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← The Guy Newton Research Fund

2025-04-05-accounts

Charity registration number 309696 (England and Wales)

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THE GUY NEWTON RESEARCH FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

THE GUY NEWTON RESEARCH FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Professor Matthew Freeman Professor Matthew Freeman
Professor Gillian Griffiths
Professor Elizabeth Robertson
Mr Nigel Clifford (Appointed 1 September 2024)
Charity number 309696
Auditor GravitaAuditOxford LLP .
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD
Bankers CAF Bank Ltd
25 Kings HillAvenue
West Malling .
Kent
ME19 4JQ
Solicitors Knights Solicitors
Midland House
WestWay
Oxford
OX2 OPH
Investment advisors Sarasin & Partners LLP
Juxon House .
100 St Paul’s Churchyard
London
EC4M 8BU
Schroder Investment Management Limited
1 London Wall Place
London’
EC2Y 5AU
.
Baillie Gifford
Calton Square
1 Greenside Row
Edingburgh
EH1 3AN
Lansdowne Partners (LLP)
15 Davies Street
London
W1K 3AG
UBS Wealth Management
5 Broadgate
EC2M2AN

THE GUY NEWTON RESEARCH FUND

CONTENTS

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Trustees report

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Statement of Trustees responsibilities

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Independent auditor's report

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Statement of financial activities

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Balance sheet

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Statement of cash flows

10

Notes to the financial statements

11-19

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THE GUY NEWTON RESEARCH FUND

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust's objectives are the furtherance of medical, biological, and chemical research in the University of Oxford including its colleges, halls, and societies (with priority being given to the Sir William Dunn School of Pathology); the objective is exclusively public and charitable, and grants to be made for the benefit of both current and future research, with mankind being the eventual beneficiary.

The Trustees' aims are to assess current trends and needs in the research being undertaken and to make appropriate grants. The accumulated capital of the fund was built up from royalties in the earlier years and subsequently from investment income. Substantial funds are needed to achieve both the short term and longterm objectives of the fund. Any capital withdrawal needs the consent of all Trustees, and long term planning is essential. The investment policy to all of the Investment Managers is dictated by the terms agreed with the company.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The Trustees continue to support research in the Sir William Dunn School of Pathology on an annual basis, in the form of a number of grants for specific purposes.

The Trust's investments are managed by third parties and the funds available and performance are carefully reviewed on a regular basis.

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The Trust was founded on 17 March 1967 by Guy Geoffrey Frederick Newton and Professor Sir Edward Abraham for the furtherance of research at the Sir William Dunn School of Pathology in the medical, biological and chemical sciences. In the early years the Trust received royalties from previous research but now relies on income from its endowment fund to make its grants. The intention was to build a significant fund to enable regular important contributions to the above research.

The governing document is the Trust Deed and constitutes an unincorporated charity. The Trust fund is unrestricted and the Trustees have absolute discretion to use of income for the furtherance of the charity's objectives, but there can be no use of capital without the unanimous consent of the Trustees. If the Trustees see no reason to the contrary, they will support research in the medical, biological and chemical sciences at the Sir William Dunn School of Pathology. The Trustees arranged for an independent legal opinion on the Trust Deed in case they wish to change their investment management policy and are reassured that they have authority to make such a move.

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Public benefits

The Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit in deciding which activities they should undertake; the public will be the ultimate beneficiary of scientific research work carried out in the Sir William Dunn School of Pathology. ;

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TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Shgeieg = BR ie srg etre near oie ee eee) el Steg et he, te OR ey ee re ee ee

THE GUY NEWTON RESEARCH FUND

Financial review The Statement of Financial Activities shows net surplus for the year of £35,552 (2024:surplus of £370,805). There were net investment gains of £330,920 (2024: restated gains of £632,481). The reserves stand at £13,162,192 (2024: £13,126,640 ).

The Trust is not dependent on donations or the services of unpaid volunteers. Its investments are held to produce income for grants agreed by the Trustees, who continue to monitor the performance of Investment Managers on a regular basis. Future grant commitments provided for amounted to £444,396 (2024: £576,830). Grants awarded in the year were £460,000 (2024: £430,000).

Funds available The Trust spends very little on administration expenses.

The Trustees through their grants and longer-term commitments, feel satisfied that the Trust has achieved its objectivities in the year, but are mindful of the need to preserve an appropriate planning strategy for both cash flow and timing of future grants. The available reserves are sufficient to meet all commitments to date.

The Trustees fund grant payments from investment income. The Trustees’ practice is to consider all reasonable requests submitted by eligible applicants within the charity’s objects. Trustees review the risks of the Trust at each meeting. Where applicable, in addition to the ongoing reporting process, the Trust's investment managers will be contacted or attend meetings. : It is not possible to set time limits on the achievements of successful research; therefore, the Trustees place great emphasis not only on supporting current research but on maintaining the capital base so that future Trustees will be able to continue to do so. The Trustees review the risks of the Trust at each meeting. The major risks would involve the Trust’s investments and grants to be approved. Trust investment managers attend meetings on a regular basis or by special arrangements to take appropriate action.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The Trustees have identified projects within the Dunn School for funding whilst at the same time maintaining the value of the expendable endowment.

Reserves policy

The Trustees aim to retain sufficient unrestricted reserves to ensure the long term sustainability of the Charity, without expending the expendable endowment fund unless necessary, and to allow it the flexibility to practically consider all grant applications of any reasonable value.

The Trustees review the risks of the Trust at each meeting. Major risks would involve the Trust's investments and the grants to be approved.

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THE GUY NEWTON RESEARCH FUND

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Structure, governance and management

The Trustees who served during the year and up to the date of signature of the financial statements were: Professor Matthew Freeman Professor Gillian Griffiths Professor Elizabeth Robertson Professor Henry Woudhuysen (Resigned 31 August 2024) Mr Nigel Clifford (Appointed 1 September 2024)

There shall not be appointed more than five Trustees. The Professor of Pathology in the University of Oxford shall by virtue of office be entitled to be a Trustee and on ceasing that office will cease to be a Trustee ex officio. Other Trustees were appointed by Dr Newton in his lifetime; they are now appointed by the existing Trustees. The Trustees are persons of eminence who command high respect in their respective careers in education and research development. New Trustees are mentored by one of the existing Trustees and are provided with the latest annual report and financial statements, previous minutes and details of grants outstanding, financial procedures, risk assessment, Charity Commission leaflet CC3 (A) and a copy of the Trust Deed.

The day-to-day management and administration are conducted in the Trust Office at the Sir William Dunn School of Pathology by the Administrator to the Trust, Rachel Faulkes. The Trustees' major policy decisions are made at Trust meetings by the Trustees. Other decisions taken between meetings are confirmed at Trust meetings. The quoted portfolio is managed by five investment managers and is reviewed at these meetings with senior representatives of those companies in attendance if requested by the Trustees.

Risk Management

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The Trustees have a duty to identify and review the risk to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees report was approved by the Board of Trustees.

Professor Gillian Griffiths Trustee : Dated: .21 November2025

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THE GUY NEWTON RESEARCH FUND

STATEMENT OF TRUSTEES RESPONSIBILITIES

eaFOR peepTHESi tacoYEARac ENDEDBe etal5 APRILttn ate2025eS oon tts ee ee oe ee.

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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THE GUY NEWTON RESEARCH FUND

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GUY NEWTON RESEARCH FUND

Opinion

We have audited the financial statements of The Guy Newton Research Fund (the ‘Charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements: - give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and - have been prepared in accordance with the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustees report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or | -

we have not received all the information and explanations we require for our audit.

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THE GUY NEWTON RESEARCH FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GUY NEWTON RESEARCH FUND sna eet aed wb lhe PER) ah nn Re vs Ch eee oe oh igen eee Rts ene sete A ee cae

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

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THE GUY NEWTON RESEARCH FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GUY NEWTON RESEARCH FUND ee eee eee eee ee See eed ee

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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

¢ agreeing financial statement disclosures to underlying supporting documentation:

¢ reading the minutes of meetings of those charged with governance;

¢ enquiring of management as to actual and potential litigation and claims;

e reviewing relevant correspondence.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. :

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

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This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the Charity’s Trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

vA4 ( “ Jel RY

Robert Kirtland (Senior Statutory Auditor)

For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor

Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD ° , . Date: Chl igs Z g

Gravita Audit Oxford LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE GUY NEWTON RESEARCH FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEARENDED FOR THE YEARENDED FOR THE YEARENDED 5APRIL APRIL 2025 APRIL 2025 APRIL 2025
wT
PS A de PTI		 ne Soll Set Rare rh aE A AENa
Unrestricted Endowment Total Unrestricted Endowment Total
funds funds funds funds Restated
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Investments 3 185,932 - 185,932 191,546 - 191,546
Total income 185,932 - 185,932 191,546 - 191,546
Expenditure on:
Raising funds 4 - 13,583 13,583 - 14,195 14,195
Charitable activities 5 467,717 - 467,717 439,027 - 439,027
Total expenditure 467,717 13,583 481,300 439,027 14,195 453,222
Net gains/(losses) on
investments		 10 - 330,920 330,920 - 632,481 632,481
Netincome/(expenditure) (281,785) 317,337 35,552 (247,481) 618,286 370,805
Transfers between
funds		 2,284,462 (2,284,462) - 853,320 (853,320) -
Net movement in
funds		 2,002,677 (1,967,125) 35,552 605,839 (235,034) 370,805
Reconciliation offunds:
Fund balances at6April 2024 90,277 13,036,363 13,126,640 (515,562) 13,271,397 12,755,835
Fundbalancesat5April2025 2,092,954 11,069,238 13,162,192 90,277 13,036,363 13,126,640

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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THE GUY NEWTON RESEARCH FUND

BALANCE SHEET

AS AT 5 APRIL 2025

AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025 AS AT 5 APRILAT 5 APRIL5 APRILAPRIL 2025
Se
Oe PY
2025 2024
Restated
Notes £ £ £ £
Fixed assets
Investments 12 11,069,238 13,036,363
Current assets :
Investments 13 1,760,065 -
Cash at bank and in hand : 783,753 673,169
2,543,818 673,169
Creditors: amounts falling due within
one year 14 (450,864) (582,892)
Net current assets 2,092,954 90,277
Total assets less current liabilities 13,162,192 13,126,640
.
Capital funds
General endowment funds 11,069,238 13,036,363
Income funds
Unrestricted funds 2,092,954 90,277
13,162,192 13,126,640

The financial statements were approved by the Trustees on 21 November 2025

Professor Gilliar/Griffiths Trustee

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THE GUY NEWTON RESEARCH FUND

STATEMENT OF CASH FLOWS

FOR THEYEARENDED 5APRIL 2025 FOR THEYEARENDED 5APRIL 2025
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esetgc Se		 i Ca RN Hc PB aeAanA A
2025 2024
Restated
Notes £ £ £ £
Cash flowsfrom operating activities
Cash absorbed by operations		 17 (613,328) (653,193)
Investing activities
Purchase ofinvestments (53,945) (488,903)
Proceeds from disposal of investments 2,351,990 1,356,418
Investment income received 185,932 191,546
Net cash generated from investing
activities		 2,483,977 1,059,061
Netcash used in financing activities - -
Net increase in cash and cash equivalents 1,870,649 405,868
Cash and cash equivalents at beginning ofyear 673,169 267,301
Cash and cash equivalents atend ofyear 2,543,818 673,169
Relating to:
Cash at bankand in hand 783,753 673,169
Short term deposits included in current asset
investments		 1,760,065 -

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS ; FOR THE YEAR ENDED 5 APRIL 2025 a i meat a A ee a ee A oe Ee a

Charity information

The Guy Newton Research Fund is an unincorporated Trust domiciled in England. Its principal address is: University of Oxford, Sir William Dunn School of Pathology, South Parks Road, Oxford, OX1 3RE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Trust deed, the Charities Act _2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The Guy Newton Research Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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These are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

These are funds that are used for particular purposes within the objects of the Charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income from investments is recognised in the year in which it is receivable.

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 as as Sa ere a eee a ne re ee

1 Accounting policies

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1.5 Expenditure whichExpenditurecannotisbe includedrecovered.in theThey Statementare classified of FinancialunderActivitiesheadings on anthat accrualsaggregate basisall costs inclusiverelated of anyto the VAT category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

All cost categories are individually apportioned and hence support costs are not shown separately.

The costs comprise of those attributable to managing the investment portfolios and arising investment income.

Grant payable Grants payable have to fall within the terms of the Charity's objects and need approval of the Trustees and the recipient abiding within the terms of reference of the Grant. The Charity had, at the Balance Sheet date, approved grants to be paid in subsequent years. Provision has been made in these financial statements for the Grants.

Governance costs

Governance costs include those costs, such as Auditors’ fees, associated with constitutional and statuary requirements of the charity. : ‘ Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are converted at the year-end exchange rate. All exchange differences are reflected in the income and expenditure account.

Volunteer services

The Charity does not rely on the support of volunteer services.

1.6 Fixed asset investments Assets held for investment purposes are valued at market value at the balance sheet date. Traded securities are valued at their market quotation as the year end date.

Basic financial assets

Other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measure at the present value of the future receipts discounted at the prevailing rate of interest.

Basic financial liabilities

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.8 Taxation

Charity is exempt from tax on its charitable activities.

Value Added Tax

Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the Statement of Financial Activities.

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2 Critical accounting estimates and judgements

;

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. ;

Critical judgements

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The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Grant creditor

Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grants creditors at 5 April 2025 was £444,396 (2024: £576,830).

3

Income from investments

Unrestricted Unrestricted Unrestricted
funds funds
2025 2024
£ £
Dividends and interest 185,932 191,546
Raising funds
. Endowment Endowment
funds funds
general general
; 2025 2024
£ £
Investment management 13,583 14,195
13,583 14,195

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025 a et a ee ee ere Pe nae

5 Charitable activities ;

2025 2024
£ £
:
Governance costs 7,717 9,027
Grant funding of activities
(see note 6)		 460,000 430,000
467,717 439,027

Included within governance costs are audit fees + VAT of £6,348 (2024: £5,940).

6 Grants payable

an’

Unrestricted Unrestricted
funds funds
2025 2024
£ £
SirWilliam Dunn School ofPathology - University ofOxford 460,000 430,000
Translational grants
Dunn Schoolcommunityfunds		 125,000
50,000		 120,000
50,000
Small grants for individual circumstances
Matched funding/Communal equipment
Sponsorship ofseminars
Sabbatical visitors		 50,000
150,000
20,000
15,000		 50,000
150,000
20,000
20,000
Summerstudentship programme - 20,000
Postdoc leadership programme 50,000 -
Total 460,000 430,000
Governance costs
2025 2024
£ £
Otherexpenses (includes FX movement) 1,256 2,879
Legal and professional fees
Bankcharges		 28
85		 28
180
Auditors’ remuneration 6,348 5,940
m 7,717 9,027

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

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||||||||| |---|---|---|---|---|---|---|---| |2024|2023| |:|£|£| |Trustees'|Expenses|-|291| |9|Employees| |The|average|monthly|number|of employees|during|the|year was:| |:|2025|2024| |Number|Number| |Total|-|ss|

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10 Gains and losses on investments

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|||||| |---|---|---|---|---| |Endowment|Endowment| |funds|funds| |2025|2024| |Gains/(losses)|arising|on:|£|£| |Revaluation|of investments|330,920|632,481|

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11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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12 Fixed asset investments

Listed investments £

Cost or valuation At 6 April 2024 Additions Valuation changes Disposals At 5 April 2025

Carrying amount At 05 April 2025

At 05 April 2024

13,036,363 53,945 330,920 (2,351,990) 11,069,238 11,069,238 13,036,363

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

,

,

FOR THE YEAR ENDEDYEAR ENDEDENDED 5 APRILAPRIL 2025 FOR THE YEAR ENDEDYEAR ENDEDENDED 5 APRILAPRIL 2025 FOR THE YEAR ENDEDYEAR ENDEDENDED 5 APRILAPRIL 2025 FOR THE YEAR ENDEDYEAR ENDEDENDED 5 APRILAPRIL 2025 FOR THE YEAR ENDEDYEAR ENDEDENDED 5 APRILAPRIL 2025
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13 Current asset investments
2025 2024
£ £
Liquid investments ' 1,760,065 -
14 Creditors: amounts fallingduewithin oneyear :
2025 2024
£ £
Grants payable 444,396 576,830
Accruals and deferred income 6,468 6,062
450,864 582,892

. 15 Analysis of net assets between funds

:

Unrestricted Unrestricted Endowment Total
; funds funds
2025 2025 2025
£ £ £
At 5 April 2025:
Investments - 11,069,238 11,069,238
Current assets/(liabilities) 2,092,954 - 2,092,954
2,092,954 11,069,238 13,162,192
Unrestricted .Endowment Total
funds funds
2024 2024 2024
£ £ £
~ Restated :
At 5April 2024:
Investments - 13,036,363 13,036,363
Current assets/(liabilities) ‘ 90,277 - 90,277
90,277 13,036,363 13,126,640

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 pint Veena dod ivoleee ab Se ieatealn See Se eee tee hE ce ee te ee eee

16 Related party transactions

There were no disclosable related party transactions during the year (2024 - £291 of trustee expenses).

,

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|||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Professor|GM|Griffiths,|Professor|HR|Woudhuysen|(until|31|August|2024),|Professor|MJA|Freeman|and|Mr| |NR|Clifford|are|also|trustees|of the|Edward|Penley Abraham|Research|Fund,|a|related|charity.| |The Guy Newton|Research|Fund|and|the|Edward|Penley Abraham|Research|Fund|hold|joint|investments|with| |Cazenove|and|UBS,|as|well|as|Baillie|Gifford|and|Lansdowne|Partners|(under|custody|of|UBS).|As|at|5|April| |2025|the|Guy|Newton|Research|Fund|was|entitled|to|8.09%|of joint|investments|held.|All|investment|income| |and|associated|costs|have|been|apportioned|on|the|above|basis.| |17|Cash|absorbed|by|operations|2025|2024| |at|£| |Surplus|for the year|35,552|370,805| |Adjustments|for:| |Investment|income|recognised|in|statement|of financial|activities|(185,932)|(191,546)| |Fair value|gains|and|losses|on|investments|(330,920)|(632,481)| |Movements|in|working|capital:| |(Decrease)|in|creditors|(132,028)|(199,971)| |Cash|absorbed by operations|(613,328)|(653,193)|

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18 Analysis of changes in net funds

The Charity had no material debt during the year.

= 48.-

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THE GUY NEWTON RESEARCH FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

19 Prior period adjustment

Changes to the balance sheet

Changes to the balance sheet
At 5 April 2024
As previously Adjustment As restated
reported
£ : £ £
Fixed assets
‘
Investments
Current assets		 13,672,570 (636,207) 13,036,363
Bankand cash 36,962 636,207 673,169
Netassets 13,126,640 - 13,126,640
.
Capital funds
Endowment funds 13,672,570 (636,207) 13,036,363
Income funds
Unrestricted funds (545,930) 636,207 90,277
Total equity 13,126,640 - 13,126,640
Changes to the statement offinancial activities
Period ended 5 April 2024
As previously Adjustment As restated
reported
£ £ £
Investments 209,036 (17,490) 191,546
Net gains on investments 614,991 17,490 632,481
Netmovementinfunds 370,805 - 370,805

A prior period adjustment has been made to split out material cash held in investment portfolios. A second prior period adjustment has also been made to split out capital distributions from investment income and present in investment gains.

There is no impact on total funds carried forward for either of the prior period adjustments outlined above.

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