#
##
|**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|
|||--|
##
##
|**2022**|**2021**|
|---|---|
|**Number**|**Number**|
##
||**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)|
##