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|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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**----- Start of picture text -----**
21/11/2023
**----- End of picture text -----**
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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|
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|**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 movement**in**funds**||(23,729)|
(720,375)|(744,104)|
|Fund balances at 6 April2021||(791,377)|16,486,245|15,694,868|
|Fund**balances at 5 April 2022**||(815,106)|15,765,870|14,950,764|
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||||**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|
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|||**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 increase**in**cash 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|
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||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|
**funds**|
||**2023**|
**2022**|
||£|
£|
|Dividends|203,349|
208,260|
|Interest receivable|8,639||
||211,988|
208,260|
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||**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|
|||-|
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||**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|
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||**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|
|||--|
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|||**2023**|2022|
|---|---|---|---|
|||£|£|
||Trustees' Expenses|291||
|**9**|**Employees**|||
||The average monthly numberofemployees during the year was:|||
|||**2023**|**2022**|
|||**Number**|**Number**|
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||**Endowment**|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2023**|**2022**|
||£|£|
|Revaluationofinvestments|(2,036,437)|
(607,243)|
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|**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|
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|**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|
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||**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|
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|---|---|---|
|**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)|