 |
| Movementinfunds | Movementinfunds | Movementinfunds | Movementinfunds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Revaluations | Balance at | Incoming | Resources | Transfers | Revaluations | Balance at | |
| 6April2020 | resources | expended | gains and | 6April2021 | resources | expended | gains and | 5April 2022 | |||
| losses | losses | ||||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | £ | |
| Expendable | |||||||||||
| endowment | 123,936,257 | 1,745,368 | 59,980,527 | 185,662,152 | 227,440 | (8,921,711) | 176,967,881 | ||||
| 123,936,257 | 1,745,368 | 59,980,527 | 185,662,152 | - | 227,440 | (8,921,711) | 176,967,881 |
| Analysisofnet assets b | etween funds | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Un restricted | Endowment | Total | |
| funds | funds | funds | funds | |||
| 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 5 | ||||||
| April 2022 are | ||||||
| represented by: | ||||||
| Investments | - | 176,967,881 | 176,967,881 | - | 185,662,152 | 185,662,152 |
| Current assets/(liabilities) | (9,709,128) | - |
(9,709,128) | (5,951,903) | - |
(5,951,903) |
| Long term liabilities | (3,400,000) | - |
(3,400,000) | (4,380,000) | - |
(4,380,000) |
| (13,109,128) | 176,967,881 | 163,858,753 | (10,331,903) | 185,662,152 | 175,330,249 |
| Cash generated from operations | 2022 | 2021 |
| £ | £ | |
| (Deficit)/surpus for theyear | (11,471,496) | 51,393,992 |
| Adjustments for: | ||
| Investment income recognised in statementoffinancial activities | (2,458,113) | (1,986,365) |
| Fair value gains and losses on investments | 8,921,711 | (59,980,527) |
| Movements in working capital: | ||
| Decrease in debtors | 2,502 | 136 |
| Increase in creditors | 1,984,118 | 7,057,464 |
| Cash absorbed by operations | (3,021,278) | (3,515,300) |