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 men￿e, 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
Uni￿rS1
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 re￿iVed 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 A￿oUntIng 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 methi￿8 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 reSoU￿s, 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 con￿rn, 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 conside￿d 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 procedu￿8
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 1￿mItatIonS 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 be￿rne aware of non-oompliance.
Auditing standards also limit the aLJdil prO￿dureS 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.uklauditorsresp0n￿bIIitIes. 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 seCt￿n 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$•ts
Debtors
Cash at bank and in hand
12
398,634
4.941,733
387,856
4,805,701
5,338,367
4,993,557
Creditors: amounts falling due wlthln
one yoar
13
14.429,2871
12,723,021}
Net Cu￿nI assets
909.080
2,270,536
Total assèts less current liabiliti¢$
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
dIfferen￿S are ￿flected in the income and expenditure a￿ount.
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 &$tlmat•¥ and judgom&nts
In the application of the Charity's accounting poliaes. the Trustees are required lo make judgements,
estimates and assurnplions about the carrying amount of assets and liabilities th* are not readily apparent
from other sources. The Èslirnales and associated assumptions ar@ based on historical experience and other
factors that are u)nsldered lo be relevant. Actual results may differ from these estimates.
The eslimales and underfying assumptions are reviewed on an ongoing basis. Revisions lo a¢o)unling
eslimales are recognised in the period in which the estimate is revised where the revision affects only that
peiiod, or in the period of the revision and lulure peiiods where the revision affects both ¢LJrrenl and future
perio(Ss.
Critical judgements
The following judgements (apart from those involwng estimalgs) have had the most significant effect on
amounts recognised in the financial stalemenls.
Grant creditor
Grant creditors are judged lo have been committed to bul not paid by the Trustees. The total of grant creditors
al 5 April 2023 was £4,779.957.
Investment Incom•
Unmtricted Unrestri¢ted
funds
funds
2023
2022
Intèrèst re￿iVed
DiMdends and interest
469
4,008,072 3,841,43Q
4,008,541
3,841,435
Investment Manag•m*nt Costs
Unrestricted Unrestricted
fund$
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 nOr￿CodIng 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 eI￿rOn 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 SCien￿S- 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 S￿8$
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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t z el LU l (n
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141-111.
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(Y) P) ¢ry r>
X LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL
OUL)UQ)UL)UUUL>L)UUUUVfJOUUUL)LIU

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¢Ju(Juuuu

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-