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 E￿ard 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 be￿een 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$lmenl
managers on a regular basis. Future Grants commitments provided for amounted to £2,698,995 12020..
£2,357,4351- Grants paid were £525,79612020.' £2,404,523) and those awarded in the year were £861,920
12020.. £1.042,2791- Adjustments to previous grants awarded amounted to £37,58312020'. £Nill.
Funds avaÉlable
The Trust spends very little on administrati￿ expenses.
The Trustees through their grants and longer term commilmenls. feel satisfied that the Trust has athieved 115
objectives in the year but are mindful of the need lo preserve an appropriate planning strategy for both cash
flow and timing of future grants.
The available reserves are sufficient to meet all commitments to date.
Reserves policy
The Trustees review their reserves policy on an annual basis, as ag￿ed at their meetSng on 1 April 2003. The
Trustees aim lo relain sufficient unrestricted reserves to ensure the long term sustainability of the Charity.
without expending the expendable endowment fund unless necessary, and to allow il the flexibility to
practically conslder all grant applications of any reasonabl& value.
The Trustee5 review the risks of the Trust al each meeting. Major risks would involve the Trusts Investments
and the grants to be approved. The Trustees meet the Trust's Investrnent Managers regularfy to review the
portfolio management.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that syslerns
are in place to mitigate exposure to the major risk$.
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 a￿UntIng 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 ac￿rdanCe 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$p¢cl with the Trustees
report., or
sufficient accounting records have not been kept., or
the financial statements are not in ag￿ement with the accounting records., or
we have not ￿CeIVed all the infotmalion and explanations we require for tsur audtt.
Responsibilities of Trustees
As explained more fully in the statement of Trustees responsibililles. the Trustees are responslble for Ihe
preparation Df the financjal statements and for being satisfied that they give a true and fair view, and for such
internal control as the Trustees determine 15 necessary to enable the preparation of finanaal slalemenls th81 are
free from material rnisstaternenl, whether due to fraud or error. In preparing the financial slalements, the
Trustees are responsible for assessing the Charity's ability to continue as a going conc¢m, disclosing, as
applicable, matters related to going concem and using the going concern basis of accounting unless the
Truslegs either intend lo cease operations, or have no realisti¢ alternative bul to do so.
Auditor's r•$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 I￿land
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 A￿Ounting 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 bfj￿￿en 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 ac￿rdanCe 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-

000￿0
000Tr￿0
oootr
CO (Fi ui ￿ oio ￿ ¢0
r ¢0 ¢D m m
<7>0 rt tt)
r 00 ￿ <YJ t
ro crj *
OOOWCCWOfryQWJOQW)
ooc
oe
rt ID In tr4 a) tw r r Ir)
c c r
LL O O
(J oo>i o
UJfOOtL c-
è1OèèÈèèEÈ
0> o)
UCtiNéo(n rotn.
oo 02000
u o (ti rn oi
c c
£ c
111 liiliiii111-'
ttrztttLUftrtz
£L
Iglll¥ai
CL
rLfLaQ
oooooooxc)oooooDo>aooOCJQQQQQQ
A7<r>-
m ¢Q ¢fJ
0> LL LL LL LL LL LL LL LL LL LL LL LL LL ￿ iL LL LL LL LL LL LL LL LL
NUQIUO¢JUL)UUUUL)Q)Q>U¢J(J(JL)L)UQ)U

00
OGJO
*oo
¢5> ts) O
or
o<
7J
7JMO<
o r4)
¢5> ¢D
¢TJ
c p
ZS Ilj r tbl

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 abSor￿d by operations
1917,8101 12,344,218)
20 Analysls of changes in net funds
The Charity had no debt during the year.
-24-