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|**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|





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||**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|





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25/11/2022 



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|**Current financialyear**||||||
|---|---|---|---|---|---|
|||**Unrestricted**|**Endowment**|**Total**|**Total**|
|||**funds**|**funds**|||
|||**2022**|**2022**|**2022**|**2021**|
||**Notes**|<br>£|£|£|£|
|**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)|<br>(8,921,711)|59,980,527|
|**Net {outgoing)/incoming resources before transfers**||(2,549,785)|<br>(8,921,711)|(11,471,496)|51,393,992|
|Gross transfers between funds||(227,440)|<br>227,440|||
|**Netmovementinfunds**||(2,777,225)|<br>(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|





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|**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)|<br>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|





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||||**2022**||**2021**|
|---|---|---|---|---|---|
||**Notes**|£|<br>£|£|<br>£|
|**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|





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||||**2022**||**2021**||
|---|---|---|---|---|---|---|
||**Notes**|£|<br>£|£||£|
|**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|





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|**_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|





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|**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||



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||||
|---|---|---|
|**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)|<br>(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)|<br>(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|
|||---|



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||**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|



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|**Net gains/(losses)oninvestments**|||
|---|---|---|
||**Endowment**Endowment||
||**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|||





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|**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|





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||||**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|





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|**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)|<br>-|(9,709,128)|(5,951,903)|<br>-|(5,951,903)|
|Long term liabilities|(3,400,000)|<br>-|(3,400,000)|(4,380,000)|<br>-|(4,380,000)|
||(13,109,128)|176,967,881|163,858,753|(10,331,903)|185,662,152|175,330,249|



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||||
|---|---|---|
|**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)|



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