Charity registration number 309698 EPA CEPHALOSPORIN FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
EPA CEPHALOSPORIN FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor Neil Barday, DPhil Professor Jeff Erringlon, FRS, Fmedsci Professor Tony Green. PhD Professor Penny Handford, PhD ProfessorAnton van der Merwe, MBBCh PhD Professor Sir John Walker, FRS, Fmedsci Charity number 309698 Auditor Critchleys Audit LLP Beaver House 23-38 Hylhe Bridge St Oxford OX12EP Bankers CAF Bank Ltd 25 King Hill Ave West Malling ME19 4JQ Solicitors Knights Solicttor5 Midland House West Way Oxford OX2 OPH Investment advisors Schroder ICazenove} Personal Investment Management 1 London Wall Place London EC2Y SAU Oxford University Endowment Management 27 Park End Street Oxford OX1 1HU CTI Global Asset Management 78 Cannon Street Cannon Place London EC4N 6AG Royal London Unit Trust Managers Limited 80 Fenchurch Street London EC3M 4BY
EPA CEPHALOSPORIN FUND CONTENTS Page Trustees report Stalemenl of Trustees responsibilities Independent audilorfs report Statement of financial activities 9-10 Balance sheet 11 statement of cash flows 12 Notes lo the financial statements 13-24
EPA CEPHALOSPORIN FUND TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees presenl their report and financial slatemenls for the year ended 5 April 2024. The financial statements have been prepared in accordance with Ihe accounting policies set oul in note 110 the financial statements and comply with the Charity's Charity's Trust Deed, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102> (effective 1 January 2019). Objectives and activities The 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 Society of London and King Edward Vl School, Southampton. Research grants are made for the benefit of bolh current and future research, wilh mankind being the eventual beneficiary. The Trustees, policies are to assess the current trends and needs in the research work being carried out and lo make grants where appropriate. Many grant applications are considered each year. Substantial funds are needed to provide adequately for research, and the Trustees are aware of the need to 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 to be achieved. Any capital withdrawal needs the consent of all Trustees. The Trustees 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 applicalions 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 to further information,. and outcome reports are required before grant payments are made. The Trust's grants for Ihe year are summarised in the accounts. Major grant commitments have been made and the Trustees are aware of the need lo control and monitor cash flow so that ongoing and future research can be finand. A record is kepl of applicalions withdrawn, ineligible or judged unsuitable. The Trust's investments are managed by third parties and the funds available and performance are carefully reviewed on a regular basis. Public benefit The Trustees confirm that they have paid due regard to the Charity Commissionerfs guidance on public benefit in deciding which activities they should support. The Trust, as stated in its objects, provides research grants in the medical, biological and chemical sciences. In the achievements and performance section the Trustees have further explained their activities. The public are the beneficiaries from the success of the grants in medical, biological and chemical research and in education. Grants are made to the University of Oxford in support research and of education. Specific areas of education al the University currently in receipt of grant funding are The Museum of the History of Science and the Museum of Natural History. The Royal Society receives granl funding in support of science and science education and King Edward Vl School in Southampton received granl funding to provide fellowships for gified pupils who are not able to pay Ihe School's fees.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Achievements and Perfomiance The Trustees have continued to assess and decide on grant applications at regular meetings, with provision for urgent bids below a set ceiling to be decided on the basis of Trustees, consultation between meetings if necessary. Grantees, outcome reports indicate that, in addition to the larger grants for equipment or specific salary funding. the Trustees, aims of helping valid pump-priming or bridging finance applications have been very useful. Trustees have continued to support the Universily Science Departments and Colleges and the Oxford University Museum of Natural History, an important set of collections open to the public free of charge., funds have been awarded for the continuation 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 History of Medicine. They have continued to support King Edward Vl School in Southampton (one of the named beneficiaries of the Trust) and in particular to provide fellowships for gifted pupils who are not able to pay the School's fees. Financial review The Statement of Financial Activities shows net surplus, after investment gains, for the year of £8,173,800 (2023-. deficit of £7,658,268). There were net investment gains of £5,331,771 12023.. losses of £6,120,565). Total funds sland at £106,57,042 (2023.. £97,803.151}. Governance costs amounted to £25,952 {2023.' £22,082). The Trust is not dependent on donations or the services of unpaid volunteers. Ils investments are held lo produce income for grants agreed by the Truslees who continue to monitor the performance of investment managers on a regular basis. Future grant commitments provided for amounted to £4,827,137 {2023'. £4,779,957}. Grants paid were £1,291,992 {2023.' £3,788,598} and those awarded in the year were £1,339,173 (2023= £5,520.871}. Adjustments to previous grants awarded amounled to £235,833 {2023.' £705). Funds available The Trust spends very little on administration expenses. The Trustees through their grants and longer term commilments, feel satisfied thal Ihe Trust has achieved ils objectives in the year bul are mindful of the need to presetve an appropriale planning stralegy for both cash flow and timing of future grants. The available reserves are sufficient to meet all ¢ommilments to date. The Trustees fund grant payments from investment income. The Trustees, practice is to consider all rèasonable requests submilted by eligible applicants within the charity's objects. Trustees review the risks of the Trust at each meeting. Where applicable, in addilion lo the ongoing reporting process, the Trust's investment managers will be contacted or attend meetings. The Trustees have agreed the following Reserves Policy.. The Trustees will meet grant requests from income derived from the Expendable Endowment Funds. In exceptional circumstances (for example the desire of the Trustees to fund a major project that meets the objectives of the Fund) the Trustees may agree to utilise part of the capital. Should income be greater than the sum that the Trustees wish to award in response to granl requests, then surplus income will be reinvestèd. The Trustees are conscious of the need lo prolect the endowment at a lime of financial insecurity. The Reserves Policy is reviewed al each Trustees, meeting.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Reserves policy The Trustees aim to relain sufficient unrestricted reserves to ensure Ihe long term suslainabilily of the Charity, wilhoul expending the expendable endowment fund unless necessary, and to allow il the flexibility to practically consider all grant applications of any reasonable value. The Trustees review the risks of the Trust at each meeting. Major risks would involve the Trust's investments and the grants lo be approved. The Trustees have assessed the major risks to which Ihe Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Future developments The Trustees believe Ihat the careful handling of the funds to date should conlinue in the foreseeable future bul Ihey will always look al any major scientific development in the Trusl's fields and assist if they believe appropriate for both the current and future beneficiaries. Structure, governance 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 of science. The Trust received royalties from his research in the early years but now relies on income from expendable endowment to make its grants, the intention being to maintain a significant enough fund lo enable regular important contributions to be made lo scientific education and research. The governing 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 income and capital to such research and education in the University of Oxford (including it5 Colleges, Halls, and Societies}, The Royal Society 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 wilhout the unanimous consent of the Trustees. The Truslees who served during the year and up to the dale of signature of the fi'nancial statements were.. Professor Neil Barclay, DPhil Professor Jeff Errington, FRS, Fmedsci Professor Tony Green, PhD Professor Penny Handford, DPhil ProfessorAnton van der Merwe, MBBCh PhD Professor Sir John Walker, FRS, Fmedsci ReGruitment and appointment of new trustees Trustees are appointed by existing Trustees up lo a maxirnum of six. Trustees are selected with expertise to cover the types of applications lo Ihe Trust. The Trustees are persons who command high respect and eminence in their respective careers in education and research development. New Trustees are provided with the lale5t annual report and financial statements, verbal instructions on administration and organisation and details of previous minutes, grants outstanding, financial procedures, risk assessment, Charity Commission leaflet CC3 {Al and a copy of the Trust Deed.
EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Oryanisational structure The day to day management and adminislralion are conducted 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 decisions are made at Trust meetings by the Trustees. Other decisions taken between meetings are confirmed at Trust meetings. The Trustees ask for additional expert opinions where necessary. The quoted portfolio is managed mainly by Oxford University Endowment Management wilh a portion managed by Schroder Icazenove) Personal Investment Management Limited. A small percentagè is kepi in more liquid funds managed by CTI Global Asset Managemenl. The Trustees, report was approved by the Board of Trustees. Professor Neil Barc Trustee Dated.. DPhil 22 October 2024
EPA CEPHALOSPORIN FUND STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Truslees are required to.. select suitable accounting policies and then apply them ¢onsislenlly', observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have bèen followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operalion. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulalions 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EPA CEPHALOSPORIN FUND CRITCHLEYS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Opinion We have audited the financial statements of EPA Cephalosporin Fund (the 'Charity') for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and RepubliG of Ireland (United Kingdom Generally Accepted Accounting practi). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting practi., and have been prepared in accordance with the requirements of the Charilies Act 2011. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing (UK} {ISAs (UKI) and applicable law. Our responsibilities under Ihose standards are further described in the Auditoffs responsibilities lor the audit of the financial stat8m8nts section of our report. We are independent of the Charity in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitiès in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relating to going concem In auditing the financial slatemenls, we have concluded that the Trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charily's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other infomiation The other infomation comprises the information included in the annual report other than the financial statements and our audito¢s report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othetwise appears lo be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misslalement in Ihe financial statements themselves. If. based on the work we have performed, we conclude Ihat there is a material misstatement of this other information, we are required to report thal fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception Critchleys Audil LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Ihe information given in the financial statements is inconsistent in any material respect with the Truslees report., or sufficient accounting records have not been kept-, or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND Responsibilities of Trustees As explained more fully in the stalement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial slatemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial ststements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Acl and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence Ihe economic decisions of users taken on the basis of these financial stalements. The extent to which our procedures are capable of detecling irregularities, including fraud, is detailed below. the engagement partner ensured that the engagement team collectively had the appropriale competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations,. we identified the laws and regulations applicable to the company through discussions wilh directors and other management, and from our knowledge and experience., we focused on specific laws and regulations which we considered may have a direct material effect on the financial slatements or the operations of the company., we assessed the extenl of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable., and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-complian Ihroughout the audit. We assessed Ihe susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud mighl occur, by.. making enquiries of management as to where they considered there was susceplibilily to fraud. their knowledge of actual, suspected 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 analytical procedures to identify any unusual or unexpected relationships; tested journal enlries lo identify unusual transactions., assessed whether judgements and assumptions made in delermining the accounting eslimates were indicative of potential bias., and investigated the rationale behind significant or unusual transactions.
EPA CEPHALOSPORIN FUND INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with governance: enquiring of management as to actual and potential litigation and claims- reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstalements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 www.frc.org.ukJauditorsresponsibililies. This description forms part of our auditor's report. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)" {as amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements lo provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the Charity's Trustees, as a body. in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the Charity's Trustees those matters we are required to slate lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Critchleys Audit LLP 2311012024 Chartered Accountants Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX12EP Critchleys Audit LLP is eligible to act as an auditor of the Charity in terms of section 1212 of the Companies Act 2006.
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Currentfinancial year Unrestricted Endowment funds funds 2024 2024 Total Total 2024 2023 Notes Income from: Investment Income 4,209,210 4,209,210 4,008,541 enditure on: Investment Management Costs 2,056 2,056 1,996 Charitable activities Adminislralive costs Grants Awarded 25,952 1,339,173 25,952 1,339.173 24,082 5,520,166 Total charitable expenditure 1.365.125 1,365,125 5.544,248 Total resources expended 1,367,181 1,367,181 5,546,244 Nel gainslllosses) on investments 5,331,771 5.331,771 (6,120,565) Net incomingl{outgoing) resources before transfers 2,842,029 5,331,771 8,173,800 (7,658,268) Gross Iransfers between funds (3,987.470) 3,987,470 Fund balances at 6 April 2023 551,750 97,251,401 97,803,151 105,461,419 Fund balances at 5 April 2024 1593,6911106,570,642 105,978,951 97,803,151
EPA CEPHALOSPORIN FUND STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Prior financial year Unrèstricted Endowment funds funds 2023 2023 Total 2023 Notes Income from: Investment InGome 4,008,541 4,008.541 enditure on: Investment Management Costs 1.998 1,996 Charitable activities Administrative costs Grants Awarded 24,082 5,520,166 24,082 5,520,168 Total charitable expenditure 5,544.248 5.544,248 Total resources expended 5,546.244 5.546,244 Net gainslllosses) on investments {6,120,565) 16,120,565) Net incominglloutgoing) resources before transfers (1,537,703) {6,120,565) 17.658,268) Gross transfers between funds 150,284 (150,284) Net movement in funds (1,387,419) (6.270,849) (7,658,268) Fund balances at 6 April 2022 1,939.169 103,522,250 105,461,419 Fund balances at S April 2023 551,750 97,251,401 97,803,151 10-
EPA CEPHALOSPORIN FUND BALANCE SHEET AS AT5APRIL 2024 2024 2023 Notes Fixed assets Investments 11 106,570,642 97,251,401 Current assets Debtors Cash at bank and in hand 12 100,269 4,143,909 396,634 4,941,733 4,244,178 5.338,367 Creditors: amounts falling due within one year 13 (3,654,276) {4,429,287) Nel current assets 589,902 909,080 Total assets less current liabilities 107,160,544 98.160,481 Creditors: amounts falling due after more than one year 14 (1,183,593) (357,330) Net assets 105,976,951 97,803,151 Capital funds General endownment funds Income funds Unrestricted funds 16 106,570,642 97,251,401 {593,691) 551,750 105,976,951 97.803,151 The financial stalements were approved by the Trustees on 22 October 2024 Professor Neil Barclay, D Trustee 11
EPA CEPHALOSPORIN FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 19 (1,019,564) (3,822,793) Investing activities Purchase of investments Proceeds from disposal of investments Investment income received (4,107,955) 120,485 4,209,210 150,284 4,008,541 Net cash generated from investing activities 221,740 4,158,825 Net cash used in finan¢ing activities Net {decrease>lincrea$e in cash and cash equivalents (797,824) 336,032 Cash and cash equivalents at beginning of year 4,941.733 4.605,701 Cash and cash equivalents at end of year 4,143,909 4,941,733 12-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charity infomiation The E P A Cephalosporin Fund is a charity domiciled in England. Its principal address is: University of Oxford, Sir William Dunn School of Pathology, South Parks Road, Oxford, OX13RE. 1.1 Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019) - (Charities SORP (FRS 1021}, and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The E P A Cephalosporin Fund meets the definition of a public benefil entily under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheTwise slated in Ihe relevant accounling policy note. 1.2 Going concorn The financial statements have been prepared on a going concern basis. The trustees consider that Ihere are no malerial uncertainlies about the charity's ability to continue as a going concern. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charilable objectives. Endowmenl funds are subject to specific conditions by donors that the capital must be maintained by the Charity. 1.4 Income All income is included on the Stalement of Financial Activities when the Charity is legally entilled to the income and the amount can be quantified with reasonable accuracy. Investment Income Income from investments is recognised in the year in which il is receivable. 13-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered. They are classified under headings that aggregate all costs related to the category. Where costs cannot be dirèctly attributed to particular headings, they have been allocated to activities on a basis consislenl with the use of resources. All Cost categories are individually apportioned and hence support cosls are not shown separately. Costs of generating funds The costs comprise of those attributable to managing the investment portfolios and arising investment income. Charitsble activities: Grants payable Grants payable have to fall within the terms of the Charity's objects and neèd approval of the Trustees and the recipient abiding within the terms of reference of the Grant. The Charily had. at the Balance Sheet date, approved grants to be paid in subsequent years. Governance costs Governance costs include Ihose costs, such as Auditors, fees, associated with constitutional and statutory requirements of the charity. Foreign currencies Transactions in foreign currencies are recorded at the rale ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are converted at the year-end exchange rale. All exchange differences are reflected in the income and expenditure account. Volunteer services The Charity does not rely on the support of volunteer services. Taxation The Charity is exempt from tax on its charitable activilies. Value Added Tax Value Added Tax is not recoverable by the Charity and as such is included in the relevanl costs in Ihe Statement of Financial Activities. 1.6 Investments Assets held for investments purposes are valued at market value at the balance sheet dale. Traded securities are valued at their market quotation as al the the year end date. 1.7 Cash and cash equivalents Cash and cash equivalènts include cash at banks and in hand and short term deposits with a maturity date of three months or less. Cash held as part of a fixed asset investment portfolio are presented as part of fixed ass&1 investments. 14-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.8 Other financial instruments al Trade creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does nol have an unconditional right. at Ihe end of the reporting period, to defer settlement of the creditor for al least twelve months after the reporting date. If there is an unconditional right to defer settlement for al least Iwelve months after the reporting date, they are presented as non-current liabililies. Trade creditors are recognised initially al the transaction price and subsequently measured at amortised cost using the effective interest mèlhod. bl Other debtors Other debtors are measured at Iransaclion price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing rate of interest. 1.9 Fund Accounting: Funds held by the Charity are either.. a) Unrestricted funds.. These are funds which can be used in accordance with the charitable objects at the discrelion of the Truslees., or b) Endowmènt funds.. These are funds must be maintained by the Charity as they are subjecl to specific conditions by the donors. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 1.10 Funds There are two types of Funds. The Expendable Endowment was set up under an order issued by the Charities Commissioners for England and Wales under the power given in Section 26 of the Charities Act dated 7 April 2003. The Unrestricted Fund is available for general use. 15-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the eslimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Critical judgements The following judgemenls {apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Grant creditor Grant creditors are judged to have been committed lo but not paid by the Trustees. The tolal of grant creditors at 5 April 2024 was £4,827,138 (2023.. £4,779,957). Investment Income Unrestricted Unrestricted funds funds 2024 2023 Interest received Dividends and interest 1,933 469 4,207,277 4,008,072 4,209,210 4,008,541 Investment Management Costs Unrestricted Unreslricted funds funds 2024 2023 Portfolio management 2,058 1,996 2.056 1.996 16-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charitable Activities Administrative costs 2024 Grants Awarded 2024 Total 2024 Administrative costs 2023 Grants Awarded 2023 Total 2023 Governance costs 25,952 25,952 24,082 24,082 Grant funding of activities (see note 6) 1,339,173 1,339,173 5,520,166 5.520,166 25,952 1,339,173 1,365,125 24,082 5,520,166 5,544.248 Included within governance costs are audit fees of £6,150 (2023.. £5,550). Grants payable Grants Awarded 2024 Grants Awarded 2023 Granls to institutions 1,339,173 5,520,166 2024 2023 Departmenl of Biochemislry- Lipid trafficking in cells Department of Biochemislry- Sludy of neutrophil PR3 Department of Biochemislry- Mechanisms in regulation of non-coding RNAS Department of Biochemistry- Enabling eukaryotic cellular tomography Plant Sciences - Improving PCR capacity Advanced live-cell imaging for the new Department of Biology Linacre College - Two academic futures DPhil scholarships History of Science Museum- Vision 2024 Department of Biochemistry- Establishment of a Professorship Linacre College- Academic futures students OUMNH a- Support for public engagement with research Royal Society- Creating a long-term vision for UK science Departmenl of Biochemislry- The genetic basis of Leishmania Department of Biochemislry-Anti-tumour research Department of Biology- Two multifunctional plate readers Soulh Parks Road NanoAssembler Group (SPRINGI Pharmacology - Endolysosomal calcium homeostasis and obesity DPAG - Minimally invasive myocardial infarction surgery Department of Chemistry- Investigation of aldehyde dehydrogenases MSDO- Bridging salary scheme Department of Biology- Critical confocal capability for Biology 8,016 45,393 74,398 37,621 81,705 150,000 1,506,162 816,000 1,500,000 53,000 118,576 1.130,000 60,894 53,266 161,669 131,658 51,000 154,665 50,000 100,000 317,406 17
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grants payable (Continued) NDWRH - New Raman confocal microscope Department of Biochemistry - Super-resolution live cell imaging 129,000 130,248 1.339,806 5,520,871 Medical Sciences Division Oxford ** Peter Medawar Building for Pathogen Research (Nuffield Department of Medicine) a Oxford University Museum of Natural History Department of Physiology. Anatomy and Genetics Adjustments to grants during the year were as follows: 2024 2023 Department of Biochemistry- Specific RNAS Department of Biochemislry- Phosphorylalion sites Department of Biochemistry- Regulation of non-coding RNAS Department of Biochemistry - Sile-specific ADP-iibosylation MSDO- Bridging salary scheme Department of Biochemistry- Study of neulrophil PR3 Department of Biochemistry- Regulation of non-coding RNAS Plant Sciences- Improving PCR capacity (663) {15) (24) (3) 1416} (1} (17} 1199} 1633} (705) 1,339,173 5,520,166 The above adjustments relale lo underspends on completed grants and withdrawn granls. Trustee$ None of thè Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. Four trustees (2023.. five} had expenses reimbursed totslling £5,150 (2023.. £3.492} during the year. 18-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Adminislrative There were no employees whose annual remuneration was more than £60,000. Net gainslllosses) on investments Endowment Endowment funds funds general general 2024 2023 Gainl{loss} on investments 5,331,771 {6,120,565} 10 Taxation The charity is éxempt from taxation on ils aclivilies because all its income is applied for charitable purposes. 11 Fixed asset investments Investments Cost or valuation Al 6 April 2023 Additions Valuation changes 97,251,401 4,107,955 5,211,286 At 5 April 2024 106,570,642 Carrying amount At 05 April 2024 108,570,642 At 05 April 2023 97,251,401 12 Debtors 2024 2023 Amounts falling due within one year: Other debtors 100,269 396,634 19
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 13 Creditors: amounts falling due within one year 2024 2023 Grants payable Accruals 3,843,545 10,731 4,422,627 6,860 3,654,276 4,429,287 14 Creditors: amounts falling due after more than one year 2024 2023 Grants payable 1,183.593 357,330 -20-
occ ¢0 0000 OOOLnoco 0))00 Ln r IQ ¢0 ¢JJ *ooa) O (O Ln CONOfDfD ornw)oroIo0ajo¢5)orn00o(oo orp1cO<00jOCo>tDts¢o0¢J{5)OOO0No o¢J)vr¢S?coc7jOff¢JJOOr0rtNOO0knO aLa)cO¥S)o0VNMryIOCCjtnvtr0¢0O)o?o ¢D O< ÉD u èo) a5 L7 L) ¢D Q O O LU t LzrLU' o èa5ttZ QJOOOCÈszuj0OOrl0EQIOc1CJQ, ¢D LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL L4 LL LL LL LL LL LL LL LL LL LL LL LL U¢JUUL)UL)UUUUV(JOUL)UL)L)UUOUQ)L)VVU
LnoocDOeO 00 o¢Do LninLnopNn 000 (uu Eo El E focj. OZO ¢Tr¢J)0000 ¢n (ry Cry Tt Tt LL LL LL LL LL LL LL UL)UL)UUU
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 16 Endowmentfunds Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the Fund. At 6 April 2023 Transfers Gains and losses At 5 April 2024 Expendable endowments 97,251,401 3,987,470 5,331,771 106,570,642 Previous year: At 6 April 2022 Transfers Gains and losses At 5 April 2023 Expendable endowments 103,522,250 (150.284) (6,120,565) 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 Analysis of net assets between funds Unrestricted Endowment funds funds 2024 2024 Total 2024 At 5 April 2024: Investments Current assetsl(liabilities} Long term liabilities 106,570,642 106,570,642 589,902 (1,183,593) 589,902 (1.183,593) (593,691) 106,570,842 105,976,951 Unrestricted Endowment funds funds 2023 2023 Totsl 2023 At 5 April 2023: Investments Current assetsl(liabilitiesl Long term liabilities 97,251,401 97,251,401 909,080 (357,330} 909,080 (357,330} 551,750 97,251,401 97,803,151 -23-
EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 18 Related party transactlons There were no disclosable related paty transactions during the year {2023 - none). 19 Cash generated from operations 2024 2023 Surplusl{deficit} for the year 8,173.800 {7.658,268) Adjustments for: Investment income re¢ognised in statement of financial aclivilies (Gainllloss on disposal of investments (4,209,210) (4,008,541 > (5,331,771) 8,120,565 Movements in working capilal.. Decreasel(increase) in debtors Increase in creditors 296,365 51,252 {8.7781 1,732,229 Cash absorbed by operations (1,019,564) (3,822,793) 20 Analysis of changes in netfunds The Charity had no malerial debt during the year. -24-