Charity règistratlon number 309698 EPA CEPHALOSPORIN FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
EPA CEPHALOSPORIN FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor Neil Barday, DPhil Professor Jeff Erringlon, FRS. FMe(ISc Professor Tony Green. PhD Professor Penny Handford. DPhil ProlessorAnlon van der mene, MBBCh PhD Professor Sir John Walker, FRS, Fmedsci Charlty number 309698 Auditor Crilchleys Audit LLP Beaver House 23-38 Hythe Biidge St Oxford OX12EP Bankern CAF Bank Ll 25 King Hill Ave Wesl Malling ME194JQ Sollcltors Knights Soli¢ilors Midland Housa Wèsl Way Oxford OX2 OPH Invastment advisors Schroder ICazenove} Personal Investment Management 1 London Wall Pla London EC2Y SAU Oxford University End¢)wmenl Management 27 Park End Street Oxford OX1 1HU CTI Global Asset Management 78 Cannon Street Cannon Place London EC4N 6AG 7Nov
EPA CEPHALOSPORIN FUND CONTENTS Page Trustees report Stal&ment of Trustees responsibilitie$ Independent auditof s report Statement of financial activities Balance sheet 10 stalernenl of ¢8sh flows 11 Notgs lo the financial statomenls
EPA CEPHALOSPORIN FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present their report and fflnancial stat8monls for the year ended 5April 2023. The financial statemonls have been prepared in accordance with the accounting policies, the Charities A¢t 2011 and "Accounting and Reporting by Charities.. Statement of Recommended practi applicable 1¢ Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Obl¢ctlve8 and actlvltles Tha Trustees, objects are the education and l or research in the medical. biological and chemical sciences within the University of Oxford and its Colleges, the Royal So¢iely of London and King Edward Vl S¢hool, Southamplon. Research grants are made for the benefit of both current and futu research, with mankind being the eventual bènefi¢iary. The Trustees, policies are lo assess the current trends and needs in the searCh work being earried out and lo make grants where appropriate. Many grant applications are considered each yèar. Substantial funds are needed to provide adequately for research. and the Trustees are aware of the neeil lo select grants that will realise both the short term and long term objectives of the Trust fund. Planning for possible future developments is essential if successful research is lo be achieved. Any capital withdrawal needs the consent of all Trustees. The Trustees have paid due rtsgard lo guidance issued by the Charity Cornmission in de¢iding what activities the Charity should undertake. Significant actlvitl•$ TwKe a year the Trustees review grant applications made to them, on the basis of performance and in the context ol funding available from othèr $ouices. 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 year are summarised in the accounts. Major grant commitments have been made and the Trustees are aware of thè need to control and monitor cash flow so Ihal ongoing and future research can be finan¢ed. A record is kept of applicatltsns withdrawn, ineligible orjudged unsuitable. The Tiust's investments are rnanaged by third parties and the funds available and performance are carefully reviewed on a regular basis. Publ50 n•flt The Trustees confimi that they have paid due regard lo the Charity Commissionerfs guidance on public benefit in deciding which activities they should support. The Trust, as stated in ils objects, provides research grants in the medical. biological and chemical sciences. In the achievements and perfoman¢e section the Trustees have furthei explained their actsvilies. The public arè the benefiaariès frorn the success of the grants in rese8rch and education and in the support of the University of Oxford Museum of Natural History. Achlev•ments and Perfomiance The Trustees have continued lo assess and decide on grant 8pplicalions at regular rneetings, with provision for urgent bids below a sel ceiling to bs decided on thè basis of Trustees. ¢onsultation between meetings if necessary. Grantees, outcome reports Indicate that, in addition lo the larger grants for equiprnent or specffi¢ salary funding, the Trustees, aims of helping valid pump-priming or bridging finance application5 have been very useful. Trustees have continued to support the Univ&rsity Science Departtnerils and Colleges and the Oxford UnirS1 have be Museurn of Natural History, an important sel of collections open to the publiG free of charge", fund5 warded for thè conlinvalion of their internship scheme and for the conservation and re-housing of specific collections. They also support the Museum of the History of Science by funding educational exhibitions on the His10ry of Medicine.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 They have continued to support King Edward Vl School in Southampton {one of the named beneficiaries of the Trust) and in particular lo provide fellowships for students. In 2014-5 the Fund initiated the endowment of a research professorship 81 the Royal Society to be narned the Royal Society EP Abraham Professor with a payment of £3M with a further £0.5M lo follow over the next 2 years. This post is currently filled by Professor Benjarnin Simons at the D&partmenl of Applied Mathematics and Theoretical Physics al the University of Cambridge. The Trust made signrficanl grants in thè year, including £1,506,162 to ftjnd two acadernic futures DPhil Scholarships al Linacre College, and £1,500,000 for the establishment of a Professorship for the Departrn8nl of Biochemistry. Financial review The Statement of Financlal Activities shows net defial, after investment gains. lor the year Of £7,658,26812022'. surplus of £5,374,419). Therè were net investrnenl losses of £6.120,585 12022.. gains of £3.438.0381. Total funds sland at £97,803,151 {2022.. £105,461,419). Governan costs amounted to £24,08212022'. £22.4011. The Trust is not dependent on donations or the $6rvices of unpaid volunleeis. Its investments are held lo produ¢e 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 £4,779,957 12022.. £3,048,388). Grants paid war& £3,788,59812022'. £1,525,671) and those awarded in the year were £5,520,871 12022.. £2.880,5041. Adjustments lo previous grants awarded amounted lo £705 {2022'. £188,378}. Funds available The Trust spgnds vary little on adminislralion expenses. The Trustees through their grants and longer term commitments, lè&1 satisfied that the Trust has a¢hièved its objectives in the year but are mindful of the need to preserve an approprlale planning strategy for both cash flow and timing of future grants. The av8ilable roseNes are sufficient lo rneel all commitments lo dale. Reservas policy The Trustees aim lo relain sufficient unrestricted reserves to ensure the long term sustainability of the Charity, without expending the expendable endowrnenl fund unlèss necessary, and to allow il the flexibility lo practically Consider all grant applications of any reasonable value. The Trustees review the risks of the Trust al each meeting. Major risks would involve the Trusvs inveslrnenls and the grants lo be approved. The Trustees have assessed the rnajor iisks lo which the Charity is exposed, and are satisfied that systems arg in place lo miligalg exposure to the major risks. Future developments The Trustees believe that the careful handling of the funds lo date should continue in the foreseeable future but they will always look at any major scientific development in the Trust's fields and assist if they believe appropriate for both the currènt and future beneficiaries.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Structure. govemancg and management The Trust was founded by the late Sir Edward Abraham on 18 May 1970 to help further education and research in specific fields ol science. The Trust reiVed royalties from his searCh in Ihe early y&ars bul now relies on income from expendable endDwmenl lo make ils grants, the intention being to maintain a significant enough fund lo enable regular important ¢onlribulions lo be rnade lo sclenlific education and research. The governing document is the Trust Deed and wnslitules an unincorporated charily. The Trust Fund is an expendable endowrrenl fund. Trustèes have absolute discretion for the u8e of income for Ibe furtherance of thè objects of the charity, provided the Tiuslees reslrid the application of the income and Capital lo such research and education in the University of Oxford (including its Colleges, Halls, and Soeielie51. The Royal Socitrly of London, King Edward Vl School. Soulhampton, unless they consider there is a good reason to the contrary. There can be no use of capital wrfchout the unanimous consent of the Trusteès. The Trustees who served during the year and up lo the date of signature of the financial statements were.. Professor Neil Barday, DPhil Professor Jeff Erringlon, FRS, Fmedsci Professor Tony Green. PhD Professor Penny Handford, DPhil ProfessorAnton van der Merwe, MBBCh PhD Professor Sir John Walker, FRS, Fmedsci Recruitmènt and appointmgnt of nèw tru$ts&B Trustèes are appointed by exisllng Trustees up lo a maximum of six. Trustees a selected with expert15e lo ¢over the types of applications to the Trust. The Trustees are person5 who Command high respect and eminence in Iheii iespeclive careers in eduoalioll and research development. New Trustees are provided with the latest annual report and financial slalemenls, verbal insliuctions on dminislration and organisalion and details of previous minutes. grants oulslanding, financial procedures, risk assessment. Charity Commission leaflet CC3 IA) and a Copy of the Trust Deerl. Oryanisational structurn The day to day management and administration are conducted in the Tru51 Office at thè Sir Vmlliam Dunn Sehool of Pathology by the Administrator to thè Trust Ms Rachel Faulkes. The Trustees, major policy deasions are made at Trust meetings by the Trusletss. Other decisions t8ken between meetings are confirmed at Trust meèting$. The Trustees ask for additional expert opinions Whe necessary. The quoted portfolio is managed mainty by Oxford Unlversity Endowment Management with a portion managed by Schroder ICaz&novel Personal Investment Management Limited. A small percentage is kept in more liquid funds managed by CTI Global Asset Managèment. The Trusta8s' rèport wa5 approved by the Board of Trustees. Profè$¥or Neil 8arclay, Trustee Dated.. 7 November 2023
EPA CEPHALOSPORIN FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023 The Trustees are responsible for pr8paring the Trustees Report and the finanaal statements in 8¢¢ordance with applicable law and United Kingdom AoUntIng Standards {Uniled Kingdom Generally Accepted A¢¢ounting Practice). The law 8pplic8ble Its charities in EngLand and Wales requires the Trustees to prepare financial stslements for each financial year which give 8 true and fair view of the stale of affairs of the Charity and of the in¢oming resources and application of resources of the Chari(y for that year. In preparing these financial statements, the Trustees are required lo.. select suitsble accounting policies and then apply them consistently., observe the methi8 and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., slala whether applicable accounting standards havè been followed, subject lo any matèrial departures disciosed and tsxplainèd in th8 financial statements., and prepare the financial slatomgnts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficiènt accounting records that di8¢1osè with reasonable acwr8cy al any lime the financial position of the Charity 8nd enable them to ensure that the financial statements comply with the Ch8rilies A¢t 2011, the Charity (Accounts and Reports) Regulations 2008 and the prowsions 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 irregLJlarilies.
EPA CEPHALOSPORIN FUND CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Opinion We have audited the finan¢i8151alements of EPA Cepha105porin Fund Ilhe 'Charity) for the year ended 5 April 2023 which comprise the slalemenl of financial aclivilies, the balance sheet. the slalement of cash flows and notes to the financial statements, including significant a¢¢ounling policles. The financmal reporting fiamework that has been applied in their preparation is applicable law and United Kingdom Accounting Sl8ndards, induding Finsncial Reporting Standard 102 The Financial Reporting &andanl applicable in the UK and Republic ol Ireland (United Kingdorn Generally Accèpted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the state of the charity's affairs as a15 April 2023 and of ils incoming resources and application of reSoUs, for the year then ended., have been propedy prepared in accordance with United lfjngdom Generalty Accepted Accounting Practice., and have been prèpared in accordance with th8 requirements of the Charllies Act 2011. Bo81$ for opinion We conducted our audit in accordance with Inlernalional Stsndards on Audiling IUKI IISAS IUKI} and applicable Eaw. Our spOnSibl1111es under those $18ndards are further described in the Aurlito& responsibilities for th8 audit of the financial statements sèction of our report. We are Independent of the Charity in 8ccordance with the ethical requirements that are relevant lo our audit of thè financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon5ibililies in accordance with these requirèments. We believe that the audit evidencè we have obtained is sufficient and appropriate tts provide a basis for our opinion. Conclu$lon$ rèlating to golng concern In auditing the financial slalemenls, we have Concluded that the Trustees use of the going concern basis of accountin9 in thè preparation of the financial statements is appropri*e. Based on the Work we have performed. we have not identified any material uncertainties relating to &vènls or eondilion5 that, individually or ¢olleclively, rnay cast significant doubl on the Charity's 8bilty lo continue as a going concern for a period ol at least Iwelve months from whèn the financial statements are aulhorised for issije. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are Oes¢ribed in the relevant sections of this report. Other Information The other information comprises the inforniation included in the annual r&port other than the finan¢lal statements and our auditorfs report Ihefeon. The Trustees are responsible for the othèr information contained within the annual Teport. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance con¢lusion thereon. Our resptsnsibility is to read the other information and, in dtsing so, considèr whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the COLJrse of the audit, or othenmise appears to be rnaterially Nisslated. If we identify such material inconsistencies or apparent material misstatements. we are required to detèrmine whether this givès rise lo a rnaterial misslalernent in the financial statements thamsolves. If. based on the work we have performeLI. we conclude that there is a material misstatement of this other Information, we are required to report that fact. We have nothing to reptsrt in this regard. Matlers on vthich we are requlrod to rèport by exceptlon Critchleys Audit LLP is eligible for appoinltnenl a5 auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Cornpanies Act 2006. the infomation given in the finana31 slalemenls is inconsistent in any material respect with the Trustéès report,. or suffi¢ienl accounting records have not been kept., or the financial statements are not in agrèem&nl with the accounllng records,. or we have not received all th& infortnalion and explanatlons we require for our audf(.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Re$pon$lbllltl•s of Trustse$ As èxplained more fvlly in the slalemenl of Trustees responsibilities, the Trustees are responsible for the prep8rallon of the financial slalernenls and for being satisfied that th6y give a true and fair view, and for such internal ¢ontr¢)l as the Trustees determine is necessary lo enable the preparation of finanaal ststemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slalements, the Trustees are responsible for assèssing the Charity's ability to continue as a going conrn, disdosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the Trustees either intènd to cease operations, or have no realistic alternative bul lo do so. Auditols rnsponsibilities for the ¥udlt of thé flnancial ststem•nts We have been appointed as auditor under section 144 of the Charities Act 2011 and rgport in accord8n¢8 with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the finanaal slalements a5 a whole are free from Material misslalemenl. whether due to fraud 01 error. and to issue an auditor's rèport that includes our opinion. Reasonable assurance 15 3 high lèvel of assurance bul is not a guarantee that an audit conducled in accordance with ISAS (UK) will always dele¢t 8 material misstatement when il exists. Misstalemenls Can arise from fraud or erior and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the economi¢ decisions of users taken on the basis of these financk91 slalements. The extent to which our procedures are Capable of detecting iiregulaflties, including fraud, is detailed below. the engagement partner ensurtsd that the &ngagement team collectivaly had the appropriate competence, capabilities and skills to identify or re¢ognis& non-complian with applicable laws and regulations,. we identified the laws and regulations applicable to the company through discussions with directors and olh&r managèment, and frorn our knowlgdgè and experience., we focused on speafic laws and regulations which we consided may have a direct material effecl on the rinancial slalements or the operations of the ¢ompany', we assessed the èxtent of compliance with thè laws and regulations identified above through making enquiries of management and inspecting legal correspondence where appli¢ablg,' and idgnlrfied laws and regulations were communicated within thè audit team regularly and the team remained alert lo instances of nortrcompliance throughout the audit. We assessed the susceptibility of the charity's financlal $talomen15 to material mlsslalomenl, including obtsining an understanding ol how fraud might occur, by.. making enquiries of management as to where they considered there was sus¢eptibility lo fraud, Ihoir knowledge of actual, suspa¢ted and alleged fraud., and considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed anatyiical pro¢edures lo identify any unusual or unexpected relationships.. lesled journal entries to idenlfy unusual transactions., assessed whether judgements and assumptions made in detèrmining the accounting estimates were ndita',ivR'.of potential bias., and investigated th8 rationale behind significant or unusual transath'ons.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUEDI TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND In r6sponse to the risk of irregularities and non-compliance with laws and regulations. we designed procedu8 which included, but wera not limited to.. agreeing financial slalemenl disclosures lo underlying supporting docurnentalion., reading the minutes of meetings of those charged wi(h governance". ènquiring of management as lo actual and potgnlial litigation and Claims., ieviewing relevant correspondence. There are inherent 1mItatIonS in our aud procedures described above. The more rernoved that laws and regulations are from financial transactions. the less likely il Is that we would berne aware of non-oompliance. Auditing standards also limit the aLJdil prOdureS required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, il any. Material misstslements that arisè due lo fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of tsur responsibilities is available on the Finanaal Reporting Council's website al.. https.'Il www.1rc.org.uklauditorsresp0nbIIitIes. This description forms part of our auditorfs rèp¢rt. Other matte Your attention is diawn lo the fact that the charity has prèpared financial statements in accordan¢8 wlth 'Accounting and Rèptsrting by Charities.. Statement of Recommended Practice applicable lo charib'es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (as amended) in preferen lo the Accounting and Reporting by Charities." Slalemenl of Recommended Practice issued on 1 April 2005 which is referred lo in the exlanl regulab'ons but has now been withdrawn. This has been done in order for the financial statements to prtsvide a true and fair view in accordance with current Generally Aeceplèd Accounting Practi¢g. U$8 of our report This report is made solely to the Charity's TtU5tees, as a tx)dy. in accordance with part 4 of Ihe Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so th* we might stsle to the Charitys Trustees those matters we are qUired lo state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, vle do not accept or assume responsibilty lo anyone other than the Charity and the Charity's Trustees as a body, ft>r our audit work. lor this report, or for the opinions we have formed. Critchleys Audlt LLP 811112023 Chartered Accountsnts statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP Critchleys Audit LLP is eligible lo act 88 an auditor of the Charily in tèms of seCtn 1212 of the Companies Act 2006. 7No
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Current financial year Unrestrictsd Endowment funds nds 2023 2023 Total Total 2023 2022 Not•$ Income from: Investment In¢ome 4.008,541 4.1K)8.541 3,841,435 •ndlWrn on: Investrnent Management Costs 1,996 1.996 2,149 Chaiitsblè activities Administralive costs Grants Awarded 24,082 5,520,166 24,082 5,520,166 22,401 1.880,504 Total ¢harltsblo èxpanditure 5,544,248 5,544.248 1,902,905 Total resources expgndad 5,546,244 5,546,244 1,905,054 Nel gainslllossesl on investments 16,120.565) 16,120,565) 3,438,038 Net loutgoingvincoming r•$our¢g$ b8for• transfers 11.537.703} 16,120,565} 17.658.268) 5,374,419 Gross transfers between funds 150,284 1150,284) Fund balances 8t 6 April 2022 1,939,169 103,522.250 105,461,419 1CX),087,000 Fund balances at S April 2023 551,750 97,251,401 97,803,151 105,461,419
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTMTIES (CONTINUED) FOR THE YEAR ENDED 5APRIL 2023 Prior financial yÈar Unrestricted Endowment funds funds 2022 2022 Total 2022 Note Income from: Investment Income 3.841,435 3,841,435 ndlturè Investrnent Managgmgnl Cos18 2,149 2,149 ril ble acliwlies Administrative ¢osls Grants Award6d 22,401 1,880.504 22,401 1,880,504 Totsl charitable expendlture 1,902,905 1,902,905 Total resoure&s •xpended 1,905.054 1,905,054 Net gainslllossesl on investments 3,438.038 3,438,038 Not loutgoing1lincoming resourcas bofore transfers 1,936,381 3,438,038 5,374,419 Gross Iiansfers between funds 11,325,161) 1,325,161 Net movement In fund¥ 811,220 4,763,199 5,374,419 Fund balances al 6 April 2021 1.327,949 98,759,051 100,087,000 Fund balanc9$ at S April 2022 1,939,169 103,522,250 105,461,419
EPA CEPHALOSPORIN FUND BALANCE SHEET AS AT 5APRIL 2023 2023 2022 Notes Flxed assets Investments 11 97,251,401 103.522,250 Current as$•ts Debtors Cash at bank and in hand 12 398,634 4.941,733 387,856 4,805,701 5,338,367 4,993,557 Creditors: amounts falling due wlthln one yoar 13 14.429,2871 12,723,021} Net CunI assets 909.080 2,270,536 Total assèts less current liabiliti¢$ 98,160,481 105,792,786 Creditors: amounts falling due after more than one year 14 {357.3301 1331,36n Net a$$ots 97,803,151 105.481,419 Capitsl funds General endownmenl funds Income funds Unrestricted funds 16 97.251,401 103,522,250 551,750 1,939,169 97,803,151 105,461,419 The financial statements We approved by the Trustees on . 7 November 2023 Professor Neil Barday, DPhil Trustse 10-
EPA CEPHALOSPORIN FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023 2023 2022 Notès cash flows from opèrat4ng activities Cash absorbed by operations 19 13,822,793} {1,563,9271 Investing a¢tFvities Purchase ol investments Proceeds from disposal of investments Investment income received 12,000,IJOOI 674,839 3,841,435 150,284 4,008,541 Net cash generatsd from investing activities 4.158,825 2,516,274 Net cash us¥d in financing actlvltl¢s Net increase in cash and cash equivalents 336,032 952,347 Cash and ¢8sh equivalents at beginning of year 4,605.701 3,653,354 Cash and cash èquivalents at end of yoar 4,941,733 4,805,701
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2023 A¢¢ountlng poli¢i•$ Charity Infomiation Thè E P A Cephalosporin Fund is a charity domiciled in England. Its principal address is.. University of Oxford, Sir Willlam Dunn School of Pathology, South Park5 Road, Oxford, OX1 3RE. 1.1 Basis of ac¢ountlng The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accord8n¢e with the Financial Reporting Standard applicablè in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- (Charities SORP IFRS 10211, and the Financial Reporting Standard applicable in the UK and Republic of Irgland IFRS 1021. The E PA Cephalosporin Fund meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or Irans8dion value unles5 Otherwise stated in the relevant accounting policy note. 1.2 Going eoncam The financial 51alemènts have been prepared on a going con¢em basis. The trustee8 consider that Ihefe are no material uncertainties about the charity's ability lo continue as a ooing concern. 1.3 Charitable funds Unrestricted funds ar¢ available for use at the discretion of the Trustees in furtherance of their charitable objectives. Endowment funds are subjeci to specAfic nditionS by donors that thè capital must be maintained by the Charity. 1.4 In¢om8 All income is included on the Statement of Financial Activitiès when the Charity is legalty enlilled lo the income and the amount can be quantified with reasonable accuracy. Investment In¢om& Income from inveslmants is recogni5ed in th& yèar in which il is receivable. 12-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Accounting policies IContlnu•dl 1.5 Expenditurn Expenditure is included in the Statement ol Financial Activib'es on an accruals basis indusive of any VAT which cannot be recovered. They are Classified under headings that aggregate all costs related lo the category. Where costs cannol be directly allribuled to particular headings. they have been allocated to activities on a basis consistent with the use of resources. All cost categories are indNidually apportnnèd and hence support costs are nol shown separately. Costs of genfrrating funds The costs compnse of those attributable lo managing the investment portfollos and arising invgstment income. Charltsble activities: Grants payable Grants payable have lo fall within the terms of the Charity's objects and need approval of the Trustees and the recipient abiding wllhin the terms of reference of the Grant. The Charity had, at the Balance Sheet date, approved grants to be paid in subseqLJ&nl years. Gov•rnanc• costs Governance Gosls include thos& ¢0515, such as Auditors, fees, associated with constitLJlion81 and statutory requirements of the charity. Forèign currencies Transaction5 in foreign currencies are recorded al the rate ruling al the date of the transaction. Assets and liabilities denominated in foreign currancies are converted al the year-end exchange rate. All exchange dIfferenS are flected in the income and expenditure aount. Volunteer $ervices The Charity does not rely on the support of volunteer services. Taxation The Charity is exempl from lax on its ¢harltable actiwties. Value Added Tax Value Added Tax is not recoverable by the Charity and as such is induded in the relevant costs in tha statement of Financi81 Aclivilies. 1.6 Invè$tments Assets held for inveslments purposes are valued al market value al the balance shèèt dale. Traded se¢uiilies are valued al their market quotslion as at the the year end date. 1.7 Cash and cash equivalents Cash and ¢8sh equwalents include cash al 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 investm&nl portFolio are prtssenled as part of fixed asset inveslmenls. 13-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Accounting policias (Continuodl I Otherfinancial instruments al Trade credltor8 Trade creditors are oblig8tions to pay for goods or services that have been acquired in the ordinary Course of business frorn suppliers. Accounts payable are dassified as Current liabilrties if the Charity does not have an unconditional right, at the ènd of the reporting period, lo defer settlement of the creditor for at least twelve months after the reporting dale. If there is an unconditional right to defer selllemenl for al laast twelve months after the reporting dale, they are pr&sented as non-CUTrenl liabilities. Trade creditors aro recognised initially at the Iiansaction pricg and subsequently rneaSur at amortised cost using the &ffsctive interest method. bl Other debtors Other debtors are measured al transaction price18ss any impairment unle55 the arrangèment constilules a financing transaction in which case the Iransa¢tion is measured al the present value of the future receipts discounted at the prevailing rale of Interest. 1.9 Fund Accounting= Funds hgld by the Charily are either.. a) Unrestricted funds.. These are funds which can b& used in accordance with thè charitable objects al Ihts di$¢xelion of tha Tnjstees., or b) Endowment funds.. Th6s& are funds must be maintsined by the Charity as they 8ro subj'ect to speafic conditions by the dontsrs. Further explanation of the naturè and purpose of eath fund is included in the notes lo the finan¢ial statements. 1.10 Funds There are iwo types of Funds. The Expendable Endowtnent was set up under an order issued by the Charrties Commissioners foi England and Wales under the power given in Se¢tion 26 of the Charities Act dated 7 April 2W3. The Unrestricted Fund is available for g6neral use. 14-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Critical accountlng &$tlmat•¥ and judgom&nts In the application of the Charity's accounting poliaes. the Trustees are required lo make judgements, estimates and assurnplions about the carrying amount of assets and liabilities th are not readily apparent from other sources. The Èslirnales and associated assumptions ar@ based on historical experience and other factors that are u)nsldered lo be relevant. Actual results may differ from these estimates. The eslimales and underfying assumptions are reviewed on an ongoing basis. Revisions lo a¢o)unling eslimales are recognised in the period in which the estimate is revised where the revision affects only that peiiod, or in the period of the revision and lulure peiiods where the revision affects both ¢LJrrenl and future perio(Ss. Critical judgements The following judgements (apart from those involwng estimalgs) have had the most significant effect on amounts recognised in the financial stalemenls. Grant creditor Grant creditors are judged lo have been committed to bul not paid by the Trustees. The total of grant creditors al 5 April 2023 was £4,779.957. Investment Incom• Unmtricted Unrestri¢ted funds funds 2023 2022 Intèrèst reiVed DiMdends and interest 469 4,008,072 3,841,43Q 4,008,541 3,841,435 Investment Manag•mnt Costs Unrestricted Unrestricted fund$ funds 2023 2022 Portfolio management 1.996 2,149 1.996 2,149 15-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Charftsble Activitie$ Administrative costs 2023 Grants Award&d 2023 Totsl 2023 Administrative costs 2022 Grants Awarded 2022 Total 2022 GoveTnan¢e costs 24,082 24,082 22,401 22,401 Grant fvnding of activities (see note 81 5,520,168 5,520,186 1,880,504 1.880,504 24,082 5.520,168 5,544,248 22,401 1,880,504 1,902,905 Grants pyabl& Grants Awarded 2023 Gran15 Awarded 2022 Grants to institutions 5,520,166 1,880,504 2023 2022 KIR- Establishing Advanced Image Analysis OBGA Plant records managemènt Department of Biochetnislry- Support for outreach 8venls Department of Blo¢hemislry-An ultracentrifuge for Biochemistry Royal SLKiely- Human Genome Editing Department ol Biothemistry- Support screening microscope DPAG F- Advanced 3D Parkinson's stem cell disease models Department ol Bioch&mistry- Phosphorylation sites Department of Biochemistry- Regulation of nOrCodIng RNAS MSDO. Bridging salary scheme History of Science MuseLJm - Collecting COVID EM FacAlity- Research assistant to support projects Department of Biochemistry- Target search mechanisms Department of Biochemistry- Modelling toolkit for glycans Department of Biochemistry- Genotoxic stress on epirnulalions Department of Biochemistry- Sile-specific ADP-ribosy18b'on OUMNH t(- Next generation of EPA Internships Department of Biochemistry- New suite of eIrOn rnicroscopes Department of 8iochemis1ry- Lipid trafficking in cell8 Department of Bio¢hemistry- Study of neuliophil PR3 Department of Biochemistry- mechanisms in regulation ol non-coding RNAS D&partment of Biochemistry- Enabling eukaryots'c llUlaT lomogr8phy Plant SCienS- Improving PCR capacity 79,768 61,561 7.360 40,000 140,0 80.(Y)O 143,697 30,872 47,644 250,LKIO 251,989 1 $2,260 5,890 45,076 93,474 26.522 112,989 500,000
8,018 45,393 74,398 37.621 81,705
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 Grants payablo Icontinuedl Advanced live-¢ell imaging for the new Dapartrnenl of Biology Lin8cre College- Two academic futures DPhil scholarships History of SThence Museum- Vision 2024 Department of Biochemistry- Establishment of a Professorship Linacre College- A¢aLlemic futures students OUMNH u- support for public engagement with resear¢h Royal Society- Creating a long-tÈrm v15ion for UK science 150,000 1,506,182 818,000 1,500,000 53,000 118,576 1,130,000 5,520.871 2,068,882 KIR Kennedy InslitLrto of Rheurllalhology Medical Sciences Division Oxford Oxford Botanic Garden & Arboretum a Oxford University Museum of Natural History Department of Physiology, Anatomy and G8neli¢s Adjustments to grants during the year were as follows: 2023 2022 Department of Biochemistry- Nanobodies etc. facilty1101- OUMNH o- Summer internship programme126,5581- Linacre Colleg&- Widening partiapation s¢holarships11,0521- Chemistry- Inorganic- Energized Nanoconfinemènl of Enzymes12.8081- Oepartmenl of Biochernistry- Histone ADP-ribosylation {11 Department of Biochemistry- Cryo-EM Structu delermination113,926)- Department of Biochemistry- Defining the role PARPS in DNA Repair13271- DPAG B- Advanced 3D Parkinson's stem cell disease models1143,697) - Department of 8iochemistry- Target search mechanisms for bZIP111 . Department of Biochemistry- Specific RNAS Department of Biochemistry- Phosphorylation S8$ Departmènt of Biochemistry- Regulation of non-coding RNAS Department of Blochemistry- Site-specificADP-ribosylation 1101 126.5561 11,0521 12,8081 113,928} 13271 1143,6971 1663} 1151 124} 13} 17051 1188,3781 5,520,166 1,880.504 The above adjustments relate lo underspends on completed grants and withdrawn grants. Trustees None of the Trustèes {or any persons connected with them) received any remuneration Or benefrts from the Charity during the ye8r. Five trustees12022.' 0) had expenses 1mbur$ed lotalling £3,49212022'. £7511 during the year. 17-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 5 APRIL 2023 Employees The average monthly number of Èrnployees during the year was.. 2023 Number 2022 Number Administrative The werè no employees whose annual remuneration was more than £60.000. Net gainslllos$&sl on inv•slm8nts Endowment Endowment funds funds general genèral 2023 2022 Gainlllossl on investments {6.120,5651 3,438.038 10 Taxation The charity is exempl from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are 8pplied lo its charitable objects. 11 Fixed asset investments Investments Cost or valuatlon At 8 April 2022 Valuation ¢hanges 103,522,250 16,270,849) Al S April 2Q23 97,251.401 Carrying amount At 05 April 2023 97,251,401 At 05 April 2022 103,522.250 12 Dgbtors 2023 2022 Amounts falllng wlthln one year.. Other debtors 396,634 387.856 18-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 13 Creditors.. amounts falllng due within one year 2023 2022 Gr8nls payable Accruals 4,422,627 6,660 2,717,021 4,429.287 2,723,021 14 Creditors: amounts falling due after more than one y•ar 2023 2022 Grants payablè 357,330 331,367
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EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 16 Endowmont funds Income arising on the endowment funds Can be used in accordance wfth the objects of the Charty and is induded as unrestrictèd income. Any capital gains or losse5 arising on thè assets form part of the Fund. Balan¢8 at 6 Aprll 2021 Transfern Rw8luatlon$ Balance at gains and 6April 2022 108888 Tran8f8rs RevaluHtlon$ Balanco at galns and fj Aprll 2023 loss88 98.759,051 1,325,161 3,438,038 103,522,250 1150,284} 16,120,565) 97,251,401 98,759.051 1,325,161 3,438.038 103,522,250 1150,284} {6,120,5651 97,251,401 The Charity's Fund was converted on 7 April 2003 into an Expendable Endowment Fund as ordered by the Charity Commissioners for England and Wales. 17 Analyyi$ of net 4$8ets be¢¢n funds Unrestricted Endowment funds funds 2023 2023 Total Unmtrlet•d Endowment funds funds 2022 2022 Totsl 2023 2022 Fund balances al 5 April 2023 are represented by.. Investments Current asselsllliabililies) Long term li8bilib-es 97.251,401 97.251,401 909,080 2,270,536 {357,3301 {331,36n 103.522,250 103,522,250 2,270,536 {331,3671 909.080 1357,3301 551,750 97,251,401 97,803,151 1,939,169 103.522.250 105,461,419 18 Related party tran8a¢tion8 There werg no disclosable related party transactions during the year12022- none). 19 Cash generated frorn operations 2023 2022 IDefi¢llllsurpus for the year 17,658,268) 5,374,419 Adjuslmenls for.. Investment ineom& racognised in statement of financial activities Lossllgain) on disposal of investments 14,008,541) 13,841,435) 6,120,565 13,438,038) Movements in working caplt81', Ilncreasel in debtors In¢rease in oreditors 18,7781 1,732,229 {14,2661 355,393 Cash ab$orb•d by opèrations 13,822,793} {1,563,9271 -22-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023 20 Analysi$ of ¢hang&s in net funds Tho Charity had no debt during the year. 23-