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 finan￿d. 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-

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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-