Charlty Registration No. 309698 EPA CEPHALOSPORIN FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021
EPA CEPHALOSPORIN FUND LEGAL AND ADMINISTRATIVE INFORMATION Trust99$ ProfessorA N Bar¢lay, DPhil Professor J Erringlon, FRS, Fmedsci Professor Sir John Walker, FRS, Fmedsci Professor Penny Handford, Dphil PrtrfessorA R Green, PhD ProfessorAnton van rler Merwe Charity number 309698 Audltor Crilchleys Audit LLP Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Bankers CAF Bank Ltd 25 King Hill Avenue West Malling Kent ME194JQ Sollcltors Knlghts Solicitors 27 Park End Street Oxford OX1 1HU Inveslment advisors Schroder IC8zenovel Personal Investment Management 30 Gresham Street London EC2V 7QN OU Endowment Management 27 Park End Street Oxford OX1 1HU
EPA CEPHALOSPORIN FUND CONTENTS Page Trustees report Statement ol Trustees responsibilities Independent auditorfs report Stalemenl of financial activities 9-10 Balance sheet 11 Stslemenl of Cash flows 12 Notes to the financial statements 13-24
EPA CEPHALOSPORIN FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2021 The Trust presents its report and financial Statements for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies. the Charities Act 2011 and "Accounting and Reporting by Charilie$.' Slaternent of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019)" ObjectiVg$ and activities The Trustees, objects are the education and l or research in the medical, biological 8nd chemical sciences within the Unwersity of Oxford and its Colleges, the Royal Society of London and King Eard Vl School, Southamplon. Research grants a made for the benefrt of both current and future research, with mankind being the eventual beneficiary. The TTu8lees' policies are to assess the current trends and needs in the research work being carried out and to make grants where appropriate. Many grant applications are considered each year. Subslanlial funds are needed lo prowd& adequately for research, and the Trustees are aware of the need to select grants that wll realise both the short term and long temi objectives of the Trust fund. Planning for possible futLJre developments is essential if successful research is lo be achieved. Any Capital withdrawal needs the consent of all Trustees. The Tru51ees have paid due regard to guidance issued by the Charity Commission In deciding what activities the Charity should undertake. Significant activities Twice a year the Trustees review grant applications made to them, on the basis of performance and in the context of funding available from other sources. Grants may be conditional or deferred subject lo further information,. and outcome reports are required before grant payments are made. The Trust's grants for the ye8r are summarised in the a¢counts. Major grant commitments have bèèn made and the Tru51ees are aware gf the need lo ¢ontrol and monitor cash flow so that ongo)ing and future research can be financed. A record is kept of applications withdiawn, ineligible orjudged unsuitable. The Trust's investments are managed by third parties and the funds available and performance are carefully reviewed on a regular basis. Publlc b9nofit The Trustees confimi that they have paid due regard Its the Charity Commissioner's guidance Dn public benefit in deciding which activities they should support. The Trust, as stated in ils objects, provides research grants in the medical, biological and chernical sciences. In the achievements and perforrnance section the Trustees have further explained their activities. The public are the beneficiaries from the success of the grants in research and education and in the support of the University of Oxford Museum of Natural History. A¢hlevgmgnts and perfomiance The Trustees have continued lo assess and decide on grnnl applications at regular meetings, with provision for urgent bids below a set ceiling to be deciderl on the basis of Trustees. consultation beeen rneetings il necessary. Grantees, outcome reports indicate that, in addition to the larger grants for equipment or specific salary funding, the Tru51ees' aims of helping valid pump-priming or bridging finance applications have been very useful. Trustees have continued to support the University Scien¢e Departments and Colleges and the Oxford University Museum of NatLJral History, an important set of collection5 open to the public free of charge., funds have been awarded for the conlinuali¢n of their internship scheme and for the conservation and re- housing of specific collections. They also support the Museum of the History of Scienc$ by funding educab'onal exhibitions on the History of Medicine.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 They have continued lo support King Edward Vll School in Southampton lone of the named benefickqries of thè Trusll and in particular to provide fellowships for Students. In 2014-5 the fijnd initiated the endowment of a research professorship al the Roy81 Society lo be named the Royal Society EP Abraham Professor wth a payment of £3M wlh a further £O.SM lo follow over the next 2 years. This post is currently filled by Professor Benjamin Simons al the Department of Applied Mathematics and Theoretical Physics al the University of Cambridge. Financial review The Slatem@nt of Financial Activities shows nel surplus, after investment gain5, for the year of £22.873.888 12020.. nel deficit of £8,075.6861. There were nel investment gains of £20.226,663 12020. 1055es of £8,887.8121. Total funds sland at £100.087.000 12020.. £77.213,1121. Govemance costs amounted to £16.87812020.' £16,261). The Trust is not dependenl on donations or the services of unpaid volunteers. Its investments are held lo produce income for grants agreed by the Trustees who continue to monitor the perfomiance of inve$lmenl managers on a regular basis. Future Grants commitments provided for amounted to £2,698,995 12020.. £2,357,4351- Grants paid were £525,79612020.' £2,404,523) and those awarded in the year were £861,920 12020.. £1.042,2791- Adjustments to previous grants awarded amounted to £37,58312020'. £Nill. Funds avaÉlable The Trust spends very little on administrati expenses. The Trustees through their grants and longer term commilmenls. feel satisfied that the Trust has athieved 115 objectives in the year but are mindful of the need lo preserve an appropriate planning strategy for both cash flow and timing of future grants. The available reserves are sufficient to meet all commitments to date. Reserves policy The Trustees review their reserves policy on an annual basis, as aged at their meetSng on 1 April 2003. The Trustees aim lo relain sufficient unrestricted reserves to ensure the long term sustainability of the Charity. without expending the expendable endowment fund unless necessary, and to allow il the flexibility to practically conslder all grant applications of any reasonabl& value. The Trustee5 review the risks of the Trust al each meeting. Major risks would involve the Trusts Investments and the grants to be approved. The Trustees meet the Trust's Investrnent Managers regularfy to review the portfolio management. The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that syslerns are in place to mitigate exposure to the major risk$. Future dgvèlopments The Trijslees believe that the careful handling of the funds to date should continue in the foreseeable future but they wll always look at any major scientific development in the Trusfs fields and assist if they believe appropriate for both the current and future benefi¢iarie8.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Structurg, governan¢¥ and management The Trust was founded by the late Sir Edward Abraham on 18 May 1970 to help further educatlon and research in specific fields of sclence. The Trust re¢eived royalties from his research in the eady years but now relies on income from expendable endowment to make its grants, the intention being to maintain a significant enough fund to enable regular important contributions to be made to scientific education and research. The goveming document is the Trust deed and constitutes an unincorporated charity. The Trust Fund is an expendable endowment fund. Trustees have absolute discretion for the use of income for the furtherance of the objects of the charity, provided the Trustees restrict the application of the incomè and capital lo such research and education in the University of Oxford (including its Colleges, Halls, and Societies), The Royal Society of London, King Edward Vl School, SoLJlhampton, unless they consider there is a good reason to the contrary. There can be no use of ¢apitsl without the unanimous consent of the Trustees. The Trustees who served during the year and up to the dale of signature of the financial staleTnents were- Profes$orA N Barclay, DPhil Professor J Errington, FRS, Fmeds Profesgor Sir John Walker, FRS, Fmedsci Professor P Handford, Dphil ProfessorA R Green, PhD ProfessorAnton van der Metwe ReGrultment and appolntment of ngw trustees Trustees a appointed by existing TrLJStees up to a maximum of 6. Trustees are yelected with expertise lo cover the types of applications to the Trust. The Trustees are persons command high respect and eminence in their rÈspe¢b've careers in education and research development. By way of induction new TrLJStees are rnenlored by one of the existing Trustees and Provided th the latest annual report and financial statements, verbal instructions on administration and organisalion and details of previous minutes, grants oulslanding, financial procedures, risk assessment, Charity Commission leafiel CC3 IA) and a copy of the trust deed. Organlsallonal structure The day lo day management and administration are conductèd in the Trust Office at the Sir William Dunn School of Pathology by the Administrator lo the Trust Ms Rachel Faulkes. The Trustees, major policy rlecisions are made at Trust meetings by the Trustees. Other decisions taken btheen meetings are confirmed at Tnjst meetings. The Trustees ask for additional expert opinions where necessary. The quoted portfolio is managed mainly by Oxford University Endowment Management with a poriion managed by Schroder {Cazenovel Personal Investment Management Limited. Risk management The Tru51ees havg a duty to identify and review the risk5 to which the chaTity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT {CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 The Trustees, report was approved by the Trustees. ProfossorA N Barcla Trustee Dated.. DPhll
EPA CEPHALOSPORIN FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2021 The Trustees are r¢sponsible for preparing the Trustees Report and the finan¢Tal statements in accordance applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England and Wales requires the Trustees to prepare financial slalemenls f each finan¢ial year which give a true and fair view of the slate of affalrs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial staternents. the Trustees are requi to". select suit8ble accounting policies and then apply them consislenlly.. observe the methods and prin¢iple$ in the Charities SORP., make judgemen15 and estimates that ar& reasonabl$ and prudent.. stste whether applicable accountbng standards have been followed, subject to any material departures disclosed and explained in the financial slalements., and prepare the financial statements on the going con¢ern basis unless il is inappropriate lo presume that the charity will continue in operation. The Trustee5 are responsible for keeping sufficient accounting records that disclose wth reasonable accuracy at any lirne the financial position of the Charity and enable It lo ensure that the financial statements comply with the Charitie5 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 Gharity and hence for taking reasonable steps for the prèvention and detection of fraud and other irregularities.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Oplnion We have audited the financial slalemenls of EPA Cephalosporin Fund Ilhe 'Charty'l for th& year ended 5 April 2021 which comprise the statement of financial actiwties, the balance sheet. the statement of cash flows and the notes to the financial stalemenls, including significant aUntIng poli¢ies. The financial r•porting framework that has been applied in their preparation 15 applicable law and United Kingdom Ac¢ounling Standards, including FRS 102 The Financi81 Reporting Standard applicable in the UK and RepublAC of Ireland (United Kingdom Generally Accepted Accounting Pradicel. In our opinion, the finanoal statements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2021 and of its incoming resources and application of resources, for the year then ended,. have been propeHy prepared in acrdanCe with Untted Kingdom Generally Accepted Accounting Practiee.. and have been prepared in aecordan¢e with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with IntemalK)nal Stsndards on Auditing IUKI IISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the aLJdit of the financial statements section (rf our report. We are independent of the Charity in accordance rith the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Slandaid, and we have fulfilled our other ethical Sponsibl11t1es in accordance ¥Mlh these requirements. Vve believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial ststements. we have con¢luded that tho Trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relatlng to events or conditions that, individually or collectively. may cast significant doubl on the Charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our sPOnSIbl1111eS and the responsibilities of the Twstees wlh respect lo going concern are described in the relevant sections of this report. Other inforniatlon The other infomiation comprises the information included in the annual report other than the financial staternenls and our audilorfs report Ihereon. The Trustees are responsible for the other infomiation contsined within the annual reporL Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibillty is to read the other information and, in doing so. consider whether the other infomialion is materially inconsistent with the financlal ststements or our knowledge obtsined in the course of the audit, or otherwise appears to be materially misstated. If we ident such material inconsistencies or apparent material misstatements, we are required to deterrnine whether this gives rise lo a material misst81emenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Matters on which we are required to report by èxcgption Crilchley5 Audit LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appolntment as auditor of a company under of section 1212 ofthe Companies Act 2006. the information given in the financial stslements is inconsistent in any material re$p¢cl with the Trustees report., or sufficient accounting records have not been kept., or the financial statements are not in agement with the accounting records., or we have not CeIVed all the infotmalion and explanations we require for tsur audtt. Responsibilities of Trustees As explained more fully in the statement of Trustees responsibililles. the Trustees are responslble for Ihe preparation Df the financjal statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine 15 necessary to enable the preparation of finanaal slalemenls th81 are free from material rnisstaternenl, whether due to fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Charity's ability to continue as a going conc¢m, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Truslegs either intend lo cease operations, or have no realisti¢ alternative bul to do so. Auditor's r•$ponsibilities for the audit of tha financial ststem¢nts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Aet and relevant regulations made or having effect Ihereund8r. Our obje¢lives are lo obtain rea5tsnable assurance about whether the financial stalemenls as a whole are free from material misslalement, whether due lo fraud or error. and to issue an audilorfs report that include5 our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always delect a material misstslement when rt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economic decislons of users taken on the basis of these financial stalemenls. Irregularilie5, including fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, Including fraud. The extent lo which our procedures are ¢apable of detecb'ng iriegulaTilies, including fraud, is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httP5'.11 www.frc.org.ukJau¢Jilorsresponsibilities. This description forms part of our auditor's report. Other matters Your attention is drawn lo the lact that the charity ha5 prepared financial slalemenls in accordance with 'Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable Ici charities preparing Ihelr accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021" las amended) in preference lo the A¢¢ounting and Reporting by Charities.. Stslement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been Ihdrawn. Thi5 has been done in order for the financial statements lo provide a true and fair view in accordance wlh CUTrenl Generally Accepted AOunting Practice.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Use of our report This report is made solely lo the Charity's Trustees, as a body, in accordance th part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the Charity's Trustees those matters we are required to slate to them in an auditors. report and for no Other purpose. To the fullest extent permitted by law. we do not a¢¢epl or assume responsibility to anyone other than the Charity and the Charity s Trustees as a body, for r)ur audit work, for this report. or for the opinions we have formed. Robert Klrtland (Senior Statutory Auditor) For and on behalf of Critchleys Audit LLP Chartered Accountants Statutory Auditor Date.. 07 December 2021 Beaver House 2&38 Hylhe Bridge Street Oxford OX12EP Crilchleys Audit LLP is eligible lo act as an auditor of the Charity in terms of section 1212 of the CoEnpanies Act 2008.
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021 Current financlal year Unrastricted Endowinent funds funds 2021 2021 Total Total 2021 2020 Notes come from: Investment Income 3.527,725 3,527,725 2.089,135 Investment Management Costs 1,702 1,702 218,369 Charitabl Adminislralive costs Grants Awarded 16,878 861,920 18,878 16.261 861,920 1,042.279 Total Charltabl? oxpenditure 878,798 878,798 1.058,540 Total resources èxpended 880.500 880,500 1,276,909 Nel galnslllossesl on investments 20,226,663 20,226,663 18,887,912> Net incominglloutgoingl resources before transfvrs 2,647,225 20.226.e63 22,873,888 18,075,686) Net in¢omingl{outgoingl resour¢e$ fOre transfers 2,847,225 20.226,663 22,873,888 18.075,6861 Gross transfers befvleen funds 13,142.8411 3,142,841 Fund balances at 6 April 2020 1,823.565 75,389,547 77.213.112 85.288,798 Fund balancgs at 5 April 2021 1.327,949 98,759,051 100,087,000 77.213.112
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Prior financial yaar Unrestricted Restricted Endowmènt fund$ funds funds 2020 2020 2020 Totsl 2020 Notss Income from: Investment Income 2,089,135 2,089,135 ènditur Investment Management Costs 218,369 218.369 haritabl acttviti Administrative costs Grants Awarded 16,261 1.042.279 16,261 1,042,279 Total charitablè expenditurg 1,058,540 1,058,540 Totsl resources expendèd 1,276,909 1,276.909 Nel gainslllossesl on investments (8,887.9121 18,887.912) Net incominglloutgoing) resour¢•$ befor transfers 812,226 {8.887,912) 18.075,6861 Gross transfers bfjen funds 13,483.9631 3,483.963 Net mov8m8nt In fund$ 812,226 {3,483,9631 15.403,949) {8,075.6861 Fund balances at 6 April 2019 1,011.339 3,483.963 80.793,496 85,288,798 Fund balancès at S April 2020 1.823,565 75,389,547 77,213,112 10-
EPA CEPHALOSPORIN FUND BALANCE SHEET AS AT5APRIL 2021 2021 2020 IRe5tatedl Notes Fixed assèts Investments Currènt assets Debtors Cash held 10 98,759,051 78,694,082 12 373,590 3,653,354 881,745 4,026,944 881,745 Crèditors: amounts falling due within one year 13 {1,930,3291 11,962,715) Net current asse1511liabilitièsl 2.096,615 11,080,970) Total assets le55 current liabllltlg$ 100,855.666 77,613,112 CredÈtors'. amounts falling due after more than one year 14 1768,6661 140Q,0001 Net assets 100,087,000 77,213,112 Funds General endowment funds Income funds Unrestricted funds 16 98,759,051 75,389,547 1,327.949 1,823.565 100,087.000 77,213.112 The financial statements were approved by the Trustees on ........... . Professor A N Barclay, DPhil Tru$t•o
EPA CEPHALOSPORIN FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2021 2021 2020 (Restated) Notes Cash flobvs from oparatlng activltlg$ Cash absorbed by operations 19 1917,8101 {2.344.218> Investing activitie$ Purchase of investments Proceeds on disposal of investments Investment inctsrne received 1100,0001 261,694 3,527,725 891,465 2,089,135 Net cash generated from investing actlvitias 3.689.419 2,980,600 Not ea$h used in financlng activities Net increase in cash and cash equivalents 2,771,609 636,382 Cash and cash equivalents at beginning of year 881.745 245.363 Cash and cash equivalents at end ofyear 3,653,354 881,745 12-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021 Accounting policies Charity infomiatlon The E P A Cephalosporin Fund is a charlty domiciled in England. Ils principal address is.. University of Oxford, Sir William Dunn School of Pathology, South Park5 Road, Oxford. OX1 3RE. 1.1 Basis of accounting The financial stalements have been preparèd in accordance wlh Accounting and Reporting by Charfties.. Stslement of Recommended Practice applicable lo charities preparing their accounts in acrdanCe with the Finanrjal Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2015) - Icharities SORP IFRS 10211, and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The E P A Cephalosporin Fund meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhewse stsled in the relevant accounting policy note. 1.2 Golng concem The financial slalements have been prepared on a going concem basis. The trustees consider that the are no material uncertainties about the charity's ability to Continue as a going concern. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the Trustees in furtherance of their charitable Dbjectives. Endowment fund5 are subject lo specific conditions by donors that the capital musl be maintained by the Charity. 1.4 In¢om& All income is included on the Stslement of Financial Acliv((ies vh)en the Charity is legally enlilled lo the income and the amount Can be quantified wth reasonable accuracy. Investment Income Income from investments is reeognised in the year in which it is receivable. 13-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Accounting policigs (Continued) 1.5 Expenditur¢ Expenditure 15 included in the Stslemenl of Flnancial Activities on an accruals basis inclusive of any VAT which cannot be recovered. They are classified under headings that aggregate all costs related lo the category. Where costs ¢annol be directly attributed to parti¢ular headings, they have been allocalecl to ath"vilies on a basls consistent with the use of resources. All cost categories are individually apportioned and hence support Costs are not shown separately. Costs of generatin9 funds The costs Comprise of those attributable to managing the investment portfolios and arising Snveslment income. Charitable actlvitie5: Grants payable Grants payable have to fall within the lerrns 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 8alan¢e Sheet date, approved grants lo be paid in subsequent years. Governance costs Governance costs include those costs, such a5 Auditors, fges, associated wrfh constitutional and statutory requirements of the charity. Foreign currencies Transactions in foreign currencies are recorded al the rate ruling at the date of the transaction. Assets and liabilities d&nominaled in foreign currencies are converted al the year-end exchange mte. All exchange dlfferences are reflected in the income and expenditure account. Volunteer s9ry1ces The Charity does not rely on the support of volunteer services. Taxation Th& Charity is exempl from tax on rts charitable activities. Value Added Tax Value Added Tax is not recoverable by the Charity and as such is induded in the retevant costs in the St*ement of Financial A¢livilies. 1.6 Invgstments Assets held for Investments purposes are valued al market value al the balance sheet dale. Traded securities are valued at their market quotslion as at the the year end date. 1.7 Cash and cash equlvalerrts Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity dale of three months or less. Cash held as part of a fixed asset investment portfolio are presented as part of fixed asset investments. 14-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2021 Accounting polÉ¢iès Icontlnuedl 1.8 Other financial instruments al Trade creditorn Trade creditor5 are tsbligations to pay for goods or SÈM¢es that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an uncondkional right, al the end of the reporb.ng period, to defer settlement of the creditor ft)r al least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least e1ve months after the reporting date, they a presented as non-CUTrenl liabilthes. Trade creditors are recogni5ed initially at the transaction price and subsequentty measured al amortised cost using the effective interest method. bl Other debtors Other debtors are measured at transaction price less any impairnent unless the arrangement constitutes a financing transaction in which case the transaction is measured al the present value ol thg future receipts discounted at the prevailing rale of interest. 1.9 Fund Accountlng: Funds held by the Charity are ef(her'. al Unrestricted funds". Th$s8 are funds which can be usèd in accordance with the charitable obje¢ts al the discretion of the Trustees., or bl Designated funds.. These are funds that are used for particular purposes wlhin the tsbjecls of the Charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial slatemenls. 1.10 Funds There are thrèe types of Funds. The Expendable Endowment was sel up under an order issued by the Charvties Commissioners for England and Wales under the power gwen in Section 26 of the Charities Act dated 7 April 2003. A Designated Reserve Fund contains funds set aside for a speufic purpose. The Unrestricted Fund is available for general use. Critical accountlng estlmates and judgements In the application of the Charity's accounting policies, the Trustees is required to make judgements, estimate5 and assurnptions about the carrying amount of assets and liabilities that are not adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consifJ$red to be relevant. Actual results may differ from these estimates. The estimates and undedying assumptions are rewewed on an ongoing basis. Revisions lo accounting esllmales are recognised in the period in whi¢h the estimate is revised where the revisi()n affects only Ihal period, or in the period of the rèvision and future periods where the revision affects both current and future periods. 15-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Investmont Income Unrestrlcted Unrestricted funds funds 2021 2020 Interest recieved Diwdends and interest 296 1,476 3,527,429 2,087,659 3,527.725 2,089.135 Investment Management Costs Unrestricted Unreslricled funds fund5 2021 2020 Portfolio management 1,702 218,369 1,702 218.369 Charitable Activities Admini$trative Grants costs Awarded 2021 2021 Total 2021 Administrative costs 2020 Grants Awarded 2020 Total 2020 Governance costs 16.878 16.878 16.261 16,261 Grant fundSng of activities (see note 81 861,920 861,920 1.042,279 1.042,279 16.878 861,920 878,798 16,281 1.042,279 1,058,540 16-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Grants payable Grants Awardad 2021 Grants Awarded 2020 Grants to Instilulions.. 861,920 1.042,279 861,920 1,042,279 17-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Grants payable Icontlnued) 2021 2020 Department of Biochemistry- Bridging support Department of Biochemistry- Post doctor81 support 1x2) Department of Biochemistry- Pur¢ha5e Octet system for analysis Department of Chemistry- Inorganic- Salary support Department ol PS#- Field ernis&on scanning electron microscope Department of PS#- Shaking incubator system Linacre College- Widening participab.on scholarships OUMNH a- Public ongagement WIMM'_ Establishing an imaging mass cytomelry plafform Department of Biochemi51ry- Specific RNAS 69,763 Department of Chemistry- Inorganic- Developing Biocatalysis 72,774 OUMNH o- Project IMAGOS 126,979 Department of Biochemistry- Expanding Acces$ 28,160 Department of Biochemistry- Hislone in genome stability 32.558 Department of Biochemistry- Cryo-EM structure detemiination 50.184 Department of Biochemistry- Purchase protein crystal imaging system 69,194 DCHI" Focused ion beam and scanning election microscope 366,495 DPAG- Support for year two of a postdo¢ 39,906 Department of 8iochemislry- Defining the role of PARPS in the DNA 32,252 Department of Pharmacology- Equipment request 39,354 56,058 171,870 70,237 159,186 16,919 386,175 92,500 50,000 899 1 042 279 Wealherall Institute of Molecular Medicine Dorothy Crowfoot Hodgkin Institute Oxford Botani¢ Garden & Arbotorum a Oxford University Museum of Natural History
Department of Plant Sciences
Adju$tmerrts to grants during the year wgre as follows: 2021 2020 Department of Biochemistry- Expanding user a¢sS lo NMR Department of Zoology- Support Department of Biochemistry- Post doctoral Support 1x21 130.3061 17,1681 109 861 92 1042 279 The above adjuslm&nts all relate to underspends on completed grants. 78-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 Trust88S None of the Trustees lor any persons connected wlh them) rec8ived any remuneration or benefits from the Charity during the year. 2021 2020 Trustees, expenses Employaas The average monthly number of employees during the year was.. 2021 Number 2020 Number Administrative There were no employe&$ whose annual remuneTation was £60,000 or more. Net gainsllloss951 on investments EndowTnent Endowment fun(ts funds general geneol 2021 2020 Gainlllossl on sale of investments 20,226,663 {8,887,9121 10 Fixed asset investments Inv•strnents Cost or valuatlon Al 6 April 2020 Additions Valuat4'0n changes Disposals 78.694.082 100,000 20,226,663 1261,694} Al 5 April 2021 98.759.051 Carrying amount At 05 April 2021 98,759,051 At OS April 2020 78,694,082 19-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2021 11 Financial instruments 2021 2020 Carrylng amount of financial assets Instruments measured at fair value through profil or loss 98,759.051 78,694,082 12 Dèbtors 2021 2020 Amounts falllng due within one year: other debtors 373,590 13 Creditors: amounts falling due within one year 2021 2020 Grants payable Other creditors 1,924.891 5,438 1,957,435 5.280 1,930,329 1,962,715 14 Creditors= amounts falllng due after more than on8 yoar 2021 2020 Grants payable 768,666 400,000 -20-
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EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021 18 Ralated party transa¢tions There were no dis(Josable related paty transactions during the year12020- none). 19 Cash gènèrated from operations 2021 2020 Surpluslldeficftl for the year 22,873.888 18,075,688} Adjustments for.. Investm&nt income recognised in statement ol financial activities IGain}Iloss on disposal of investments 13,527,725) {2,089,1351 120,226,663) 8,887.912 Movements in working capital.. Ilncrea5elldecrease in debtors Increaselldecreasel in ¢redilors 1373,5901 336.280 370,503 11.437.812) Cash abSord by operations 1917,8101 12,344,218) 20 Analysls of changes in net funds The Charity had no debt during the year. -24-