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2022-04-05-accounts
| Trustees |
Professor Matthew Freeman |
|
|
Professor Gillian Griffiths |
|
|
Professor Elizabeth Robertson |
(Appointed 9 November 2021) |
|
Professor Henry Woudhuysen FBA |
|
| Charity number |
309696 |
|
| Auditor |
Critchleys Audit LLP |
|
|
Beaver House |
|
|
23-38 Hythe Bridge Street |
|
|
Oxford |
|
|
OX12EP |
|
| Bankers |
GAF Bank Ltd |
|
|
25 Kings Hill Avenue |
|
|
West Malling |
|
|
Kent |
|
|
ME19 4JQ |
|
| Solicitors |
Mark Taylor |
|
|
Knights |
|
|
Midland House |
|
|
West Way Botley |
|
|
Oxford |
|
|
OX2 OPH |
|
| Investment advisors |
Sarasin & Partners LLP |
|
|
Juxon House |
|
|
100 St Paul's Churchyard |
|
|
London |
|
|
EC4M 8BU |
|
|
SchroderInvestmentManagement |
Limited |
|
1 London Wall Place |
|
|
London |
|
|
EC2YSAU |
|
|
Baillie Gifford |
|
|
Calton Square |
|
|
1 GreensideRow |
|
|
Edingburgh |
|
|
EH13AN |
|
|
Lansdowne Partners (LLP) |
|
|
15 Davies Street |
|
|
London |
|
|
W1K3AG |
|
|
UBSWealth Management |
|
|
5 Broadgate |
|
|
EC2M2AN |
|
|
Page |
| Trustees report |
1 - 3 |
| StatementofTrustees responsibilities |
4 |
| Independent auditor's report |
5-8 |
| Statementoffinancial activities |
9 - 10 |
| Balance sheet |
11 |
| Statementofcash flows |
12 |
| Notes to the financial statements |
13 - 21 |
25/11/2022
| Current financial year |
|
|
|
|
|
|
|
Unrestricted |
Endowment |
Total |
Total |
|
|
funds |
funds |
|
|
|
|
2022 |
2022 |
2022 |
2021 |
|
Notes |
£ |
£ |
£ |
£ |
| Income from: |
|
|
|
|
|
| Investments |
3 |
208,260 |
|
208,260 |
172,724 |
| Expenditure on: |
|
|
|
|
|
| Raising funds |
4 |
6,732 |
|
6,732 |
17,847 |
| Charitable activities |
5 |
338,389 |
|
338,389 |
335,044 |
| Total expenditure |
|
345,121 |
|
345,121 |
352,891 |
| Net gains/(losses)oninvestments |
10 |
|
(607,243) |
(607,243) |
5,390,919 |
| Net (outgoing)/incoming resources before transfers |
|
(136,861) |
(607,243) |
(744,104) |
5,210,752 |
| Gross transfers between funds |
|
113,132 |
(113,132) |
|
|
| Net movementinfunds |
|
(23,729) |
(720,375) |
(744,104) |
5,210,752 |
| Fund balances at 6 April2021 |
|
(791,377) |
16,486,245 |
15,694,868 |
10,484,116 |
| Fund balancesat5 April 2022 |
|
(815,106) |
15,765,870 |
14,950,764 |
15,694,868 |
| Prior financialyear |
|
|
|
|
|
|
Unrestricted |
Endowment |
Total |
|
|
funds |
funds |
|
|
|
2021 |
2021 |
2021 |
|
Notes |
£ |
£ |
£ |
| Income from: |
|
|
|
|
| Investments |
3 |
172,724 |
|
172,724 |
|
|
-- |
|
|
| Expenditure on: |
|
|
|
|
| Raising funds |
4 |
17,847 |
|
17,847 |
|
|
- |
|
|
| Charitable activities |
5 |
335,044 |
- |
335,044 |
|
|
- |
|
-- |
| Total expenditure |
|
352,891 |
|
352,891 |
|
|
- |
|
|
| Net gains/(losses) on investments |
10 |
|
5,390,919 |
5,390,919 |
| Net (outgoing)/incoming resources before transfers |
|
(180,167) |
5,390,919 |
5,210,752 |
| Gross transfers between funds |
|
(611,210) |
611,210 |
|
| Net movement in funds |
|
(791,377) |
6,002,129 |
5,210,752 |
| Fund balances at 6 April 2020 |
|
- |
10,484,116 |
10,484,116 |
| Fund balancesat5 April 2021 |
|
(791,377) |
16,486,245 |
15,694,868 |
|
|
2022 |
2022 |
2021 |
2021 |
|
Notes |
£ |
£ |
£ |
£ |
| Fixed assets |
|
|
|
|
|
| Investments |
11 |
|
15,765,870 |
|
16,486,245 |
| Current assets |
|
|
|
|
|
| Cash at bank andinhand |
|
17,038 |
|
15,096 |
|
| Creditors: amounts falling due within |
|
|
|
|
|
| one year |
12 |
(832,144) |
|
(806,473) |
|
| Net current liabilities |
|
|
(815,106) |
|
(791,377) |
| Total assets less current liabilities |
|
|
14,950,764 |
|
15,694,868 |
|
|
|
|
|
-- |
| Capital funds |
|
|
|
|
|
| General endowment funds |
13 |
|
15,765,870 |
|
16,486,245 |
| Income funds |
|
|
|
|
|
| Unrestricted funds |
|
|
(815,106) |
|
(791,377) |
|
|
|
14,950,764 |
|
15,694,868 |
|
|
2022 |
|
2021 |
|
|
Notes |
£ |
£ |
£ |
£ |
| Cash flows from operating activities |
|
|
|
|
|
| Cash absorbed by operations |
16 |
|
(319,450) |
|
(276,814) |
| Investing activities |
|
|
|
|
|
| Purchaseofinvestments |
|
(472,534) |
|
(1,291,050) |
|
| Proceeds from disposalofinvestments |
|
585,666 |
|
1,313,590 |
|
| Investment income received |
|
208,260 |
|
172,724 |
|
|
|
- |
|
|
|
| Net cash generated from investing |
|
|
|
|
|
| activities |
|
|
321,392 |
|
195,264 |
| Net cash usedinfinancing activities |
|
|
|
|
|
| Net increase/(decrease)incash and cash |
|
|
|
|
|
| equivalents |
|
|
1,942 |
|
(81,550) |
| Cash and cash equivalentsatbeginningofyear |
|
|
15,096 |
|
96,646 |
| Cash and cash equivalentsatendofyear |
|
|
17,038 |
|
15,096 |
|
Unrestricted |
Unrestricted |
|
funds |
funds |
|
2022 |
2021 |
|
£ |
£ |
| Dividends |
208,260 |
172,724 |
| 4 |
Raising funds |
|
|
|
|
Unrestricted |
Unrestricted |
|
|
funds |
funds |
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Investment management |
6,732 |
17,847 |
|
|
|
-- |
|
|
6,732 |
17,847 |
|
|
|
- |
| 5 |
Charitable activities |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Governance costs |
8,389 |
5,044 |
|
Grant fundingofactivities |
|
|
|
(see note 6) |
330,000 |
330,000 |
|
|
|
-- |
|
|
338,389 |
335,044 |
|
|
|
- |
| 6 |
Grants payable |
|
|
|
|
Unrestricted |
Unrestricted |
|
|
funds |
funds |
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Sir William Dunn SchoolofPathology - UniversityofOxford |
330,000 |
330,000 |
|
Translational grants |
100,000 |
100,000 |
|
Synergy between groups |
30,000 |
30,000 |
|
Small grants for individual circumstances |
100,000 |
100,000 |
|
Matched funding/Communal equipment |
100,000 |
100,000 |
|
Total |
330,000 |
330,000 |
|
2022 |
2021 |
|
£ |
£ |
| Other expenses |
2,639 |
78 |
| Legal and professional fees |
779 |
528 |
| Bank charges |
171 |
118 |
| Auditors' remuneration |
4,800 |
4,320 |
|
-- |
-- |
|
8,389 |
5,044 |
|
|
-- |
|
Endowment |
Endowment |
|
funds |
funds |
|
general |
general |
|
2022 |
2021 |
|
£ |
£ |
| Revaluationofinvestments |
(607,243) |
5,390,919 |
| Fixed asset investments |
|
|
Listed |
|
investments |
|
£ |
| Cost or valuation |
|
| At 6 April 2021 |
16,486,245 |
| Additions |
472,534 |
| Valuation changes |
(607,243) |
| Disposals |
(585,666) |
| At 5 April 2022 |
15,765,870 |
| Carrying amount |
|
| At 05 April 2022 |
15,765,870 |
| At 05 April 2021 |
16,486,245 |
| 12 |
Creditors: amounts falling due within one year |
|
|
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Other creditors |
827,344 |
799,580 |
|
Accruals and deferred income |
4,800 |
6,893 |
|
|
832,144 |
806,473 |
|
|
|
Movementinfunds |
Movementinfunds |
|
|
|
Movementinfunds |
Movementinfunds |
|
|
|
Balance at |
Incoming |
Resources |
Transfers |
Revaluations |
Balance at |
Incoming |
Resources |
Transfers |
Revaluations |
Balance at |
|
6April 2020 |
resources |
expended |
|
gains and |
6April2021 |
resources |
expended |
|
gains and |
5April 2022 |
|
|
|
|
|
losses |
|
|
|
|
losses |
|
|
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
| Expendable |
|
|
|
|
|
|
|
|
|
|
|
| endowment |
10,484,116 |
|
|
611,210 |
5,390,919 |
16,486,245 |
|
|
(113,132) |
(607,243) |
15,765,870 |
|
10,484,116 |
|
|
611,210 |
5,390,919 |
16,486,245 |
|
|
(113,132) |
(607,243) |
15,765,870 |
|
Unrestricted |
Endowment |
Total |
Unrestricted |
Endowment |
Total |
|
funds |
funds |
|
funds |
funds |
|
|
2022 |
2022 |
2022 |
2021 |
2021 |
2021 |
|
£ |
£ |
£ |
£ |
£ |
£ |
| Fund balances at 5 |
|
|
|
|
|
|
| April 2022 are |
|
|
|
|
|
|
| representedby: |
|
|
|
|
|
|
| Investments |
- |
15,765,870 |
15,765,870 |
16,486,245 |
- |
16,486,245 |
| Current assets/(liabilities) |
(815,106) |
|
(815,106) |
(791,377) |
|
(791,377) |
|
(815,106) |
15,765,870 |
14,950,764 |
15,694,868 |
- |
15,694,868 |
| Cash generated from operations |
2022 |
2021 |
|
£ |
£ |
| (Deficit)/surpus for the year |
(744,104) |
5,210,752 |
| Adjustments for: |
|
|
| Investment income recognisedinstatementoffinancial activities |
(208,260) |
(172,724) |
| Fair value gains and losses on investments |
607,243 |
(5,390,919) |
| Movementsinworking capital: |
|
|
| (lncrease)/decreaseindebtors |
|
925 |
| Increaseincreditors |
25,671 |
75,152 |
|
|
-- |
| Cash absorbed by operations |
(319,450) |
(276,814) |