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 cOn￿alment 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 AC￿pted 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 re￿iptS 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 pla￿MentS
{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-