Charfty Reglstratk)n Nth 309696 THE GUY NEwfoN RESEARCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
THE GUY NEwfoN RESEARCH FUND LEGAL AND ADMINISTRATIVE INFORMATION Trust•es Professor Henry Vknidhuysen FBA Professor Matthew Freeman Professor &lkn"8n Griffiths Charlty number 309696 Audltor CriltheysAutht LLP Beaver House 2348 Hythe Brldge Street Oxford OX12EP 8ank¢rn CAF Bank Ltd 25 lQngs Hill Avelwe Wesl Maling Kenl ME194JQ Solleltors Mork T¥yl¢y Knlghts Mklland Hou80 We Vty Oxford OX2 OPH Inv?5trnent advlsor8 Saran & Partft LLP Juxon HJse 100 St Paul's Churd)yard London EC4M 88U Schroder Inveslrrnl Management Limited 1 Londm Wal Hact LorKlon EC2Y SAU 8811 &fford Callon Square 1 Greende Rtr Edingburgh EHI 3AN LanSdcle Parlner5 (LLP) 15 Day Street Lond W1K3AG UBS Weallh Man4ement 5 Broadgate EC2M 2AN
THE GUY NEwfoN RESEARCH FUND CONTENTS Page Trustees report statement of Trustees responsibilities IndeperKlent auditorfs r8POrt Statement of financial activities Balance sheet 10 Statement of eash flows 11 Notes to the financial statements 12-19
THE GUY NEWTON RESEARCH FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 The Trustee3 present thelr report and financial statements for the year ended 5 April 2021. The financial statements have been prepared in a[dance with the accountlng policies set 0 in note 1 to the financial slalements and comply with the Chartty'8 Trust deed, the Charities Act 2011 and 'Accounling and Reporting by ChariliE$'. Statement of Rewmmended Practice applicable to charities prep8ring thèir accounts in aecordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeGtive 1 January 2019)" Objectlvgs and actlvitles The Trust's objectives are the furtherance of medical. biological, and chemical research in the Universlty of Oxford including its colleges, halls, and sociètiÈs Iwth priority being given to the Sir Williarn Dunn School of P8lhologyl- the objectivè is exclusively public and charitable, and gTanls lo be made for the benefft of both current and futurè rèsearch, wtth mankind being the eventual beneficiary. The Trustees. aims are lo assess current trends and needs in the research beiny undertaken and to make appropriate grants. The accumulated capital Df the fund was built up from royalties in the eartier years and subsequentTy from investment incorne. Subslantlal funds are needed lo achiev& both the short lerrn and long- term objectives of the fund. Any capitsl withdrawal needs the consent of all Trustees, and long term planning Is essential. Thè investment policy to a15 of the Investrnent Managers Is dlctated by the terms agreed with the company. The Trustees have paid due regard to guldance Issued by the Charity Commission in deciding adivities the Charity should undertake. The Trustees continue lo support research in the Sir Wlllam Dunn School of Pathology on an annual basis, in the forni of a number of grants for specific purposes. The Trust's inveslrnents are managed by third parlies and the funds available and perfomiance are carefvlly reviewed on a regular basis. Publlc benefits The Trustees confirm that they have pald due regard lo the Charity Commission's guidance on public benefit In deciding which activities they should undertake,. the public wll b8 the ultimate beneficiary of scienlrfic research work carried out in the Sir William Dunn School of Pathology. The Trust was founded on 17 March 1967 by Guy Geoffrey Frederick Newton and Professor Sir Edward Abraham for the furtheran¢e of research al the Sir William Dunn School of Pathology in the medical. biological and chemical sciences. In the early years the Trust received royalties from provious research bul now relies on income from its enéowment fijnd to make ils grants. Th8 inl&ntion was lo build a significant fvnd to enable regular important contributions lo the above research. The governing document IS the Trust Deed and con$lilule5 an unincorporated charity- The Trusi fund Is unrestricted and thè Trustees have absolute discretion to use of income for the furtherance of the charfty's objectives. bul there can be no use uf pItal without the unanimous Consènt of the Trustees. If the Trustees see no reason to the contrary, they will 5UPPOrt research in the medical, biological and Chemical saences at the Slr William Dunn School of Pathology. The TNslees arranged for an independent legal opinion on the Tfusl Deed in se they wsh to change their investsnent management policy and are reassured that they have authority lo make such a mcve.
THE GUY NEWTON RESEARCH FUND TRUSTEES REPORT (CONTINUED> FOR THE YEAR ENDED 5 APRIL 2021 Flnan¢lal review The Statement of FlnancSal Activities shows net deficit for the year of'£180,167. There wèrè net investment galns of £5,390,919. The res8Nes stsnd at £15.694,868. The Trust 18 not dependent on donations or the sefvlces of unpaid volunteers. Its Investments are held to produce Income for grants agreed by the Trusl888, who contlnue lo monitor the performance of Investment Manager¥ on a regular basis. Futurè Grants commitments provlded, for amountgd to £799,581. Grant8 paid were £267,528 and those awarded in th& yearwere £330,000. Funds availablo The Tru8t spends very Ilttle on admlnlstratlon èxpen888. The Truotees through thelr grants and longer-lemi commKmenl¥, feel salisfled that tha Th18t has achieved Its objeCVIlle8 In the year. bul are mlndful of the need to pres•Tve an appropriato planning 8trategy for both Gash flow and ts'mlng ol future grants. The.avallable re8erye8 aro 8uffleiént to m•el all comnllments lo dats. 11 Is not possible to 88t tlme limits on the achlevemenls of gucce85ful research,. therefore, the Trusteès place great emphasls not onty on 8UPPOrtlng current research but on mainlainlng the caprtal base so that future Trust8•8 will be 8bl8 to mntinue lo do 80. The Truste88 review th8 risks of the Trust al each meellng. Th rnalor risks would Involve the Trust's Investments and grants lo be approved. Trust Inve81ment man8ger8 8118nd meetings on & regular bas18 or by speci81 arrangements lo lake approprfate acllon. The Tru8tee8 h88 88se88ad the m8lor rS$k$ to whl¢h tho Charftylg expo$od, are ¥a118fied that system8 aTe In placè lo mrtlgalè exposure to the m&jor rfsks. The Trustees have Identtfled prDlecl¥ YltNn the Dunn School for fvndlng wtill8t al the Same Ym8 malnl8lnlng tho value of the Expendablo Endowmgnt. StruGtUrni gov•manc• and m4nag9mont The Trustees who Served during the year and up lo tha date of 8lgnature of the ffinanclal 8tatem•nts were.. Profe88or Henry Woudhuysan FBA Professor Matthew FeMan Professor Gillian Grlffilhs Professor Peter Cook (Resigned 2 November 2020) There shall not be appoinl8d more than five TTustses. The Professor of Pathology In the Universlty of Oxford Bhall by vlrtua of Dfflce be entiued to bo a Trustee and on c•aslng that offiGe will Gease to be a Truglee ex offiGlo. Olher Trustees were appolnled by Or Newton in hlg Imetlme,. they are now appointed by the existing Tw61ee5. The Tru81èes are persons of emlnence who Command high regpe¢A in Ihelr respectlve careers In educalon and research development. New Trustees arn mentored by one of the gxlsllng Trustees and ar• provlded with the lalesl annual Teport and finan¢lal slatsments. prèviou6 minutes and detai18 of grants oulstandlng, financial procedure5, risk assessment, Charty Commisslon leaflet CC3 IA) and a copy of the Tnjst Deod. Th6 day-to4ay management and admlnlstrallon are Gonducted In the Thist Office al thè Slr William Dunn School of Pathology by the Admlnlstralor to the Trust. Rachel Faulkes. The Trustees, major policy decisions are made at Trust me6ling$ by the Trustee8. Other declsicns taken betsveen meetings.are confimied at Trust meetings. The quoted portfr)Iio 18 managed by five Inve8lmenl managers and is reviewed at th6sè meeting8 wilh senior repre8entstive¥ of those companle$ in attendance if requested by the Tru8tee$. sk P4lanagem•nt The Twstees have a duty to identify and review the rfsk to whlch the charity Is exposed and to ansure appropriate controls are in place lo provlde reasonable assurance against fraud and error.
THE GUY NEWTON RESEARCH FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 The Trustees report was approved by the Board ofTrustees. Profe88or Glllla Trustee Dated.. 9 November 2021 rrffiths
THE GUY NEwfoN RESEARCH FUND STATEMENT OF TRUSTEES RESPONSIBILrriES FOR THE YEAR ENDED 5APRIL 2021 The Trustees are responble for weparing the Trustees Rewt arKI the finla1 statements in acccfdance with applicable law and Uniled Kingd AcCOting StarKlards (United lfjrydwn Generaly Accepted AccotIng Practice). The law appcable lo charities in EnglaTKI 1 Vkles requires the Tntstees to prepare financial statefnents for each financial year vthich glve a true and fair view of the state of of the Charity and of the incoming reSoue$ and application of rosources of the Chanty for IIHt year. In preparing these financial statements, theTrustees e required to: - select suitable accoLllMlng polKres and Ihen apply fh8m ConSttr, - observe the methods and prtnrAF4es in th• Chathes SORP. - make Judgements and estimates th are rea8c¥Wle and prud - stste whether appltcable accountbJ standard5 have been fc41od, subject to any material depathres disdoseil and explained in.the finanaal statèments; and - prepare the financial statements on the wrwJ concem basB lesS it is inappropriate to presume that the tharity wll contlnue In tsperation. The Trustees are responsible keeFing suffirAent accounting records that dlsclose hth reasonable accuracy at any lime the financAal posibort of the Charrty wble them to ensure that the financial ststement5 comply wth the Charities Act 2011, the Charrty {Accounts and Reports) Regulations 20D8 and the provisions of the trust d88d. They are atso responsible for safeguarding the assets of the Chty arKJ hence for tskbng reasonable steps for the prevention and detecticm of fraud arKI other irregLlariti8S.
THE GUY NEwfoN RESEARCH FUND INDEPENDEr AUDITOR'S REPORT TO THE TRUSTEES OF THE GUY NEwfoN RESEARCH FUND Oplnlon We have auditgd the finanoaT stslements ofThe Guy Newlon Research Fund Ithe'CharTty'I for the year ended 5 April 2021 which comprise the ststement of TMar actNth"es. the balance sheet. Ihe statement of cash fIows and the notès to the financial stslements, induding Signffj accounting policies. The financial reportirTrg framework that has been applied in their preparation is applicable law arKI United Kingdom Accounting Standards. including FRS 102 The Financl81 Repo9 Slandard apKable in the UK and Republ of Ireland (United Kingdom GenerallyAccepted AccountbvJ Pra¢iKe). In our opinion, the financia statements= give a true and fair view Df Ihe state gf the chari$ affairs a5 al 5 N>ril 2021 and of its incoming rèsources and apICation of resDurc8s, for the year then ended: have been property prepared in accordwKe th Unlted Klngdom Gen8ra]ty Apted Accounting Practice,. and have teen prepared in accordance the requiremtnts ofthe ChaiibesAd 2011. Basls for oplnlon We conducted our audit in accordance viith Internationa Standard5 C Auditing IUKI IISAS (UK)) and applicable law. Our responsibiffties under those stand8r(Is are ftNther described in the Auditorfs re5ponsibilitie5 for the audit of the financial statements section of wr repo are independent of the Charity in accordance wtth the ethical requirements that are relevant to our audit of the finarrial statements in the UK, induding the FRG'S Ethi1 Standard. and YE have fu1lled our other ethical responsibilit$ in aceordancè with these reqLriremenls. We believe that the audit evidence we have obtained is suffiuent and approprrate to provide a basis for our opinion. Caneluslons relating to goirvj coeM In audibng the financial statements. have conctuded that the Trustee5' use of the going concem bas18 of accounting in the preparation of the finanual statements is 8pprwiate. Based on the work we have performed, we have not iden1ified any material uncertaintie5 relating to events or conditions that, indiwdually or collectivety, may cast signfficant doubt on the Charity's abilty tt> conlinue as a going eoneem for a period of at leasl Iwelve months from when the financial statements are aulhorised for issue. r responsibilibes arKI the resp)nsi)ilities of the Trustees vth respect to goiThJ CoeM are described in the relevant sections of this repc Other infomiation The other inf0mtIOn comprTses the inlumiabc I[uded n the annual reF4)rt other than thè financial statements and our audito¢s rept therel. The Trustees are re¥m)nble fw the other uifomiation contained within the annual report. Our oimnion on the financia stslemenls does not cover the other infomiation and wè do not express any fomi of assurance eonclusion thereon. Ow reSpOnlI1 Is to read the olher inf0mtIOn and, in doing so, consider vthether the other infomtion is materity tnconsislent the financial statennts or our knoedge obtained in the course of the audiL or otherwise appears to be materialty mi55tated. If we identify such material incon515tencies or apparent material misstatements, are required to delerniine whether this gives rise to a material misstatement in the finan¢>al slments thernselves. If. based on the work have pertormed. we conclude that there is a matertal misstatement of tt)is other infonnation, we are required to report at fact. We have nothing to report in this regard.
THE GUY NEWTON RESEARCH FUND INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF THE GUY NEwfoN RESEARCH FUND Matter8 on whl¢h we are required to report by oxception We have nothing to report in respect of the following matters in relaft to which Ihe Charities (Accounts and Reports) Regulations 2008 require us to report to Ye rf, in our opinion: the information given in the financial statements ttSIStent any maierlal respect with the Tjustees report., or suffiaenl accountiThJ records have not been kept; or the financial statements are not in agreement the accryjnting records; or we have not received all the informalion and explanations we require for our alL Responsibilities of Truste95 As exrdained more fvlly in the ststement of Trustees responsibilibes, the Trustee5 are responslble for the preparation of the financiat statements and for being satisfied that they give a true and fair view. and for such Intemal control as the Tru51ees delerniine is necessary to enatAe the preparalKJn of financial stslèmenls that are free from material misstatement, whether due to fraud or error. In preparing the financ4al statements, the TNstees are rÈsptsnsible for assessing Ihe Charitys ability to continuè as a going concern. disclosiro, as applicable. matters related lo 9)IJ concein and ugng the going concem basis of accounting unless the TrusleÈs èither llitend lo ase operatKJn& or have realtstic allemative but to do so. Audltor Tespon5ibillties for the autht of financial statemonts We have been appointed as auditor U[er section 144 of the Charitles Act 2011 and rewrt tn aecordance with the Act and relevant regulations made or havDw effect thefeunder. Our ObveS are to obtsin reasonabk assurance aboLrt vthelher the financial statements as a Ole are free from material misslalemenl, ether due lo fra1 or error, and to issue an auditovs report that includes our opinion. Reasonable assuran is a high level of assurance but is not a guarantee that an audr( conduded in accordance with ISAS (UK) will 8Kvays detect a material misstatemeftt when it exists. Misstatements can arise from fraud or error and are constdered material rf. tThJNidually or in the aggregate. they could rea$CablY be expected lo Infiuence the economic decisions of users taken on baS of Ihese financial Statements. Irregularities. indu(fjng fraud, are ir6tarKes of n(Trcomplrance wth laws and regulations. We design procedures in line our responsibilities. tlIne0 above. to detect materi misstatements in respect of Iegularl11es, including fraud. The extent to which cyJr procedwes are capabje of detecting irregularities. including fraud, is ddalled below. A further description of cr sPonSibr ties is a¥akble on the Financial Reporbng Ccluncil's website at.. hltP8:11 .froorg.uklaudttor5responsiblities. This desuipknl fonns part of our audito*s reporL Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by CharilTes.' Stsiement of Recommended Practice applicable to charities preparing their accounts in a(rdanCe the Financi Reporting Stand¥d apwicable in the UK and Republic of Ireland FRS 102)" las amended) in preference to the Accountv)g arKI Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 is referred to in the extant regulations but has now been thdrav•n. This has been done in order far the financial ststements k) provide a true and fair view in accordance wth current Generally AcceptedA¢¢ounting Practice.
Robert Kirtland (Senior Statutory Auditor)
Date: 07 December 2021
THE GUY NEwfoN RESEARCH FUND sTATEmEr OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 5 APRIL 2021 Currentfinan¢lal year Unrestricted EndOTrent fund$ funds 2021 2021 Total Total 2021 2020 Income Investments 172,724 172.724 171.913 Ex endltu Raising fijnds 17.847 17,847 10.594 Charftse actiwties 335.044 335.044 302,353 Total èxpenditure 352.891 352,891 312.947 Net gainslOosses> on irbvestments 10 5.390.919 5,390,919 {1.350,9271 Net loutgolng)fincoming resources beforn transfèrs (180.167) 5.390,919 5.210,752 (1.491,961) Gross transfers betsveen funds 1811.210) 611,210 Net movement In lunds (791.37n 6,002.129 5.210.752 (1.491,981) Fund balances al 6 April 2020 10,484,116 10,484,116 11,976.077 Fund balances at S Aprll 2021 (791.3TI) 16,486,245 15.694.868 10.484.116 The sl*ment of finan¢ial aCtitieS inc]udes all gains and bsses recc#Jnlsed in the year. All income and expIre derive from ntinuIrj a(#ivities.
THE GUY NEvirroN RESEARCH FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Prior finarla1 yeer Unro$trlcted Endowment nds funds 2020 2020 Total 2020 Investments 171.913 171,913 Ex ndlturÈ on: Raising funds 10.594 10,594 CharitatAe activities 302,353 302,353 Total exp8nditure 312.947 312,947 Net gainsloossesl on Investments 10 (1.350,927) 11,350,92n Net loutgolrwvlncomlng resources before transfe (141.034) (1.350,927) {1,491.1) Gross transfers beh¥e fund$ 141.034 (141.034) Net movement in funds (1,491,981) 11,491.961) Fund balances at 6 Awil 2019 11.976,077 11,976.077 Fund balarKes at 5 April 2020 10.484.116 10,484,116 The statement of financial activities inchjdes all nS and hJssEs reWiSed In the year. l inwme and eXPlture derfve from ccffitininro activities.
THE GUY NEwfoN RESEARCH FUND BALANCE SHEET AS AT 5APRIL 2021 2021 2020 Fixed assots Investsnents 11 16.486,245 11.117.866 Current assets Debtor8 Cash al bank and in hand 13 g25 96,646 15.096 15.096 97,Y11 Creditora: amounts falllng ¥thin oné year 14 (a.473} (731,3211 Net current liabileS (791,377) 1633.750) TDtsI assets less cwrènt liabilities 15.$94.868 10.484,116 Capital fvnds EndowTnent fUrs- eneral General endowment funds 16.486245 10.484,116 16.486.245 10.484.116 Permanent endowment ExpendaL4e endowmerrt 16.486,245 10.484.116 15 16,486,245 10.484,116 In¢omo funds Unrestricted funds (791.377) 15.694.868 10,484,116 The financial stat&mants w&re aprxoved by the Trustees on......................... Professor Gil. Truste8 Griffiths 10-
THE GUY NEwfoN RESEARCH FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2020 Cash flows from operntlng athltles Cash absorbed by operdtions 18 (276,814) 1147,586} Investlng actlvltles pUhaSe of investments Proceeds on dispDsal of irNestwnenls Investment income received 11,291,050) 1,313.590 172,724 53,797 171,913 Net cash genèrated Investlng activities 195.264 225,710 Net cash used In financlTh3 acllvitles Net (thcreasellincreasè in cash and cash equlvalents (81,550) 78,144 Cash and cash equivalents at beglnning of year 18,5 Cash cash equivalents at end of year 15,096 96,646 11
THE GUY NEWTON RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2021 Accounting pollcles Charity inlomiatlon The Guy Newton Research Fund 15 an unincorporated Trust domiciled in England. Its principal address is: Univer81ty of Oxford. Sir Wlliam Dunn School of PalPK)logy, South Parks Road, Oxford, OX13RE. 1.1 ACCOUnn9 convgntlon The financial stslemen18 have been prepared in accordance th the Charlly's Trust deed, th8 Charitie8 Aet 2011 and Accounting and Reportlng by Charilias.. Slalam8nl of Recommended Practice applicoble to charitie8 preparing their a¢¢ounls In accerdance wllh the Financial Reporting Slandafd applicable in the UK and Republic of Ireland IFRS 102} leffeclive l January 20191 The Charily 15 a Public Beneffit Entsly as defined by FRS 101 The financlal 81alemenls are prepared in sterllng, whlchls the fvnotlonal ¢Ufrency of the Charlty, Monetary amounts In these flnanclal slalèments are rounded to the nearest £, The financl818tatemenls have been prapared under the hlstcrlcal cost ¢onvention, modlfied lo Include the revaluatlon of freehold propèrties and lo include investment propertles and cert8ln financial InslTum•nls al fair valu8. The princlpal accounting pollcles adopted are Set out below. 1.2 Golng conGorn Al the Ilme of approving the flngncl&l 8talemen18, the Trustee8 have a r8ason8ble expectation that th• Chartty has adequate resource$ lo continuè In operalion318xi8lence for the foreseeable future. Thu8 the Trustees contlnu8 lo adopt the golng concern bas18 of accounting In propaHng the linanGi?I statemenlg. 1.3 CharitablB funds These arè funds whlch can be used In a¢¢ordance wlth the charitsble objects al the di8cretlon ef the Trusleas. Th•sa are funds that arè u$ed for partlcular purp¢)ses within tha oblo¢ls of the Chailty. Further explanallon of the nature and purp08e of each fund is Included In the notes to the financial Statements. Endowment fLmds are subfvct to spaclfic condlfjons by donor¥ that the Gapllal must be malnlatned by the Charity. 1.4 Incom8 Income is recognlsed when the Charity is legally enlilled lo it after any performance cOndIon8 have b88n met, the amounts can be measured rellably, and il is probable Ihal Income will be received. Income from invèstm8nl8 Is reccgnised in the year In whlch Is rece6vablè. 12-
THE GUY NEwfoN RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Accountlng pollclès IContlnu•dl 1A ExpondSture The costs compdse Df those attrfbutable tD managlng the Investment portfolloB and arlslng Inve81ment Income. Grant payable Grants payable have lo fall withln the lem18 of the Chartty's objec18 and nee(l8pproV of the Trusleeg 8n¢J the reclplent ablding wllhln the lemis of reference of the Grant. The Charlly had, at the Balance Sheet dale, approved grants lo be paid In subsequent years. Provislon has been madg in Ihesg financial ststements for the Grants as explalned In note 11. Govèmanc• costs Governance costs includ8 those co81s, such a8 Aucllors, fees, ass¢xi8led th conslllullonal and Statuary requirem&nts of the charity. Forolgn currencles Transacllon8 In forelgn currencle8 are reoord•d at the rate Tullng 81 the date of the transacllon. Assets 8nd Ilabillll88 denomlnated In forelgn Gurren¢ies are converted al the yearvend exchange rate. All exchange dlfferences are reflected In the Incorne and expendlture account. Volunteer 8èrvlcè# The Charity doe8 not rely on the support of voluntegr ger¥lce8. Expend6ture18 Includad In the Statement of Flnancl81 Aclivhles on 8n accruals b8818 Incluslva of any VAT which cannot bè recovered. They are classlfied under headlngs that aggre9ale all w¥t$ related to the category. Wh•r• costs cannot be drectly attributèd to particular headln95, they h8v8 been allocated to activities on a basis con51stsnl wkh the use of resources. AII c08t calegorfes ar? Indlvldually apportloned and hènce 8UPPOrt cos18 are not Shown sèparately. 1.6 Flxèd aÈs•t Inv•stm•nts Assets held for Investment purposes are valued al market value al th? balanre $he8t date. Traded Secu1188 are valued at Ihelr mark81 quolallon as the year end date. 1.7 Cash and cash equivalent8 Cash And cash equlvalenls Include cash at bank8 and in hand and ¥hort le deposit¥ wrth a m8lurty of three month8 or le88. Basic Ilnancl81 assets Other dgbtors are mea8ured at Iran¥action price1888 any impalrment unless the 8Trangem8nt constltutes financlng transaction in which casg the transactlon 15 measure at the present value of the future rècelpls dlscounted al the prevailing rate of interest. Baslo financlal Ilabllltles TTade creditors are obligations to pay for goods and servlces that have been acqulred In the ordinary course of business from suppliers. Accounts payable are classified as current liabilitiès if the company does not have an unconditlonal Tight, al the end of the reporting period, lo defer selilement of the creditor for al tea8t twelve months after the reporting dale. If there Is an uncondTtlonal rfght lo defer seement for al least Ive months aftèr the rePOrng date, they are preser¢ted as non-currenl liabilitie¥. Tre creditgrs are recognised initially al the transactlon price and subsequently measured at amorb8ed cost u$ing the effective inlere8t method. 13-
THE GUY NEWTON RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Accounllng polkles Icontinuedl 1 A Taxatlon Charity is exempt from t8x on its charilablè 8Ctivitigs. Valuè Add¢d Tax Value Added Tax is not recoverable by the Charty and as such is included in the r818vant costs in the Statement of Financlal Acttvit18S. Critical accountlng estlmates and Judgements In the applicatlon of the Charitys accounting policies, the Trustees are required to make judgements, estimates and assumptiorts about the carrylng amount of assets and liabllilios that arè not readily apparent from other sources. The estimates and assoclated assumptions affj based on historical experien and other factors that are c(s1dered to be relevanL Actual results may differ ffom these eslimates. The estimates 8nd undedwng assumpuons are revlewèd on an ongoing basis. Revisions lo accountlng estimates are recognised in the period In which the estimate 15 revised where the revislon affects only that .peTiod, or In the pertod Df the reVIOn and future perfod5 where the re10n affects both currenl and future periods. Investments Unrestricted Unrestricted funds funds 2021 2020 Dividends Interest 165,100 7,624 168,820 3,093 172.724 171.913 Ra151ng funds Unrestrlcted Unrestricted funds nds 2021 2020 Investrngnl management 17.847 10,594 17,847 10.594 14-
THE GUY NEwfoN RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Charitablo activities 2021 2020 Governance costs 4,353 Grant funding of actItieS (see note 61 330,000 298.000 335.044 302,353 Grants payable Unrestrlcted 'Unreslrict8d funds funds 2021 2020 Grants to Inslituuons: Grants to Sir William Dunn School of Pathofogy- Unfversity of Oxlord 330,000 298,000 2021 2020 Sponsorship of departmental seminars Sabbatlcal visltors Translational grants Synèrgy b8tW8en groups Small grants for Individual circumstances Summer sludenlships Matched fundinglcommunal equipment 20,000 18,000 100,000 20.000 20,000 20,000 100,000 100.000 30,000 100.IK)D 100.wo 2021 2020 0th8r @xpense5 Legal and professKJnal fees Bank charges 78 528 118 81 Audlltsrs. remUratiOn 4320 4138 15.
THE GUY NEwfoN RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS ICOPMNUED) FOR THE YEAR ENDED 5 APRIL 2021 TtreS None of the Truste8s (or any persons connected Voith them) received any rèmneration or benefrts from the Charrty during the year. Employ• The average monthly number of empbyèes during Ihe yearwa& 2021 Number 2020 Number Total 10 Net galn8111088•81 on Investm8nts Endowment ErKlowmonl funds fvnds gonoral general 2021 2020 Gainllloss) Dn Sale of investrnents 5,390,919 11,350,927) 11 Flxed uset Investments Li8t•d Inv•stments Cash In PDrtfollo Total Cost or valulltlon Al 6 Aprll 2020 Additions Valuation changes Other movements Dl$posa15 10.787,264 1.291.050 5.390,919 330,e12 11,291,050) 19,$881 (12.5741 1.240,S62 11,117,866 6,380,953 {12,5741 (1.240.962) At 6 April 2021 16,228,261 257,984 16,486,248 CarrySng amount At 05April 2021 16228,2e1 2S7,904 16,486,245 Al 05 April 2020 10.787,254 330,612 11.117.8e6 16-
THE GUY NEwfoN RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (coKllNUED) FOR THE YEAR ENDED 5 APRIL 2021 12 Debtovs 2021 2020 Amounts falllng dug within one year. Other debtors 925 13 Crndltors: amounts falllng dufj thIn ¢Th yoar 2021 2020 Other credltor8 Awrual8 arKI deferred income 799,580 6,893 727,108 4,213 806.4n 731,321 -17-
THE GUY NEWTON RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 15 Endo5)ent funds Endowment funds represent assets ttl¢h must be held permanenJy by Ihe Chaiity. Income ari5rrwJ on the endov•vnenl funds can be used in accordance with the objects of the Charity and is induded as unrestricted inCLKne.Any c4xtal gains or losses arising on the assets fom) part of the fund. ovem8nt in funds rffj)vement In funds Balance at 6 Apfil 2019 Incomlng In¢oMkng gains *d 6Aprl 2020 resotW¢8S RwuiGe5 eyended Trnnsf8r8 Revaluaflons Balance at galn5 and S April 2021 losse5 Expendable endowment 11.976.077 (141,034} 11.350.927) 10.484.116 611,210 5,390.919 16.486.245 11,976,077 1141.034) 11,350.927) 10.484.11fj 611.210 5,390.919 16,486,245 18-
THE GUY NEWTON RESEARCH FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 16 Analy¥l¥ of net a¥sets between fund8 UnTrstricted Endowmènt funds funds 2021 2021 Total Unrestrlcled Endowment funds funds 2020 2020 Totsl 2021 2020 Fund balances et 5 April 2021 are represented by.. Investments Current assetsl 1e,486245 16,488,246 11,117,866 11,117,886 1791,3771 {791,3771 1633,7501 (633,7501 15,694,868 15,694.868 10,484,116 10,484,116 17 Relatgd party tronBactlon8 There were no dlg¢1088blg r¢tatod p8rty Iran$octlons ¢Juring the year {2020- nong). Professor OM Grfffilhs, Profesor HR Woudhuysen and Profesgor MJA FTeeman gre also tru31ee8 of the Ethard Penley Abraham Research Fund, a related charfty. The Guy Newton ReBèarch Fund and th• Edward Panley Abraham Research Fund hold jolnt Investmonls th Sandaire LlmS1•d and UBS. A8 al 5 April 2021 the Edward Penley Abraham R¢3earch Fund was enlSlled lo 91.91 % of the Sandaire & UBS funds. All Invgslmtsnt in¢om¢ and 4$$0¢Iated costs have been apportioned on the above ba815. 18 Cash generatsd from operatlon• 2021 2020 Surpluslldeficill lor the year 6,210,752 11,491,961) Adlu8tments for.. Investment Income recognlsed In statement of financl81 acllville8 (Galnllloss on dispDBal of invoslments 1172,7241 16,390,919) 1171,9131 1,350,927 Movements in worklng capital: Decre8sellincreasÈl In debtors Increase in CredOr$ 925 75,152 1333) 166,714 Cash absorbed by opgrations 1276,814) {147,566) 19 Analysis of changes In net fund$ The Charity had no debt durfng the year. 19-