| Page | |
|---|---|
| Trustees report | 1 - 3 |
| StatementofTrustees responsibilities | 4 |
| Independent auditor's report | 5-7 |
| Statementoffinancial activities | 8-9 |
| Balance sheet | 10 |
| Statementofcash flows | 11 |
| Notes to the financial statements | 12 - 18 |
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21/11/2023
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| Currentfinancialyear | |||||
|---|---|---|---|---|---|
| Unrestricted | Endowment | Total | Total | ||
| funds | funds | ||||
| 2023 | 2023 | 2023 | 2022 | ||
| Notes | £ |
£ | £ | £ | |
| Income from: | |||||
| Investments | 3 | 211,988 | 211,988 | 208,260 | |
| Expenditureon: | |||||
| Raising funds | 4 | 10,374 | 10,374 | 6,732 | |
| Charitable activities | 5 | 360,106 | 360,106 | 338,389 | |
| Total expenditure | 370,480 | 370,480 | 345,121 | ||
| Net gains/(losses)oninvestments | 10 | - | (2,036,437) | (2,036,437) | (607,243) |
| Net outgoing resources before transfers | (158,492) | (2,036,437) |
(2,194,929) | (744,104) | |
| Gross transfers between funds | 458,036 | (458,036) | |||
| -- | |||||
| Net movementinfunds | 299,544 | (2,494,473) | (2,194,929) | (744,104) | |
| Fund balances at 6 April 2022 | (815,106) | 15,765,870 | 14,950,764 | 15,694,868 | |
| Fund balances at 5 April 2023 | (515,562) | 13,271,397 | 12,755,835 | 14,950,764 |
| Prior financial year | ||||
|---|---|---|---|---|
| Unrestricted | Endowment | Total | ||
| funds | funds | |||
| 2022 | 2022 | 2022 | ||
| Notes | £ | £ | £ | |
| Income from: | ||||
| Investments | 3 | 208,260 | 208,260 | |
| Expenditure on: | ||||
| Raising funds | 4 | 6,732 | 6,732 | |
| Charitable activities | 5 | 338,389 | 338,389 | |
| Total expenditure | 345,121 | 345,121 | ||
| -- | ||||
| Net gains/(losses)oninvestments | 10 | (607,243) | (607,243) | |
| Net outgoing resources before transfers | (136,861) | (607,243) |
(744,104) | |
| Gross transfers between funds | 113,132 | (113,132) | ||
| -- | ||||
| Net movementinfunds | (23,729) | (720,375) |
(744,104) | |
| Fund balances at 6 April2021 | (791,377) | 16,486,245 | 15,694,868 | |
| Fundbalances at 5 April 2022 | (815,106) | 15,765,870 | 14,950,764 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ |
£ | £ |
|
| Fixed assets | |||||
| Investments | 12 | 13,271,397 | 15,765,870 | ||
| Current assets | |||||
| Cash at bank andinhand | 267,301 | 17,038 | |||
| Creditors: amounts falling due within | |||||
| one year | 13 | (782,863) | (832,144) | ||
| Net current liabilities | (515,562) | (815,106) | |||
| Total assets less current liabilities | 12,755,835 | 14,950,764 | |||
| Capital funds | |||||
| General endowment funds | 13,271,397 | 15,765,870 | |||
| Income funds | |||||
| Unrestricted funds | (515,562) | (815,106) | |||
| 12,755,835 | 14,950,764 |
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Cash flows from operating activities | |||||
| Cash absorbed by operations | 16 | (419,761) | (319,450) | ||
| Investing activities | |||||
| Purchaseofinvestments | (205,964) | (472,534) | |||
| Proceeds from disposalofinvestments | 664,000 | 585,666 | |||
| Investment income received | 211,988 | 208,260 | |||
| - | |||||
| Net cash generated from investing | |||||
| activities | 670,024 | 321,392 | |||
| Net cash used in financing activities | |||||
| Net increaseincash and cash equivalents | 250,263 | 1,942 | |||
| Cash and cash equivalents at beginningofyear | 17,038 | 15,096 | |||
| Cash and cash equivalents at end of year | 267,301 | 17,038 |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds |
|
| 2023 | 2022 |
|
| £ | £ |
|
| Dividends | 203,349 | 208,260 |
| Interest receivable | 8,639 | |
| 211,988 | 208,260 |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Investment management | 10,374 | 6,732 |
| - | ||
| 10,374 | 6,732 | |
| - | ||
| Charitable activities | ||
| 2023 | 2022 | |
| £ | £ | |
| Governance costs | 2,106 | 8,389 |
| Grant fundingofactivities | ||
| (see note6) | 358,000 | 330,000 |
| - | ||
| 360,106 | 338,389 | |
| - |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Sir William Dunn School of Pathology - UniversityofOxford | 358,000 | 330,000 |
| Translational grants | 100,000 | 100,000 |
| Synergy between groups | 50,000 | 30,000 |
| Small grants for individual circumstances | 50,000 | 100,000 |
| Matched funding/Communal equipment | 100,000 | 100,000 |
| Sponsorship of seminars | 20,000 | |
| Sabbatical visitors | 18,000 | |
| Summer studentship programme | 20,000 | |
| Total | 358,000 | 330,000 |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other expenses (includes FX movement) | (3,804) | 2,639 |
| Legal and professional fees | 414 | 779 |
| Bank charges | 156 | 171 |
| Auditors' remuneration | 5,340 | 4,800 |
| -- | ||
| 2,106 | 8,389 | |
| -- |
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Trustees' Expenses | 291 | ||
| 9 | Employees | ||
| The average monthly numberofemployees during the year was: | |||
| 2023 | 2022 | ||
| Number | Number |
| Endowment | Endowment | |
|---|---|---|
| funds | funds | |
| general | general | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluationofinvestments | (2,036,437) | (607,243) |
| Fixed asset investments | |
|---|---|
| Listed | |
| investments | |
| £ | |
| Cost or valuation | |
| At 6 April 2022 | 15,765,870 |
| Additions | 205,962 |
| Valuation changes | (2,036,435) |
| Disposals | (664,000) |
| At 5 April 2023 | 13,271,397 |
| Carrying amount | |
| At 05 April 2023 | 13,271,397 |
| At 05 April 2022 | 15,765,870 |
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Other creditors | 776,753 | 827,344 |
| Accruals and deferred income | 6,110 | 4,800 |
| 782,863 | 832,144 |
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Fund balances at 5 | ||||||
| April 2023 are | ||||||
| representedby: | ||||||
| Investments | - | 13,271,397 | 13,271,397 | - | 15,765,870 | 15,765,870 |
| Current assets/(liabilities) | (515,562) | - |
(515,562) | (815,106) |
- |
(815,106) |
| (515,562) | 13,271,397 | 12,755,835 | (815,106) | 15,765,870 | 14,950,764 |
| Cash generated from operations | 2023 | 2022 |
| £ | £ | |
| Deficit for the year | (2,194,929) | (744,104) |
| Adjustments for: | ||
| Investment income recognisedinstatement of financial activities | (211,988) | (208,260) |
| Fair value gainsandlossesoninvestments | 2,036,437 | 607,243 |
| Movementsinworking capital: | ||
| (Decrease)/increaseincreditors | (49,281) | 25,671 |
| Cash absorbedbyoperations | (419,761) | (319,450) |