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
Sara￿n & Partft￿ LLP
Juxon H￿Jse
100 St Paul's Churd)yard
London
EC4M 88U
Schroder Inveslrr*nl Management Limited
1 Londm Wal Hact
LorKlon
EC2Y SAU
8811￿ &fford
Callon Square
1 Green￿de Rtr
Edingburgh
EHI 3AN
LanSdcl￿e 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
objeC￿VIlle8 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$od, are ¥a118fied that system8 aTe
In placè lo mrtlgalè exposure to the m&jor rfsks.
The Trustees have Identtfled prDlecl¥ YltNn the Dunn School for fvndlng wtill8t al the Same Ym8 malnl8lnlng
tho value of the Expendablo Endowmgnt.
StruGtUrni gov•manc• and m4nag9mont
The Trustees who Served during the year and up lo tha date of 8lgnature of the ffinanclal 8tatem•nts were..
Profe88or Henry Woudhuysan FBA
Professor Matthew F￿eMan
Professor Gillian Grlffilhs
Professor Peter Cook
(Resigned 2 November 2020)
There shall not be appoinl8d more than five TTustses. The Professor of Pathology In the Universlty of Oxford
Bhall by vlrtua of Dfflce be entiued to bo a Trustee and on c•aslng that offiGe will Gease to be a Truglee ex
offiGlo. Olher Trustees were appolnled by Or Newton in hlg Imetlme,. they are now appointed by the existing
Tw61ee5. The Tru81èes are persons of emlnence who Command high regpe¢A in Ihelr respectlve careers In
educalon and research development. New Trustees arn mentored by one of the gxlsllng Trustees and ar•
provlded with the lalesl annual Teport and finan¢lal slatsments. prèviou6 minutes and detai18 of grants
oulstandlng, financial procedure5, risk assessment, Charty Commisslon leaflet CC3 IA) and a copy of the
Tnjst Deod.
Th6 day-to4ay management and admlnlstrallon are Gonducted In the Thist Office al thè Slr William Dunn
School of Pathology by the Admlnlstralor to the Trust. Rachel Faulkes. The Trustees, major policy decisions
are made at Trust me6ling$ 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 respon￿ble for weparing the Trustees Rewt arKI the fin￿￿la1 statements in acccfdance with
applicable law and Uniled Kingd￿ AcCO￿ting StarKlards (United lfjrydwn Generaly Accepted Acco￿tIng
Practice).
The law app￿cable 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
reSou￿e$ 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 ConS￿t￿tr,
- 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 fc41o￿d, 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 h￿th reasonable accuracy at
any lime the financAal posibort of the Charrty w￿ble 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
INDEPENDE￿r 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 ￿T￿Mar 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 Repo￿￿9 Slandard ap￿Kable 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 ap￿ICation of resDurc8s, for the year then ended:
have been property prepared in accordwKe ￿￿th Unlted Klngdom Gen8ra]ty A￿pted 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 Ethi￿1
Standard. and Y*E have fu1￿lled 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 co￿eM
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 v￿th respect to goiThJ Co￿eM are described in the
relevant sections of this repc
Other infomiation
The other inf0m￿tIOn comprTses the inlumiabc￿ I￿[uded n the annual reF4)rt other than thè financial statements
and our audito¢s rep￿t therel￿. The Trustees are re¥m)n￿ble 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 reSpOn￿lI1￿ Is to read the olher inf0m￿tIOn and, in
doing so, consider vthether the other infom*tion is materi￿ty tnconsislent the financial staten*nts or our
kno￿edge 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 sl*ments 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 rela￿ft 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 ￿tt￿SIStent 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 a￿lL
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)I￿J 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 Ob￿￿veS are to obtsin reasonabk assurance aboLrt vthelher the financial statements as a ￿Ole are free
from material misslalemenl, ￿ether due lo fra￿1 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$C￿ablY be
expected lo Infiuence the economic decisions of users taken on ba￿S 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 I￿egularl11es,
including fraud. The extent to which cyJr procedwes are capabje of detecting irregularities. including fraud, is
ddalled below.
A further description of c￿r ￿sPonSib￿r ties is a¥akble on the Financial Reporbng Ccluncil's website at.. hltP8:11
.froorg.uklaudttor5responsiblities. This desuipkn￿l 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
sTATEmE￿r OF FINANCIAL ACTivrriES
FOR THE YEAR ENDED 5 APRIL 2021
Currentfinan¢lal year
Unrestricted EndO￿Trent
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
Charfts￿e 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 aCti￿tieS inc]udes all gains and bsses recc#Jnlsed in the year.
All income and exp￿I￿re derive from ￿ntinuIr￿j a(#ivities.

THE GUY NEvirroN RESEARCH FUND
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED 5APRIL 2021
Prior finar￿la1 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 re￿WiSed In the year.
l inwme and eXP￿￿lture 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 liabil￿eS
(791,377)
1633.750)
TDtsI assets less cwrènt liabilities
15.$94.868
10.484,116
Capital fvnds
EndowTnent fUr￿s-
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
pU￿haSe 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 ACCOUn￿n9 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 cOndI￿on8 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 $he8t date. Traded
Secu￿1188 are valued at Ihelr mark81 quolallon as the year end date.
1.7 Cash and cash equivalent8
Cash And cash equlvalenls Include cash at bank8 and in hand and ¥hort le￿ deposit¥ wrth a m8lurty of
three month8 or le88.
Basic Ilnancl81 assets
Other dgbtors are mea8ured at Iran¥action price1888 any impalrment unless the 8Trangem8nt constltutes
financlng transaction in which casg the transactlon 15 measure at the present value of the future rècelpls
dlscounted al the prevailing rate of interest.
Baslo financlal Ilabllltles
TTade creditors are obligations to pay for goods and servlces that have been acqulred In the ordinary
course of business from suppliers. Accounts payable are classified as current liabilitiès if the company does
not have an unconditlonal Tight, al the end of the reporting period, lo defer selilement of the creditor for al
tea8t twelve months after the reporting dale. If there Is an uncondTtlonal rfght lo defer se￿ement for al least
Ive months aftèr the rePOr￿ng date, they are preser¢ted as non-currenl liabilitie¥.
Tr￿e creditgrs are recognised initially al the transactlon price and subsequently measured at amorb8ed
cost u$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 reVI￿On and future perfod5 where the re￿￿10n 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 actI￿tieS
(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. remU￿ratiOn
4320 4138
15.

THE GUY NEwfoN RESEARCH FUND
NOTES TO THE FINANCIAL STATEMENTS ICOPMNUED)
FOR THE YEAR ENDED 5 APRIL 2021
T￿￿treS
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 Cred￿Or$
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-