2025-04-05-accounts

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Charity registration number 309698 (England and Wales)

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EPA CEPHALOSPORIN FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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EPA CEPHALOSPORIN FUND

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Professor Neil Barclay, DPhil Professor Jeff Errington, FRS, FMedSci Professor Tony Green, PhD Professor Penny Handford, PhD : Professor Anton van der Merwe, MBBCh PhD Professor Sir John Walker, FRS, FMedSci

Charity number

309698

Auditor Gravita Audit Oxford LLP First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD Bankers CAF Bank Ltd 25 King Hill Ave ; West Malling ME19 4JQ Solicitors Knights Solicitors Midland House West Way Oxford OX2 OPH

Investment advisors Schroder (Cazenove) Personal Investment Management 1 London Wall Place London EC2Y 5AU

Oxford University Endowment Management 27 Park End Street Oxford OX1 1HU

Royal London Unit Trust Managers Limited 80 Fenchurch Street London EC3M 4BY

CONTENTS | EPA CEPHALOSPORIN FUND |

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EPA CEPHALOSPORIN FUNDCEPHALOSPORIN FUNDFUND CONTENTS
	Page
Trustees report	1-4
StatementofTrusteesresponsibilities	5
Independentauditor's report	6-8
Statementoffinancial activities	9-10
Balancesheet	11
Statement ofcash flows	12
Notestothefinancialstatements	13-24

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EPA CEPHALOSPORIN FUND

TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their report and financial statements for the year ended 5 April 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Trustees’ objects are the education and / 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 VI School, Southampton. Research grants are made for the benefit of both current and future research, with mankind being the eventual beneficiary.

The Trustees’ policies are to assess the current trends and needs in the research work being carried out and to make grants where appropriate. Many grant applications are considered each year. 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 applications made to them, on the basis of performance and in the context of funding available from other sources. Grants may be conditional or deferred subject to 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 the need to control and monitor cash flow so that ongoing and future research can be financed. A record is kept of applications 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 Commissioner's 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 at 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 grant funding in support of science and science education and King Edward VI School in Southampton received grant funding to provide fellowships for gifted pupils who are not able to pay the School's fees.

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3| EPA CEPHALOSPORIN FUND TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

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Achievements and Performance

The Trustees have continued to assess and decide on grant applications at regular meetings, with provision for 1 urgent bids below a set ceiling to be decided on the basis of Trustees’ consultation between meetings if 4 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 University 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 VI 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 £693,419 (2024: £8,173,800). There were net investment gains of £1,020,476 (2024: £5,331,771). Total funds stand at : £106,670,370 (2024 Restated: £105,976,951). Governance costs amounted to £29,675 (2024: £25,952). The Trust is not dependent on donations or the services of unpaid volunteers. Its investments are held to produce 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 £7,358,448 (2024: : £4,820,561(2024:£1,574,806).£4,827,137 ). Grants paid wereAdjustments£1,983,156to (2024:previous£1,291,992)grants awardedand thoseamountedawardedto in£126,094the year(2024:were £235,633). : Funds available

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The Trust spends very little on administration expenses.

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The Trustees through their grants and longer term commitments, feel satisfied that the Trust has achieved its objectives in the year but are mindful of the need to preserve an appropriate planning strategy for both cash flow and timing of future grants. The available reserves are sufficient to meet all commitments to date.

The Trustees fund grant payments-from investment income. The Trustees’ practice is to consider all reasonable requests submitted by eligible applicants within the charity's objects. Trustees review the risks of the Trust at each meeting. Where applicable, in addition to the ongoing reporting process, the Trust's investment managers will be contacted or attend meetings.

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: 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

• 4 the objectives of the Fund) the Trustees may agree to utilise part of the capital.

e Should income be greater than the sum that the Trustees wish to award in response to grant requests, then surplus income will be reinvested. The Trustees are conscious of the need to protect the endowment at a time of financial insecurity. » The Reserves Policy is reviewed at each Trustees’ meeting.

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EPA CEPHALOSPORIN FUND

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Reserves policy

The Trustees aim to retain sufficient unrestricted reserves to ensure the long term sustainability of the Charity, without expending the expendable endowment fund unless necessary, and to allow it 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 to be approved.

The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Future developments

The Trustees believe that the careful handling of the funds to 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 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 to enable regular important contributions to be made to 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 its Colleges, Halls, and Societies), The Royal Society of London, King Edward VI School, Southampton, unless they consider there is a good reason to the contrary. There can be no use of capital without the unanimous consent of the Trustees.

The Trustees who served during the year and up to the date of signature of the financial statements were: Professor Neil Barclay, DPhil

Professor Jeff Errington, FRS, FMedSci

Professor Tony Green, PhD

Professor Penny Handford, PhD Professor Anton van der Merwe, MBBCh PhD Professor Sir John Walker, FRS, FMedSci

Recruitment and appointment of new trustees

Trustees are appointed by existing Trustees up to a maximum of six. Trustees are selected with expertise to cover the types of applications to the 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 latest 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 (A) and a copy of the Trust Deed.

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EPA CEPHALOSPORIN FUND

TRUSTEES REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

Organisational structure

The day to day management and administration are conducted in the Trust Office at the Sir William Dunn School of Pathology by the Administrator to 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. Theby Schroder quoted portfolio(Cazenove)is managedPersonal mainlyInvestment by OxfordManagementUniversityLimited. Endowment Management A small percentage withis kept a portionin more managedliquid funds managed by Royal London and CTI Global Asset Management.

The Trustees’ report was approved by the Board of Trustees.

Professor Neil Barclay, DPhil Trustee 27 October 2025

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EPA CEPHALOSPORIN FUND

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2025

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 to 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 Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. .

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) Regulations 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.

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| EPA CEPHALOSPORIN FUND | 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 2025 | _ financialwhich comprisestatements, the statementincluding ofsignificant financial activities,accounting the balancepolicies. sheet,The financial the statementreporting of cashframework flows andthat noteshas tobeen the 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 Republic of Ireland (United : Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: : - give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources and : application of resources, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the Charities Act 2011.

: Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of : the financial statements section of our report. We are independent of the Charity in accordance with the ethical : requirements that 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 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees use of the going concern 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 Charity’s ability to continue as a going i 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 information : The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies | or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement q in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. : ‘ Matters on which we are required to report by exception : Gravita Audit Oxford LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment j as auditor of a company under section 1212 of the Companies Act 2006. - the information given in the financial statements is inconsistent in any material respect with the Trustees 4 report; or | - sufficient accounting records have not been kept; or i - 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.

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EPA CEPHALOSPORIN FUND

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND

Responsibilities of Trustees

As explained more fully in the statement of Trustees responsibilities, the Trustees are responsible for the preparation of the financial statements 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 to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act 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 misstatement, 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 the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• « the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

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• « we identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our knowledge and experience;

• • we focused on specific laws and regulations which we considered may havea direct material effect on the financial statements or the operations of the company;

• we assessed the extent 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 to instances of non-compliance throughout the audit.

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: .

• « making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• « considering the internal controls in place to 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;

• e assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• « investigated the rationale behind significant or unusual transactions.

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/ EPA CEPHALOSPORIN FUND Aj | INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EPA CEPHALOSPORIN FUND

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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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¢ 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;
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• 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 misstatements that arise due to fraud can be harder to 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 at: https:// www.frc.org.uk/auditorsresponsibilities. 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: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 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 to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report Thisand reportReports)is madeRegulations solely to2008. the Charity’sOur audit Trustees,work hasas abeen body,undertakenin accordanceso withthat wepart 4might of thestate Charitiesto the (AccountsCharity's Trustees those matters we are required to state to 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.

[/] a - /Vy,[Le] // i, / man _

Robert Kirtland (Senior Statutory Auditor)

. For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor

Chartered Accountants First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD

Gravita Audit Oxford 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 2025

Currentfinancial year
		Unrestricted	Endowment	Total	Restated
		funds	funds		Total
			generai
		2025	2025	2025	2024
	Notes	£	£	£	£
Income from:
Investment Income	3	4,397,798	-	4,397,798	4,209,210
Expenditure on:
Investment Management Costs	4	-	713	713	2,056
Charitable activities
Administrative costs	5	29,675	-	29,675	25,952
GrantsAwarded	5	4,694,467	-	4,694,467	1,339,173
Total charitable expenditure		4,724,142	-	4,724,142	1,365,125
Total resources expended		4,724,142	713	4,724,855	1,367,181
Net gains/(losses) on investments	9	204,423	816,053	1,020,476	5,331,771
Net(outgoing)/incoming resources before
transfers		(121,921)	815,340	693,419	8,173,800
Gross transfers between funds		293,875	(293,875)	-	-
Fund balances at6April 2024		530,280	105,446,671	105,976,951	97,803,151
Fundbalancesat5April2025		702,234	105,968,136	106,670,370	105,976,951

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} EPA CEPHALOSPORIN FUND | STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

Restated Prior financial year

RestatedPrior financialfinancialyear
Restated Prior financialfinancial year Incomefrom: Investment Income		Notes 3	Unrestricted funds 2024 £ 4,209,210	Endowment funds 2024 £ -	Total 2024 £ 4,209,210
Expenditure on:
Investment Management Costs		4	2,056	-	2,056
Charitable activities
Administrative costs GrantsAwarded		5 5	25,952 1,339,173	- -	25,952 1,339,173
Total charitable expenditure			1,365,125	-	1,365,125
Totalresourcesexpended			1,367,181	-	1,367,181
Netgains/{losses) on investments		9	-	5,331,771	5,331,771
Net(outgoing)/incoming resources beforetransfers			— 2,842,029	5,331,771	8,173,800
Grosstransfersbetweenfunds			(2,863,499)	2,863,499	-
Netmovementinfunds Fund balances at6April 2023	,		(21,470) 551,750	8,195,270 97,251,401	8,173,800 97,803,151
Fundbalancesat5April2024			530,280	105,446,671	105,976,951

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BALANCE SHEET

AS AT 5 APRIL 2025

			2025		2024 Restated
.	Notes	£	£	£	£
Fixed assets
Investments	11		105,968,136		105,446,671
Current assets
Debtors	12	439,064		100,269
Investments	13	7,754,423		1,000,000
Cash at bank and in hand		55,489		4,267,880
		8,248,976		5,368,149
Creditors: amounts falling due within	14
one year		(4,011,286)		(3,654,276)
Net currentassets			4,237,690		1,713,873
Total assets less current liabilities			110,205,826		107,160,544
Creditors: amounts falling due after
more than oneyear	15		(3,535,456)		(1,183,593)
Netassets			106,670,370		105,976,951
The funds ofthe Charity
Endowment funds	17		105,968,136		105 446,671
Unrestricted funds			702,234		530,280
			106,670,370		105,976,951

The financial statements were approved by the Trustees on 27 October 2025

Professor Neil Barclay, DPhil Trustee

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| EPA CEPHALOSPORIN FUND : STATEMENT OF CASH FLOWS | FOR THE YEAR ENDED 5 APRIL 2025 : |

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			2025	2024 Restated	2024 Restated
	Notes	£	£	£	£
Cashflowsfrom operating activities
Cash absorbed byoperations	20		(2,150,354)		(1,019,564)
investing activities
Purchase ofinvestments		-		(4,107,955)
Proceedsfrom disposal of investments		294,588		1,244,456
Investment income received		4,397,798		4,209,210
Netcash generated from investing activities			4,692,386		1,345,711
Netcashgeneratedfromfinancing activities			-		-
Netincrease incashandcash equivalents			2,542,032		326,147
Cashandcash equivalents atbeginning ofyear			5,267,880		4,941,733
Cash and cash equivalents atend ofyear			7,809,912 —		5,267,880 —_
Relating to: - Cash at bank and in hand			55,489		4,267,880
Shortterm deposits included in current asset
investments			7,754,423		1,000,000

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EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

Charity information

The E PA 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, OX1 3RE.

• 1.1. Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The E PA Cephalosporin Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

1.2 Going concern

The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties 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 charitable objectives.

Endowment 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 Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

investment Income

Income from investments is recognised in the year in which it is receivable.

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: Foreign currencies 4 Transactions in ‘ liabilities denominated

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| EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 1 FOR THE YEAR ENDED 5 APRIL 2025 ) 1 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 ail costs related to the ij category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

All cost categories are individually apportioned and hence support costs are not shown separately.

Costs of generating funds The costs comprise of those attributable to managing the investment portfolios and arising investment income. : Charitable activities: | Grants payable i Grants payable have to fall within the terms of the Charity’s objects and need approval of the Trustees and the recipient abiding within the terms of reference of the Grant. The Charity had, at the Balance Sheet date, approved grants to be paid in subsequent years.

Governance costs Governance costs include those costs, such as Auditors’ fees, associated with constitutional and statutory requirements of the charity.

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are converted at the year-end exchange rate. All exchange differences are reflected in the income and expenditure account.

i Volunteer services ; The Charity does not rely on the support of volunteer services. i Taxation { The Charity is exempt from tax on its charitable activities. | Value Added Tax is not recoverable by the Charity and as such is included in the relevant costs in the i Statement of Financial Activities. 1.6 Investments { Assets held for investments purposes are valued at market value at the balance sheet date. Traded securities | are valued at their market quotation as at the the year end date. ‘ 1.7 Cash and cash equivalents : Cash and cash equivaients include cash in hand, deposits held at call with banks, other short-term liquid | investments with original maturities of three months or less, and bank overdrafts.

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EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

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1.8 Other financial instruments

a) Trade creditors

Trade creditors are obligations to 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 not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

b) Other debtors

Other debtors are measured at transaction 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 discretion of the Trustees; or

b) Endowment funds: These are funds must be maintained by the Charity as they are subject 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.

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| EPA CEPHALOSPORIN FUND 2 FN O TESR THE TOYEAR THE ENDEDFINANCIAL5 APRIL STATEMENTS2025 (CONTINUED)

2 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 estimate 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 judgements (apart from those involving estimates) have had the most significant effect on amountsGrant creditorrecognised in the financial statements. Grant creditors are judged to have been committed to but not paid by the Trustees. The total of grant creditors at 5 April 2025 was £7,538,451 (2024: £4,827,138).

3 investment Income

	Unrestricted	Unrestricted
	funds	funds
	2025	2024
Interest received	2,286	1,933
Dividends and interest	4,395,512	4,207,277
	4,397,798	4,209,210

4 Investment Management Costs

==> picture [443 x 153] intentionally omitted <==

----- Start of picture text -----
Endowment Unrestricted
funds funds
2025 2024
; general
£ £
Portfolio management 713 2,056
713 2,056
----- End of picture text -----

|

• 16 -

:

EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

§ Expenditure on charitable activities

==> picture [443 x 322] intentionally omitted <==

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Administrative|Grants|Total|Administrative|Grants|Total| |costs|awarded|costs|awarded| |2025|2025|2025|2024|2024|2024| |£|£|£|£|£|£| |Direct|costs| |Governance| |costs|8,148|-|8,148|7,380|-|7,380| |Legal|and| |professional|fees|13,033|-|13,033|11,894|-|11,894| |Admin|salary| |recharged|28|-|28|28|-|28| |Insurance|1,466|-|1,466|1,365|-|1,365| |Trustee|expenses|6,689|-|6,689|4,626|-|4,626| |Bank|charges|222|-|222|98|-|98| |Sundry|89|-|89|561|-|561| |29,675|-|29,675|25,952|-|25,952| |Grant|funding|of| |activities|(see| |note|6)|-|4,694,467|4,694,467|-|1,339,173|1,339,173| |29,675|4,694,467|4,724,142|25,952|1,339,173|1,365,125| |Analysis|by| |fund.| |Unrestricted|-| |funds|29,675|4,694,467|4,724,142|25,952|1,339,173|1,365,125|

----- End of picture text -----

Included within governance costs are audit fees of £6,780 + VAT (2024: £6,150 + VAT).

,

6 Grants payable

.

==> picture [443 x 214] intentionally omitted <==

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Grants|Grants| |Awarded|Awarded| |2025|2024| |£|£| |Grants|to|institutions|4,694,467|1,339,173| |2025|2024| |£|£| |Department|of|Biochemistry — The|genetic|basis|of Leishmania|-|60,894| |Department|of|Biochemistry|— Anti-tumour|research|-|53,266| |6|DPAG —|Metabolic|Imaging|Facility|235,000| |Department|of|Biology|— Two|multifunctional|plate|readers|-|161,669| |** .|South|Parks|Road|NanoAssembler|Group|(SPRING)|-|131,658| |Pharmacology —|Endolysosomal|calcium|homeostasis|and|obesity|-|51,000| |6|DPAG —|Minimally|invasive|myocardial|infarction|surgery|-|154,665|

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] EPA CEPHALOSPORIN FUND | NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) | FOR THE YEAR ENDED 5 APRIL 2025 | 6 Grants payable

==> picture [51 x 37] intentionally omitted <==

----- Start of picture text -----
(Continued)
----- End of picture text -----

	Department ofChemistry— Investigation ofaldehydedehydrogenases	Department ofChemistry— Investigation ofaldehydedehydrogenases	-	50,000
	* MSDO- Bridging salaryscheme		-	100,000
:	Department ofBiology— Critical confocal capability for Biology		-	317,406
i	NDWRH—NewRaman confocal microscope		-	129,000
;	Department ofBiochemistry— Super-resolution live cell imaging		-	130,248
	Dunn School - Endowment ofcentenary studentships		3,000,000	-
	8B DPAG - Development ofa Metabolic Imaging Facility		200,000	-
i : 4	Department ofBiochemistry—Investigating broken replication forks Department ofBiochemistry—C-Trap fluorescence opticaltweezerssystem OUMNH- EPABiosciences Training Pipeline		14,125 100,000 266,670	- - -
4	KES - Funding Bid 2024-2029		600,000	-
	Department of Biochemistry— Miro-Mediated Mitochondrial Dynamics HSM -HSMCuratorofthe Scientific Revolutionand IndustrialAge(s)		83,309 556,457	- -
i 4	* Medical Sciences Division Oxford		4,820,561	1,574,806
4	** Peter Medawar Building for Pathogen Research (Nuffield Department of
:	Medicine)
	OUMNH Oxford University Museum of Natural History
	8 Department ofPhysiology,Anatomy and Genetics	,
'	KES King Edward VI School
		Adjustmentstogrants during theyearwereasfollows: 8 DPAG— Metabolic Imaging Facility		2025
{	*MSDO— Bridging salaryscheme			(416)
:	Department of Biochemistry — Study ofneutrophil PR3		-	(1)
]	Department ofBiochemistry— Regulation ofnon-coding RNAs		-	(17)
4	Plant Sciences—Improving PCR capacity		-	(199)
	Department ofBiochemistry- Expanding access		(50)	-
	q :	KIR - EstablishingAdvanced ImageAnalysis OBGA*** - Plant records management OUMNH- Nextgeneration ofEPAInternships		(1,266) (8,353) (4,746)
	Department of Biology -Two multifunctional plate readers		(1)	-
:	** - South Parks Road NanoAssembler Group (SPRING)		(1,423)	-
;		8 DPAG - Minimallyinvasivemyocardialinfarctionsurgery Department ofBiochemistry—C-Trapfluorescence opticaltweezers system		(10,255) (100,000)
Fy
j			(126,094)	(235,633)
i			4,694,467	1,339,173

The above adjustments relate to underspends on completed grants and withdrawn grants.

• 18-

.

EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

7 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

Five trustees (2024: five) had expenses reimbursed totalling £6,689 (2024: £5,150) during the year.

8 Employees

The average monthly number of employees during the year was:

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Number|Number| |Administrative|1|1| |There were|no|employees whose|annual|remuneration|was|more|than|£60,000.|

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9 Net gains/(losses) on investments

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Endowment|Total|Endowment| |funds|funds|funds| |general|general| |2025|2025|2025|2024| |£|£|£|£| |Gain/(loss)|on|investments|—|204,423|816,053|1,020,476|5,331,771|

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=:

10 Taxation

|

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11. Fixed asset investments

==> picture [446 x 154] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Investments| |£| |Cost or|valuation| |At|6|April|2024|105,446,671| |Valuation|changes|816,053| |Disposals|(294,588)| |At|5|April|2025|105,968,136| |Carrying|amount| |At|05 April|2025|105,968,136| |At|05 April|2024|105,446,671|

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EPA CEPHALOSPORIN FUND | NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) | | FOR THE YEAR ENDED 5 APRIL 2025 | 12 Debtors : 2025 2024 ) Amounts falling due within one year: . £ £ | : "Other debtors 439,064 100,269 | | 13 Current asset investments 2025 2024 i Liquid investments 7,754,423 1,000,000 : : 14 Creditors: amounts falling due within one year : 2025 2024 | |Grants payable 4,002,995 3,643,545 : Accruals 8,291 10,731 , : 4,011,286 3,654,276 ? 15 Creditors: amounts falling due after more than one year : , \ 2025 2024 i : iGrants payable 3,535,456 1,183,593 |

:

EPA CEPHALOSPORIN FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

;

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||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |16|Reconciliation|of movement|in|grants|during|the|year| |No|Grant|Bifwd|2024|New|2024/25|Adjustments|Paid|2024/25|Cifwd|2025| |CF|320|King|Edward|School —|Bursaries|and|refurbishment|(100,000)|-|-|100,000|-| |CF|338|Linacre|College — Widening|participation|scholarships|(355,123)|-|-|-|(355,123)| |CF|344|Department|of|Biochemistry|—|Expanding|access|(28,160)|-|50|28,110|-| |CF|356|KIR|-|Establishing Advanced|Image Analysis|(79,768)|-|1,266|78,502|-| |CF|357|OBGA|-|Plant|records|management|(37,995)|-|8,353|29,642|-| |CF|366|History|of Science|Museum|-|Collecting|COVID|(251,989)|-|-|251,989|-| |CF|367|EM|Facility|-|Research|assistant|to|support|projects|(152,260)|-|-|-|(152,260)| |CF|370|Department|of Biochemistry —|Genotoxic|stress|on|epimutations|(93,474)|-|-|93,474|-| |CF|372|OUMNHa|-|Next generation|of EPA|Internships|(112,969)|-|4,746|108,223|-| |CF|375|Department|of Biochemistry —|Lipid|trafficking|in|cells|(8,017)|-|-|-|(8,017)| |CF|380|Plant|Sciences|-|Improving|PCR|capacity|(150,000)|-|-|150,000|-| |CF|382|HSM-|Vision|2024|(816,000)|-|-|-|(816,000)| |CF|384|Linacre|College|- Academic|futures|students|(53,000)|-|-|-|(53,000)| |CF|386|OUMNHa|-|support|for|public engagement|with|research|(118,576)|-|-|-|(118,576)| |CF|387|Royal|Society|-|Creating|a|long-term|vision|for UK science|(1,130,000)|-|-|186,231|(943,769)| |CF|388|Department|of Biochemistry|- The|genetic|basis|of Leishmania|(60,894)|-|-|-|(60,894)| |CF|390|Department|of Biochemistry|-|anti-tumour and|anti-tumour|research|(53,266)|-|-|53,266|-| |CF|392|Department|of Biology|- Two|multifunctional|plate|readers|(161,669)|-|1|161,668|-| |CF|393||-|South|Parks|Road|NanoAssembler|Group|(SPRING)|(131,658)|-|1,423|130,235|-| |CF|394|Pharmacology|-|endolysosomal|calcium|homeostasis|and|obesity|(51,000)|-|-|-|(51,000)| |CF|396|8 DPAG|-|Minimally|invasive|myocardial|infarction|surgery|(154,665)|-|10,255|144,410|-| |CF|397|Department|of Chemistry|-|investigation|of aldehyde|dehydrogenases|(50,000)|-|-|50,000|-| |CF|400||MSDO-|Bridging|salary|scheme|(100,000)|-|-|-|(100,000)| |CF|401|Department|of Biology|-|Critical|confocal|capability|for|Biology|:|(317,406)|-|-|317,406|-| |CF|402|NDWRH|-|new|Raman|confocal|microscope|:|(129,000)|-|-|-|(129,000)| |CF|403|Department|of Biochemistry|-|super-resolution|live|cell|imaging|(130,248)|-|-|-|(130,248)| |CF 399|Dunn|School|- Endowment|of centenary|studentships|-|(3,000,000)|-|(3,000,000)| |CF|404|B|DPAG|-|Development|of a|Metabolic|Imaging|Facility|-|(200,000)|-|(200,000)| |CF 405|Department|of Biochemistry —|Investigating|broken|replication|forks|-|(14,125)|-|(14,125)| |CF|408|Department|of Biochemistry — C-Trap|fluorescence|optical|tweezers|system|-|(100,000)|100,000|-|-|

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EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

16 Reconciliation of movement in grants during the year (Continued)

CF	409	OUMNHa - EPA BiosciencesTraining Pipeline	-	(266,670)	-		(266,670)
CF410	410	KES - Funding Bid 2024-2029	-	(600,000)	-	100,000	(500,000)
CF	412	Department ofBiochemistry— Miro-Mediated Mitochondrial Dynamics	-	(83,309)	-		(83,309)
CF413	413	HSM -HSM Curatorofthe Scientific Revolution and IndustrialAge(s)	-	(556,457)	-		(556,457)
			(4,827,137)	(4,820,561)	126,094	1,983,156	(7,538,451)

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:

EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1. Endowment funds

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.

	Até April	Resources	Transfers	Gainsand	At 5April
	2024	expended		losses	2025
	£	£	£	£	£
Expendable endowments
;	105,446,671	(713)	(293,875)	816,053	105,968,136
Restated Previous year	At6 April	Resources	Transfers	Gainsand	At5April
	2023	expended		losses	2024
	£	£	£	£	£
Expendable endowments
	97,251,401	-	2,863,499	5,331,771	105,446,671

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.

18 Analysis of net assets between funds

	Unrestricted	Endowment	Total
	funds	funds
	2025	2025	2025
	£	£	£
At5 April 2025:
Investments	-	105,968,136	105,968,136
Current assets/(liabilities)	4,237,690	-	4,237,690
Long term liabilities	(3,535,456)	-	(3,535,456)
	702,234	105,968,136	106,670,370
	Unrestricted	Endowment	Total
	funds	funds
	2024	2024	2024
	£	£	£
Restated at 5 April 2024
Investments	-	105,446,671	105,446,671
Current assets/(liabilities)	1,713,873	-	1,713,873
Long term liabilities	(1,183,593)	-	(1,183,593)
	530,280	105,446,671	105,976,951

• 23 - :

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EPA CEPHALOSPORIN FUND

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED5 APRIL 2025

,

19 Related party transactions

	Therewerenodisclosable related partytransactionsduring theyear(2024 -none).	Therewerenodisclosable related partytransactionsduring theyear(2024 -none).	Therewerenodisclosable related partytransactionsduring theyear(2024 -none).
20	Cash absorbed by operations	,	2025	2024
			£	£
	Surplusfortheyear		693,419	8,173,800
	Adjustments for: ;
	Investmentincome recognised in statement offinancial activities		(4,397,798)	(4,209,210)
	Gain on disposal ofinvestments		(816,053)	(5,331,771)
	Movementsinworkingcapital: (Increase)/decrease in debtors Increase in creditors		(338,795) 2,708,873	296,365 51,252
_	Cashabsorbed byoperations		(2,150,354)	(1,019,564)
			oolO—=	ee

21 Analysis of changesinnetfunds The Charity had no material debt during the year. 22 ~+Prior period adjustment - changes to the balance sheet

~+Prior period adjustment - changes to the balance sheetperiod adjustment - changes to the balance sheetadjustment - changes to the balance sheet- changes to the balance sheetchanges to the balance sheet Fixedassets Investments Currentassets Investments Bankandcash	~+Prior period adjustment - changes to the balance sheetperiod adjustment - changes to the balance sheetadjustment - changes to the balance sheet- changes to the balance sheetchanges to the balance sheetto the balance sheetthe balance sheetbalance sheet	At5 As previously reported £ 106,570,642 - 4,143,909	5April2024 Adjustment £ (1,123,971) 1,000,000 123,971	As restated £ 105,446,671 1,000,000 4,267,880
Netassets		105,976,951	-	105,976,951
Capital funds
Endowmentfunds		106,570,642	(1,123,971)	105,446,671
a	a	a	a	a
Income funds
Unrestrictedfunds	Totalequity	(593,691) 105,976,951	1,123,971 -	530,280 105,976,951

: i i

: Unrestricted funds (593,691) 1,123,971 530,280 Total equity 105,976,951 - 105,976,951 i A prior period adjustment has been made to split out material highly liquid funds as well as cash held in i investment portfolios. These amounts have been reallocated to current asset investments and cash according } to maturity date and intention of holdings.

{

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