Charity registratlon number 309659 THE EDWARD PENLEY ABRAHAM RESEARCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE EDWARD PENLEY ABRAHAM RESEARCH FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor Peter Cook Professor Matthew Freeman Professor Mark Greene Professor Gillian Griffrths Mr Nigel Clifford {Appointed 1 September 2024) Charity number 309659 Auditor Critchleys Audit LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Bankers CAF Bank Ltd West Malling Kent ME19 4JQ Solicitors Knights Solicitors Midland House West Way Oxford OX2 OPH Investment advisors Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU Schroder Investment Management Limited 1 London Wall Plac@ London EC2Y SAU Baillie Gifford Calton Square 1 Greenside Row Edingburgh EH13AN Lansdowne Partners ILLP) 15 Davies Street London W1K3AG UBS Wealth Management 5 Broadgate EC2M 2AN
THE EDWARD PENLEY ABRAHAM RESEARCH FUND CONTENTS Page Trustees report Statement of Truslees responsibilities Independenl auditor's report Statement of financial activities Balance sheet statement of cash flows 10 Notes to the financial statements
THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with Ihe accounting policies sel out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities The Trust's objectives are the furtherance of medical, biological, and chemical research at the Sir William Dunn School of Pathology and Lincoln College Oxford and more broadly within the Universily of Oxford and its associated Colleges. Trustees award grants in the context of the trusl deed and available resources, lo support current and future research. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. The Trustees, policies are to assess the current trends and needs in the research being carried out and to make grants where appropriate lo current circumstances and their assessment of future needs. A number of grant applications are considered each year. The accumulated inGome-generating capital of the fund was built up Ihrough royalties in its earlier years and lallerly income has resulted from investments., substantial funds are needed to provide adequate support for research. The Trust was founded by the late Sir Edward Abraham on 17 March 1967 to help further education and research in specific fields of science. The Trust received royalties from his previous research in the early years but now relies on income from its endowment fund to make ils grants. The intenlion being to build a significant enough fund to be able to make regular important contributions lo scientific education. and research. The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charily. The Trust Fund is an Expendable Endowment Fund and the Trustees have absolute discretion for the use of income for the furtherance of the objects of the Charity but there can be no use of capital without Ihe unanimous consent of the Trustees. If the Trustees see no reason lo the contrary, they may give support to research in the medical, biological and chemical sciences within the University of Oxford and its Colleges, in addition to the Sir William Dunn School of Pathology and Lincoln College. The Trustees have assessed the major risks to which the Charily is exposed, and are satisfied Ihal systems are in place to mitigate exposure to the major risks. The Trustees make grants where appropriate in response to eligible applications they receive in the context of available resources,. some grants may be conditional or deferrèd subject lo the provision of further information. The Trustees grants for the year are summarised in the accounts. Major grant commitments are outstanding, and Trustees are aware of the need to control and monitor cash flow so that ongoing and future research can be financed. The Trust investments are managed by third parties and the funds available and resulting performance are reviewed on a regular basis. The unanimous agreemenl of all Trustees is needed before any capital may be withdrawn. Public benefits The Trustees confirm that Ihey have paid due regard lo the Charity Commission's guidance on public benefit in deciding which activities they should undertake., the public will be the ultimate beneficiary of scientific 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 2024 Financial review The Statement of Financial Activities shows net surplus for the year of £8,234,712 (2023.. net deficit of £15,644,176). There were net investment gains of £8,597,26012023.' net losses of £14,761,575). The reseNes stand at £156,449.289 (2023.. £148,214,577}. Govemance costs amounted to £57.182 {2023'. £30,583). The Trusl is not dependént on donations or the services of unpaid volunteers. Ils investments are held to produce income for grants agreed by the Trustees, who continue to monitor the performance of Investment Managers on a regular basis. Future grant commitments provided for amounted to £12,612,469 {2023'. £13,642,769). Grants awarded in the year were £2,121,05912023'. £2,700,775). Adjustments to previous grants awarded amounted to a decrease of £5,371 {2023.' £36,562). Funds available The Trust spends very little on administration expenses. The Trustees through their grants and longer-temi commitments, feel satisfied that the Trust has achieved its objectivities in the year. but are mindful of the need to preserve an appropriatè planning strategy for both cash flow and timing of future grants. The available reserves are sufficienl to meet all commitments to date. The Trustees fund grant payments from investment income. They have committed to large grants for future paymenl, of which £12,612,469 {2023'. £13,642,769) remains outstanding. The Trustees, practice is to consider all reasonable requests submitted by eligible applicants within the charity's objects. Trustees review the risks of the Trust at each meeting. Where applicable, in addition to Ihe ongoing reporting process, the Trust's investment managers will be contacted or attend meetings. The Trustees remain committed to maintaining the expendable endowmenl on which fulure income will be based. The Truslees are considering designaling funds towards providing a new chair in the Sir William Dunn School of Pathology for teaching and research purposes. Alongside this, they may also endow other posts in the biomedical sciences. In addition, the Trustees are considering a substantial investment in building refurbishment al the Sir William Dunn School of Pathology. In 2027 Lincoln College will celebrate the 800 anniversary of its foundation. To help mark the anniversary Trustees have agreed a grant of £6.8 million towards the EPA Biomedical and Science Fellowship Endowment which will endow several Fellowship5 between 2021 and 2028. Reserves policy The Truslees aim to retain sufficienl unrestricted reserves to ensure the long term sustainability of the Charity, without expending the expendable endowmenl fund unless necessary, and to allow it the flexibility to practically consider all grant applications of any reasonable value. The Trustees review the risks of the Trust at each meeting. Major risks would involve the Trust's investments and the grants lo be approved. Future developments The Trustees believe that the careful handling of the funds to dale should continue in the foreseeable future but they will always look at any major scientific development in the Trust's fields and assist if they believe appropriale for both the current and future beneficiaries.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structurè, governance and management The Trustees who served during the year and up to the dale of signature of Ihe financial statemenls were: Professor Peter Cook Professor Matthew Freeman Professor Mark Greene Professor Gillian Griffiths Professor Henry Woudhuysen Mr Nigel Clifford {Resigned 31 August 2024) {Appointed 1 September 2024) There shall not be appointed more than five Trustees. The Rector of Lincoln College and Professor of Pathology in the University of Oxford should be entitled to be appointed a Trustee by virtue of his or her office and on ceasing that offio will cease to be a Trustee. Additional Trustees are appointed by the existing Trustees. By way of induction new Truslees are menlored by one of the existing Trustees and provided wilh the latest annual report and financial statements, verbal instruction on the administration, organisation, previous minutes. granls outstanding, financial procedures, risk assessment, charity commission leaflet CC3 (A), and copy of the trust deed. The day-lo-day management and administralion are conducted at the Sir William Dunn School of Pathology by the Administrator to the Trust, Rachel Faulkes. The Truslees, major policy decisions are made at Trust meetings. Other decisions made between meetings are confirmed at Trust meetings. The quoted investment portfolios are now managed by five fund managers and their perfomiances are individually reviewed at these meetings wilh a senior representative of those funds in attendance. The Trustees also use the services of a financial advisor: Mr Anthony Brooke, who has extensive experience in banking and financial managemenl. The Trustees are persons who command high respect and eminence in their respective careers in education and research development. The Trustees are conscious of the need lo maintain capital and income as far as possible to achieve their objectives. The Trustees report was approved by the Board of Trustees. Professor Petsr Cook Trustee Daled.. 20 November 2024
THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the Charity for thal year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will conlinue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose wilh reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assels of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND Opinion We have audited the financial statements of The Edward Penley Abraham Research Fund (the 'Charity') for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Thg FinanGial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the stale of the Charity's affairs as at 5 April 2024 and of ils incoming resources and application of resources, for the year then ended: have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with Intemalional Standards on Auditing (UK) {ISAs (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditorfs spOnSIbl11t1eS for the audit of the financial slatements section of our report. We are independenl of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing Ihe financial statements, we have concluded thal the Trustees, use of the going concern basis of accounting in the preparation of Ihe financial statements is appropriale. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's abilily to continue as a going concern for a period of at leasl twelve months from when the financial staternents are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the informalion included in the annual report other than the financial statements and our auditorfs report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misslatement in the financial statements themselves. If, based on the work we have performed, we con¢lude that there is a material misstatérnent of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of Ihe following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Truslees report., or sufficient accounting records have not been kepi,. or the financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND Responsibilities of Trustees As explained more fully in the statement of Trusteès responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparalion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Ihe Trustees are responsible for assessing thé Charity's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of a¢¢ounting unless the Trustees either intend to ase operations, or have no realistic alternative but to do so. Audito$ responsibilities for the audit of the financlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are Capable of detecting irregularilies, including fraud, is detailed below. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience., we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Gompany., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceplibilily of the charily's financial slatements to material misstatement. including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraLsd through management bias and override of controls. we: performed analytical procedures to identify any unusual or unexpected relationships- tested journal entries to identify unusual transactions., assessed whèther judgemenls and assumptions made in determining the accounting estimales were indicalive of potenlial bias., and investigated the rationale behind significant or unusual transactions.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE EDWARD PENLEY ABRAHAM RESEARCH FUND In response to the risk of irregulartties and non-compliance with laws and regulalions, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance- enquiring of management as to actual and potential litigalion and ¢laims', reviewing relevant correspondence. There are inherenl limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misslatements that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate cOnalment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.uklauditorsresponsibililies. This description fornis part of our auditor's report. Your attention is drawn to Ihe facl Ihat the charity has prepared financial statements in accordance with ' Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" las amended) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in Ihe extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally ACpted Accounting Practi. Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance wilh part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo Ihe Charity's Trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other Ihan the charity and the Charity's Trustees as a body, for our audit work, for this report, or for Ihe opinions we have formed. Critchleys Audit LLP 2811112024 Chartered Accountants Statutory Auditor First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Critchleys Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowment funds funds 2023 2023 Totsl 2024 2023 Notes Income and endowments from: Investments Other income 2,451,789 21,926 2,451,789 21,926 2,323,228 11,279 2,323,228 11,279 Totsl income 2,473,715 2,473,715 2,334,507 2.334,507 Expenditure on: Raising funds Charitable activities 611,028 2,225,235 611,028 2,225,235 475,401 2,741,707 475,401 2,741,707 Total expenditure 2,836,263 2,836,263 3,217,108 3,217,108 Net gainslllosses) on investments 11 8,597,260 8,597,260 (14,761,575) (14,781,575) Net incomellexpenditu) (362.548) 8,597,260 8,234,712 1882,601) (14,761,575) (15,644,178) Transfers between funds 943,873 (943,873) 1,266,161 (1.266,161) Net movement in funds 581,325 7,653,387 8,234.712 383,560 {16,027,736) (15,644,178) Reconciliation of funds: Fund balances at 6 April 2023 (12,725,568) 160,940.145 148,214,577 (13,109,128) 176.967,881 163,858,753 Fund balances at S April 2024 (12,144,243} 168.593,532 158,449,289 (12,725,568}160,940,145 148,214,577 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE EDWARD PENLEY ABRAHAM RESEARCH FUND BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Notes Fixed assets Investments 14 168,593,532 160,940,145 Current assets Debtors Cash al bank and in hand 15 2,991 575,005 1,018,484 577,996 1,018,484 Creditors: amounts falling due within one year 16 (9,912,962) (10,344,052} Net current liabilities (9,334.966} 19.325,568) Total assets less Current liabilities 159,258,566 151,614,577 Creditors: amounts falllng due after more than one year 17 (2,809.2771 (3,400,000) Net assets 156,449,289 148,214,577 Capitsl funds General endowment funds Income funds Unrestricted funds 168.593,532 160,940,145 (12,144,243) (12,725,568} 156,449,289 148,214,577 The financial statements were approved by the Trustees on 20 November 2024 Professor Peter Cook Trustee
THE EDWARD PENLEY ABRAHAM RESEARCH FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Cash flows from operating activilies Cash absorbed by operalions 21 (3,839,141) (3,715.441 } Investing activities Purchase of investments Proceeds from disposal of investments Investment income received (5,944,300) 6,888,173 2,451,789 (6,369,613} 7,635,774 2,323,228 Net cash generated from investing activities 3,395,662 3,589,389 Net cash used in financlng activities Net decrease in cash and cash equivalents (443,479) (126,052) Cash and cash equivalents at beginning of year 1,018.484 1,144,536 Cash and cash equivalents at end of year 575,005 1,018,484 10-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity information The Edward Penley Abraham Research Fund is an unincorporated Trust domiciled in England. Its principal address is.. University of Oxford, Sir William Dunn School of Pathology, South Parks Road, Oxford, OX13RE. 1.1 Basis of accounting The financial statements have been prepared in accordance with the Charity's Trust Deed, the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" The Charity is a Public Benefit Entily as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of Ihe Charity. Monetary amounts in these financial statements are rounded lo the nearest £. The Edward Penley Abraham Research Fund meets Ihe definilion of a public benefit entily under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. 1.2 Going con¢em The financial slalements have been prepared on a going concern basis. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. 1.3 Charitable funds Unrestricted funds are available for use al the discrelion of the Trustees in furtherance of their charitable objectives. The expendable Endowment Fund is also unrestricted and the reserve policy is Ihat there can be no use of the currenl value of this fund where this exceeds 10°A of the value. 1.4 Income All income is included on the Statement of Financial Activities when the Charily is legally enlitled to the income and the amount can be quantified with reasonable accuracy. Investment Income Income from investments is recognised in Iho year in which it is receivable. 1.5 Expenditure Expenditure is included in the Slatement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated lo activities on a basis consistent with the use of resources. All cost categories are individually apportioned and hence support costs are not shown separately. The costs comprise of those allributable to managing ihe investment portfolios and arising investment income. 11
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continuedl Grants payable Grants payable have lo fall within the terms of the Charity's objects and need approval of the Trustèes and the recipient abiding within the terms of reference of the Granl. The Charity had, at the Balance Sheet date, approved grants to be paid in subsequent years. Provision has been made in these financial statements for the Grants. Govemance costs Governance costs include those costs, such as Auditors, fees, associated with constitutional and statutory requirements of the charily. Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are translated into sterling al the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. Volunteer serrfices The Charity does not rely on the support of volunteer services. 1.6 Tangible fixed assets Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. Freehold property 1.7 Fixed asset investments Assets held for investment purposes are valued at market value at the balan sheet date. Traded securities are valued al their market quotation as the year end date. 1.8 Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity dale of Ihree months or less. Cash held as part of a fixed asset investment portfolio are presented as part of fixed asset investments. 1.9 Taxation The Charity is exempt from tax on its charitable activilies. Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in Ihe Statement of Financial Activities. 12-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies {Continuedl 1.10 Other financial instruments a} Trade creditors Trade creditors are obligations to pay for goods or services Ihal have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if Ihe company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for al leasl Iwelve months after the reporting date. If there is an unconditional right to defer settlement for al least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. bl Other debtors Other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the Iransaclion is measured at the present value of the future reiptS discounted at the prevailing rale of interest. 1.11 Fund Accounting Funds held by the Charity are either.. a) Unrestricted funds.. These are funds which can be used in accordano with the charitable objects at the discretion of Ihe Trustees., or b) The expendable endowment fund is also unrestricted and the reserve policy is that there can be no use of the current value of this fund where this exceeds 1 OOA of the value. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities Ihat are nol readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual resulls may differ from these estimates. The estimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only Ihat period, or in the period of the revision and future periods where Ihe revision affects both current and future periods. Critical judgements The following judgements (apart from those involving eslimates) have had the most significant effect on amounts recognised in the financial statements. Grant creditor Grant creditors are judged lo have been committed to but not paid by the Trustees. The total of grants creditors at 5 April 2024 was £12,612,469 {2023.' £13,642,769). 13-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Dividends Income tax reclaim Interest 2,234,674 18,410 198,705 2,245,865 15,027 62,336 2,451.789 2,323,228 Other in¢ome Unrestricted Unrestricted funds funds 2024 2023 Other income 21,928 11,279 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Property maintenance and insuran Investment management 1,281 609,747 1,090 474.311 611,028 475,401 14-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitable activities Total 2024 Total 2023 Staff costs Governance costs Garden maintenance - Lincoln College 40,031 57,648 6,497 37,422 30,583 9,489 104,176 77,494 Grant funding of activities (see note n 2,121,059 2,664,213 2,225,235 2,741,707 Included within governance costs are audit fees of £7,150 {2023'. £6,450). Grants payable Grants Awarded 2024 Grants Awarded 2023 Grants 2,121,059 2,664,213 2024 2023 295 Flow cylometry core facility- Dunn School 303 Study Skills Advisor - Lincoln College 304 Statutory Professorship Eslablishmenl- Dunn School 305 Start up- Anthony Roberts- Dunn School 306 Start up- Mathew Slracy- Dunn School 307 Quantitalive imaging in cell biology - Dunn School 308 Studentships for two years - Dunn School 309 Anniversary Musical Commission 310 Dunn School graduate studentships 311 Start-up funding for Dr Natalia Gromak 312 Start-up funding Dr Girish Mali 313 Uplift lo Post-doctoral extension award RF 287 314 Research assistant for the Dunn School Electron Microscopy Facility 315 Summer Science Research Placements 49,711 25,000 1,000,000 250,000 100,000 89,720 1,186,344 35,000 1.578,777 205,100 100,000 24,034 159,277 13,500 2,115,688 2,700,775 Adjustments to Ihe grants during the year were as follows.. 2024 2023 268 Postdoc funding (708) 15
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable (Continued) 277 Infection & Vaccination IRTG 280 Salary and running cost 282 Salary for a postdo 283 Salary underwrite for two years 203 Start up - Susan Lea (Chair Microbiology) 242 Supplementary funding EPA studentships 2017-2021 253 upgrade to equipment in PSB 250 Upgrade to AV provision 272 Scientific Projec*s Officer 302 Support for summer research plaMentS {5,000} {989} (561 } (29,304) {33,252) 22,888 3,945 13,277 {987) {500) 5,371 (36,562) Governance costs 2024 2023 Other expenses Trustees, insurance Office insurance Legal and professional fees Bank charges Auditors, Remuneration Trustees, expenses Sundry 35 1,158 320 41,903 237 9,469 4,060 466 3,308 1,031 330 13,578 74 8,564 3,698 57,648 30,583 Trustees None of the Trustees (or any persons connected with Ihem) received any remuneration or benefits from the Charity during the year. Trustee indemnity insurance was paid at a cost of £1,158 {2023'. £1.031). 2024 2023 Trustees, Expenses 4,080 3,698
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Trust administrator Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 27,860 7,468 4,703 26,505 7,258 3,659 40,031 37,422 There were no employees whose annual remuneralion was more than £60,000. 11 Net gainslllosses) on investments Endowment Endowment funds funds general general 2024 2023 Revaluation of investments 8,597,260 (14,761,575) 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 17-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Tangible fixed assets Freehold property Cost At 6 April 2023 151.267 At 5 April 2024 151.267 Depre¢iation and impairment At 6 April 2023 151,267 At 5 April 2024 151,267 Carrying amount At S April 2024 At 5 April 2023 14 Fixed asset investments Listed investments Cost or valuation At 6 April 2023 Additions Valuation changes Disposals 160,940.145 5,944,300 8,597,260 (6,888,173) At 5 April 2024 168,593,532 Carrying amount At 05 April 2024 168,593.532 At 05 April 2023 160,940,145 15 Debtors 2024 2023 Amounts falltng due within one year: Other debtors 2.991 18-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 16 Creditors: amounts falling due within one year 2024 2023 Grants payable Other creditors 9,803,192 109,770 10,242,769 101,283 9,912,962 10,344,052 17 Creditors: amounts falling due after more than one year 2024 2023 Grants payable 2,809,277 3,400,000 18 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined conlribution schemes 4,703 3,659 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund. 19 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 5 April 2024: Investments Current asselsl{liabilities) Long term liabilities 168,593,532 168,593,532 (9,334,966} (2,809,277) (9,334.966) (2,809.277) 112,144,243) 168,593,532 156,449,289 Unrestricted Endowment funds funds 2023 2023 Totsl 2023 At 5 April 2023: Investments Current asselsl{liabilities} Long term liabilities 160,940,145 160,940,145 (9,325,568} (3,400,000) (9,325,568) (3,400,000) {12,725.568) 160,940,145 148,214,577 19-
THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 20 Related party transactions There were no disclosable related party transactions during the year {2023 - none). Professor GM Griffiths, Profesor HR Woudhuysen and Professor MJA Freeman are also trustees of the Guy Newton Research Fund, a related charity. The Guy Newton Research Fund and Ihe Edward Pènley Abraham Research Fund hold joint investments with Sandaire Limitèd and UBS. As at 5 April 2024 the Edward Penley Abraham Research Fund was entitled to 91.91 % of the Sandaire & UBS funds. All investment income and associated costs have been apportioned on the above basis. 21 Cash generated from operations 2024 2023 Surplusl(deficit) for the year 8,234,712 (15.644,176) Adjustments for.. Investment income recognised in statement of financial activities Fair value gains and losses on investments (2,451,789) (2,323,228) (8,597,260) 14,761,575 Movements in working capital.. (Increase) in debtors (Decrease} in creditors (2,991) {1,021.8131 1509,612) Cash absorbed by operations (3,839,141) (3,715,441) 22 Analysis of changes in netfunds The Charity had no material debl during the year. -20-