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← Edward Penley Abraham Research Fund

2025-04-05-accounts

Charity registration number 309659 (England and Wales)

THE EDWARD PENLEY ABRAHAM RESEARCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor Peter Cook
Professor Matthew Freeman
Professor Gillian Griffiths ;
Mr Nigel Clifford (Appointed 1 September 2024)
Charity number 309659
Auditor GravitaAudit Oxford 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
WestWay
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 Place
London
EC2Y 5AU
Baillie Gifford
Calton Square
1 Greenside Row
Edingburgh
EH1 3AN
Lansdowne Partners (LLP)
15 Davies Street
London
W1K 3AG
UBS Wealth Management
5 Broadgate
EC2M2AN

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

CONTENTS

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Page

Trustees report

1-3

Statement of Trustees responsibilities 4

Independent auditor's cae 5-7

Statement of financial activities 8

Balance sheet

9

Statement of cash flows 10

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Notes to the financial statements

11-21

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND TRUSTEES REPORT FOR THEYEAR ENDED 5 APRIL 2025

The Trustees present their report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set 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 accounts 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 University of Oxford and its associated Colleges. Trustees award grants in the context of the trust deed and available resources, to 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 to current circumstances and their assessment of future needs. A number of grant applications are considered each year. The accumulated income-generating capital of the fund was built up through royalties in its earlier years and latterly 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 its grants. The intention being to build a significant enough fund to be able to make regular important contributions to scientific education, and research.

The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. 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 the unanimous consent of the Trustees.

If the Trustees see no reason to 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 Charity is exposed, and are satisfied that 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 deferred subject to 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 agreement of all Trustees is needed before any capital may be withdrawn.

Public benefits

The Trustees confirm that they have paid due regard to 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 the Sir William Dunn School of Pathology.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Financial review

The Statement of Financial Activities shows net deficit for the year of £3,094,806 (2024: net surplus of £8,234,712). There were net investment gains of £1,516,161 (2024: restated net gains of £8,795,965). The reserves stand at £153,354,483 (2024: £156,449,289). Governance costs amounted to £62,569 (2024: £57,648).

The Trust is not dependent on donations or the services of unpaid volunteers. Its 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 £15,394,149 (2024: £12,612,469). Grants awarded in the year were £6,054,432 (2024: £2,121,059). Adjustments to previous grants awarded amounted to a decrease of £66,927 (2024: £5,371). Funds available : The Trust spends very little on administration expenses.

The Trustees through their grants and longer-term commitments, feel satisfied that the Trust has achieved its objectivities in the year, but are mindful of the need to preserve an appropriate planning strategy for both cash flow and timing of future grants.

The available reserves are sufficient to meet all commitments to date.

The Trustees fund grant payments from investment income. They have committed to large grants for future payment, of which £15,394,149 (2024: £12,612,469) 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 the ongoing reporting process, the Trust’s investment managers will be contacted or attend meetings.

The Trustees remain committed to maintaining the expendable endowment on which future income will be based. As part of celebrations for the centenary of the Sir William Dunn School of Pathology in 2027, Trustees are contributing to the endowment of some new graduate scholarships in the Department. In 2027 Lincoln College will celebrate the 600" 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 Fellowships between 2021 and 2028.

Reserves policy

The Trustees aim to retain sufficient unrestricted reserves to ensure the long term sustainability of the Charity, without expending the expendable endowment 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 to be approved.

Future developments

The Trustees believe that the careful handling of the funds to date 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 appropriate for both the current and future beneficiaries.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

The Trustees who served during the year and up to the date of signature of the financial statements were:

Professor Peter Cook

Professor Matthew Freeman Professor Mark Greene (Resigned 1 May 2025) Professor Gillian Griffiths Professor Henry Woudhuysen (Resigned 31 August 2024) Mr Nigel Clifford (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 office will cease to be a Trustee.

Additional Trustees are appointed by the existing Trustees. By way of induction new Trustees are mentored by one of the existing Trustees and provided with the latest annual report and financial statements, verbal instruction on the administration, organisation, previous minutes, grants outstanding, financial procedures, risk assessment, charity commission leaflet CC3 (A), and copy of the trust deed.

The day-to-day management and administration are conducted at the Sir William Dunn School of Pathology by the Administrator to the Trust, Rachel Faulkes. The Trustees’ 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 performances are individually reviewed at these meetings with 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 management. 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 to maintain capital and income as far as possible to achieve their objectives.

The Trustees report was approved by the Board of Trustees.

Professor Peter Cook

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Trustee Dated: 2.1.November 2025

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025 a Et ee caer ea ape nee IN RS RTO a ee Se aa

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United 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 state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

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The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time 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 assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND 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 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to 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 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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 ability to continue as a going concern for a period of at least twelve months from when the financial statements 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 information included in the annual report other than the financial statements and our auditor's 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 misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees report; or

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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 Trustees 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 preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial 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 detect 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 irregularities, including fraud, is detailed below.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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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 irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

¢ reading the minutes of meetings of those charged with governance;

¢ enquiring of management as to actual and potential litigation and claims;

e reviewing relevant correspondence.

There are inherent 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 to 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 misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the 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 Accepted Accounting Practice.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the 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 than the charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Kirtland (Senior Statutory Auditor)

For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OxX1 1JD oe Date: 2 (i[t02.€ Gravita Audit Oxford LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor ofacompany under section 1212 of the Companies Act 2006.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

Pree Sa ence le en Re ee kt a

Unrestricted Endowment Endowment Total Unrestricted Endowment Restated
funds funds funds funds Total
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income and endowments from:
Investments
‘
Other income		 3
4		 2,201,056
30,406		 -
-		 2,201,056
30,406		 2,253,084
21,926		 -
-		 2,253,084
21,926
Total income 2,231,462 - 2,231,462 2,275,010 - 2,275,010
Expenditure on:
Raising funds 5 5,576 664,191 669,767 4,270 606,758 611,028
Charitable activities 6 6,172,662 - 6,172,662 2,225,235 - 2,225,235
Total expenditure 6,178,238 ~ 664,191 6,842,429 2,229,505 606,758 2,836,263
Net gains/(losses) on
investments		 11 - 1,516,161 1,516,161 - 8,795,965 8,795,965
Netincome/(expenditure) (3,946,776) 851,970 (3,094,806) 45,505 8,189,207 8,234,712
Transfers between
funds 25,805,716 (25,805,716) - 6,921,265 (6,921,265) -
Net movement in
funds 21,858,940 (24,953,746) (3,094,806) 6,966,770 1,267,942 8,234,712
Reconciliation offunds:
Fund balancesat 6 April 2024 (5,758,798) 162,208,087 156,449,289 (12,725,568) 160,940,145 148,214,577
Fundbalancesat5April2025 16,100,142 137,254,341 153,354,483 (5,758,798) 162,208,087 156,449,289

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. ;

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Restated
Notes £ £ £ £
Fixed assets
Investments 14 137,254,341 162,208,087
Current assets
Debtors 15 - 2,991
Investments 16 27,814,010 -
Cash at bank and in hand 3,795,860 6,960,450
31,609,870 6,963,441
Creditors: amounts falling due within one
year 17 (4,596,333) (9,912,962)
Net current assets/(liabilities) 27,013,537 (2,949,521)
Total assets less current liabilities 164,267,878 159,258,566
Creditors: amounts falling due aftermore
than oneyear 18 (10,913,395) (2,809,277)
Netassets 153,354,483 156,449,289
Capital funds
General endowmentfunds 137,254,341 162,208,087
Income funds
Unrestricted funds 16,100,142 (5,758,798)
153,354,483 156,449,289

The financial statements were approved by the Trustees on 21 November 2025

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Professor Peter Cook Trustee

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

2025 2024
Restated
Notes £ £ £ £
Cashflowsfrom operating activities
Cash absorbed by operations		 22 (4,021,543) (3,839,141)
Investing activities
Purchase ofinvestments (4,775,594) (5,745,595)
Proceeds from disposal of investments 31,245,501 13,273,618
Investment income received 2,201,056 2,253,084
Netcash generated from investing activities 28,670,963 9,781,107
Netcash generated from financing activities - -
Net increase in cash and cash equivalents 24,649,420 5,941,966
Cash and cash equivalents at beginning ofyear 6,960,450 1,018,484
Cash and cash equivalents atend ofyear 31,609,870 6,960,450
Relating to:
Cash at bank and in hand 3,795,860 6,960,450
Short term deposits included in current asset
investments 27,814,010 -

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

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1 Accounting policies
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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, OX1 3RE.

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 Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Edward Penley Abraham Research Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements 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 at the discretion of the Trustees in furtherance of their charitable objectives. 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 10% of the value.

1.4 Income All income is included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Investment Income

Income from investments is recognised in the year in which it is receivable.

Expenditure is included in the Statement 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 to 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 attributable to managing the investment portfolios and arising investment income.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Grants payable

Grants payable have to fall within the terms of the Charity's objects and need approval of the Trustees and the recipient abiding within the terms of reference of the Grant. 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.

Governance costs

Governance costs include those costs, such as Auditors’ fees, associated with constitutional and statutory requirements of the charity.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Volunteer services

The Charity does not rely on the support of volunteer services.

1.6 Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold property 2%

Assets held for investment purposes are valued at market value at the balance sheet date. Traded securities are valued at 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 date of three months or less. Cash held as part of a fixed asset investment portfolio are presented as part of fixed asset investments.

The Charity is exempt from tax on its charitable activities.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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1 Accounting policies

(Continued)

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities: if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at 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.

b) Other debtors

Other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing rate of interest. - Fund Accounting Funds held by the Charity are either: . a) Unrestricted funds: These are funds which can be used in accordance with the charitable objects at the discretion of the 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 10% of the value.

2 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 that are not 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 results may differ from these estimates.

The estimates 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 that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Grant creditor

Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grants creditors at 5 April 2025 was £15,394,149 (2024: £12,612,469).

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

3 Investments
Unrestricted Unrestricted
funds funds
2025 2024
£ 5
Dividends 1,971,710 2,035,818
Income tax reclaim 15,147 18,410
Interest 214,199 198,856
2,201,056 2,253,084

4 Other income

Other income
i Unrestricted Unrestricted
funds funds
2025 2024
£ £
:
Other income 3 30,406 21,926
Raising funds
Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds
general general
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Property maintenance
and insurance		 1,270 - 1,270 1,281 - 1,281
Investment management 4,306 664,191 668,497 2,989 606,758 609,747
5,576 664,191 669,767 . 4,270 606,758 611,028

5 Raising funds

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

6 Expenditure on charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ ior
=
Direct costs
Staffcosts 43,086 40,031
Governance costs 62,569 57,648
Garden maintenance - Lincoln College 12,575 6,497
3
118,230 104,176
Grant funding of activities (see note 7) 6,054,432 2,121,059
6,172,662 2,225,235
Analysis byfund
Unrestrictedfunds 6,172,662 2,225,235

Included within governance costs are audit fees of £7,810 + VAT (2024: £7,150 + VAT).

7 Grants payable

Grants payable
Expenses Expenses
2025 2024
£ £
Grants 6,054,432 2,121,059
2025 2024
£ £
309 Lincoln College -Anniversary Musical Commission - 35,000
310 Dunn School - graduate studentships - 1,578,777
311 Dunn School - start-up funding for Dr Natalia Gromak - 205,100
312 Dunn School - start-up funding for Dr Girish Mali - 100,000
313 Dunn School - uplift to post-doctoral extension award RF 287 . - 24,034
314 Dunn School - research assistant for the electron microscopy facility - 159,277
315 Lincoln College - summer science research placements - 13,500
316 Dunn School - post-doctoral extension awards 234,588 -
317 Lincoln College
- GEMS matched funding scheme scholarship		 200,000 -
318 Dunn School - scientific computing officer funding 53,988 -
319 Dunn School - Lincoln associated studentship 500,000 -
320 Dunn School - start-up funding for DrAnjali Hinch 100,000 -
321 Dunn School - start-up funding for Dr Katerina Toropova 100,000 -
322 Dunn School - salary supplement 50,000 -
323 Dunn School -APTF endowment associated with Oriel College 1,386,666 -
324 Dunn School - start-up funding for Dr Teresa Thurston 315,000 -
325 Dunn School -Waldmann endowment ofa studentship 1,160,287 -
326 Dunn School - centenary events 175,000 -
327DunnSchool-1927centenarymatchingfund 1,700,000 -

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

7 Grants payable
(Continued)
_328DunnSchool -communalinfrastructureandequipment
329Lincoln College -summerscience research placements		 127,830
18,000		 -
-
ste
fa		 ic
Waa
6,121,359 2,115,688
Adjustments to the grants during the yearwere as follows:
2025 2024
203
DunnSchool-startup -Susan Lea(Chair microbiology)
242DunnSchool -supplementaryfundingEPAstudentships2017-2021
253 Dunn School - upgrade to equipment in PSB
250 Dunn School - upgrade toAVprovision
272 Dunn School - scientific projects officer
302
Lincoln College -supportforsummerresearch placements
176DunnSchool -equipment forOMP
283
Dunn School -Salaryunderwrite grant
295
DunnSchool -flowcytometrycorefacility
328
DunnSchool -communal infrastructureandequipment		 £
-
(10,950)
-
-
e
-
-
(84,780)
29,304
(1)
(500)
(66,927) 5,371

8 Governance costs

Governance costs
.
2025 2024
£ £
Otherexpenses
Trustees' insurance 35 35
Office insurance 1,318 1,158
Legal and professional fees 320 320
Bank charges 48,716 41,903
Auditors' Remuneration 285 237
Trustees' expenses 9,372 9,469
Sundry 1,935 4,060
588 466
62,569 57,648

CharityNone ofduring the Trusteesthe year.(or any persons connected with them) received any remuneration or benefits from the

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9 Trustees

THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |(Continued)| |9|Trustees| |Trustee|indemnity insurance was paid|at a cost of £1 (318|(2024: £1,158).|2024|2023| |£|£| |1,935|4,060| |Trustees’|Expenses| |40|-|Employees| |The|average|monthly|number|of employees|during the year was.|2025|2024| |Number|Number| |4|1| |Trust|administrator| |2025|2024| |Employment costs|£|£| |Wages and salaries|317|,|004710|«|277|,|84|6|08| |Social|security|costs|4,372|4,703| |Other|pension|costs| |43,086|40,031|

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There were no employees whose annual remuneration was more than £60,000.

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||||||| |---|---|---|---|---|---| |41|Net gains/(losses)|on|investments|Endowment|Endowment| |funds|funds| |general|general| |2025|2024| |£|£| |Revaluation|of investments|1,516,161|8,795,965|

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42 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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i.

i i1

,

THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

13 Tangible fixed assets
Freehold property
Cost
At 6April 2024
i		 £
151,267
At 5 April 2025 ee
151,267
Depreciation and impairment
At 6 April 2024
151,267
At 5April 2025
151,267
Carrying amount
At 5April 2025
-
-
At 5April 2024
-
14 Fixed assetinvestments
Listed
investments
Cost or valuation £
At 6April 2024
Additions 162,208,087
Valuation changes 4,775,594
Disposals 1,516,161
(31,245,501)
At 5April 2025
. 137,254,341
Carrying amount
At 05April 2025
137,254,341
At 05April 2024
162,208,087
15 Debtors
Amounts
fallingduewithinoneyear:		 2025
£		 2024
£
Other debtors
- 2,991

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |46|Current asset investments|2025|2024| |£|£| |27,814,010|-| |Liquid|investments| |47|Creditors:|amounts|falling|due within|one year|2025|2024| |£|£| |4,480,754|9,803,192| |Grants|payable|115,579|109,770| |Other|creditors| |4,596,333|9,912,962| |48|Creditors:|amounts|falling|due|after more than|one year|2025|2024| |£|£| |10,913,395|2,809,277| |Grants|payable| |49|Retirement|benefit schemes|2025|2024| |£|£| |Defined|contribution|schemes| |Charge to|profit or loss in respect of defined contribution schemes|4,372|4,703|

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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.

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|||||||| |---|---|---|---|---|---|---| |)| |Analysis|of net assets net assets assets|between|funds| |Unrestricted|Endowment|Total| |funds|funds| |2025|2025|2025| |£|£|£| |‘| |At|5|April|2025:|-|137,254,341|137,254,341| |InvestmentsCurrent assets/(liabilities)|27,013,537|-|27,013,537| |Long term|liabilities|(10,913,395)|-|(10,913,395)| |16,100,142|137,254,341|153,354,483|

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20 Analysis of net assets net assets assets between funds

= 49"

|

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AF!

THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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|||||| |---|---|---|---|---| |Oa|a|a ee|ee|ee| |20|Analysis|of net assets|between|funds| |(Continued)| |Unrestricted|Endowment|Total| |funds|funds| |2024|2024|2024| |Restated|£|£|£| |At 5|April|2024:| |Investments| |LongCurrent|assets/(liabilities)|(2,949,521)-|162,208,087-|162,208,087(2,949,521)| |term|liabilities|(2,809,277)|-|(2,809,277)| |(5,758,798)|162,208,087|156,449,289| |21|‘Related|party transactions|

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There were no disclosable related party transactions during the year (2024 - none). Professor GM Griffiths, Professor HR Woudhuysen (until 31 August 2024), Professor MJA Freeman and Mr NR Clifford are also trustees of the Guy Newton Research Fund, a related charity. The Guy Newton Research Fund and the Edward Penley Abraham Research Fund hold joint investments with Cazenove and UBS, as well as Baillie Gifford and Lansdowne Partners (under custody of UBS). As at 5 April 2025 the Edward Penley Abraham Research Fund was entitled to 91.91% of joint investments held. All investment income and associated costs have been apportioned on the above basis. 22 Cash absorbed by operations

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |(Deficit)/surplus for the year|(3,094,806)|8,234,712| |Adjustments|for:| |Investment income recognised|in statement of|financial|activities|(2,201,056)|(2,253,084)| |Fair value gains and losses on investments|(1,516,161)|(8,795,965)| |Movements|in working|capital:| |Decrease/(increase)|in|debtors|2,991|(2,991)| |Increase/(decrease)|in creditors|2,787,489|(1,021,813)| |Cash absorbed by operations|(4,021,543)|(3,839,141)|

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The Charity had no material debt during the year.

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THE EDWARD PENLEY ABRAHAM RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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|||||| |---|---|---|---|---| |24|Prior|period|adjustment| |Changes|to the|balance sheet|At 5 April|2024| |As previously|Adjustment|As|restated| |reported| |£|£|£| |FixedInvestmentsassets||168,593,532|(6,385,445)|162,208,087| |Current|assets|575,005|6,385,445|6,960,450| |Bank|and|cash| |156,449,289|-|156,449,289| |Net|assets| |CapitalEndowmentfunds funds|168,593,532|(6,385,445)|162,208,087| |IncomeUnrestrictedfunds funds|(12,144,243)|6,385,445|(5,758,798)| |Total equity|156,449,289|-|156,449,289| |Changes to the statement of financial|activities|Period ended|5 April 2024| |As previously|Adjustment|As|restated| |:|reported| |&£|£|£| |Investments|2,451,789|(198,705)|2,253,084| |Net gains on investments|8,597,260|198,705|8,795,965| |Net movement|in funds|8,234,712|-|8,234,712|

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A prior period adjustment has been made to split out material cash balances held in investment portfolios. A second prior period adjustment has also been made to split out capital distributions from investment income and present in investment gains. There is no impact on total funds carried forward for either of the prior period adjustments outlined above.

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