Registered Charity No. 1000200
THE LIVER RESEARCH TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
THE LIVER RESEARCH TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees: Professor H.C. Thomas (Chairman) K.N. Eales The Hon. C. Hesketh I.N.Dawnay J.Main Registered Charity No. 1000200 Address: Department of Medicine 10th Floor QEQM Wing St Mary's Hospital Medical School Norfolk Place London W2 1NY Bankers: Lloyds TSB Bank plc 195 Edgware Road Paddington London W2 1EY Solicitors: Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Independent Examiner: Richard F Viner Investment Managers: Schroder & Co. Limited 31 Gresham Street London EC2V 7QA
The LIVER RESEARCH TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
Page 1
THE LIVER RESEARCH TRUST
TRUSTEE’S REPORT
Grant-making Policy
The Trust's policy is to award grants in order to further the Trust's aim of supporting liver research, subject to any restrictions imposed by the original donors of funds.
Reserves
The Trust’s reserves are held for the purposes of promoting and assisting research into the causes and treatment of liver diseases as suitable projects are identified.
The Trustees' policy is to retain free reserves which are at least sufficient to cover one year’s total expenditure excluding grants and fundraising costs, which equates to approximate £4,000. The remaining free reserves amounted to £47,000 at the balance sheet date.
Future Plans
The Trustee will continue to look to make donations to Imperial College London to fund research activity in areas relevant to the Trust’s objectives.
Trustees
Professor H.C. Thomas
K.N.Eales
The Hon. C. Hesketh
I.N.Dawnay
Janice Main
Trustees’ Responsibilities
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable taw 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 period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
Page 2
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material
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departures disclosed and explained in the financial statements:
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping proper 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.
Approved by the Trustees on 3[rd] February 2021
Trustee: Professor H.C.Thomas
Page 3
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE LIVER RESEARCH TRUST
I report on the accounts of the Trust for the year ended 31 July 2020 which are set out on pages 4 and 5.
RESPECTIVE RESPONSIBILITIES OR TRUSTEES AND EXAMINER
The charity’s Trustees are responsible for the preparation of the Accounts. The charity’s Trustees consider that an audit is not required for the year under Section 144(2) of the Charities Act 2011 (‘the 2011 Act’) and that an independent examination is needed.
It is my responsibility to:
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examine the Accounts under Section 145 of the 2011 Act;
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follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5) of the 2011 Act;
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state whether particular matters have come to my attention.
BASIS OF THE INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the general directions given by the Charity Commissioners. An examination includes a review of accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the Accounts and seeking explanation from the Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
In connection with my examination, no matter has come to my attention:
1) Which gives me reasonable cause to believe that in any material respects the requirements:
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to keep accounting records in accordance with Section 130 of the 2011 Act, and
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to prepare Accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
Richard Viner FCA Date: 3 Imperial College London South Kensington, London SW7 2AZ
Page 4
The Liver Research Trust
Statement of Financial Activities
For the Year Ended 31 July 2020
| Statement of Financial Activities For the Year Ended 31 July 2020 |
||
|---|---|---|
| 2020 | 2019 | |
| Unrestricted | Unrestricted | |
| Funds | Funds | |
| £ | £ | |
| Income | ||
| Donation | 20,198 | 556 |
| Investment Income | 31,490 | 31,856 |
| Total Income | 51,688 | 32,412 |
| Expenditure | ||
| Costs of Generating Funds | ||
| Investment Management costs | 898 | 919 |
| Charitable Activities - research grants | 4,000 |
4,000 |
| Total Expenditure | 4,898 | 4,919 |
| Net Income before (loss)/gains on | ||
| Investments | 46,790 | 27,493 |
| Net (Loss) on Investments | (33,069) | (14,434) |
| Net Income and movement in funds | 13,721 | 13,059 |
| Reconciliation of funds: | ||
| Fund balances at 1 August 2019 | 843,501 | 830,442 |
| Fund balances at 31 July 2020 | 857,222 | 843,501 |
| Page 5 |
The Liver Research Trust
Balance Sheet
| The Liver Research Trust Balance Sheet |
||
|---|---|---|
| For the Year Ended 31 July 2020 2020 £ £ Fixed Assets Investments 739,899 Current Assets Cash at Bank and in Hand 156,083 156,083 Current Liabilities 38.760 Net Current Assets 117,323 Net Assets 857,222 Total Funds Unrestricted 857,222 Approved by the Trustees on 3rd February 2021 and signed on their behalf by: Professor H. C. Thomas |
2019 £ 108,395 108,395 38,760 |
£ 773,856 |
| 69,635 843,501 |
||
| 843,501 | ||
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