2021-07-31-accounts

Registered Charity No. 1000200

THE LIVER RESEARCH TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

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 Actvites	4
Statement of Financial Positon	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 £28,000 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’ Responsibilites

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

Page 2

• make judgments 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:

• 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 23[rd] March 2022

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:

examine the Accounts under Section 145 of the 2011 Act;

• follow the procedures laid down in the general directions given by the Charity Commission under Section 145(5) of the 2011 Act;

• 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:

• to keep accounting records in accordance with Section 130 of the 2011 Act, and

• 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: 23[rd] March 2022

Imperial College London South Kensington, London SW7 2AZ

Page 4

The Liver Research Trust

Statement of Financial Actvites

For the Year Ended 31 July 2021

	2021	2020
	Unrestricted	Unrestricted
	Funds	Funds
	£	£
Income
Donaton	510	20,198
Investment Income	31,140	31,490
Total Income	31,650	51,688
Expenditure
Costs of Generatng Funds
Investment Management costs	918	898
Charitable Actvites - research grants	29,000	4,000
Total Expenditure	29,918	4,898
Net Income before gains/(loss) on Investments	1,732	46,790
Net gain/(loss) on Investments	93,798	(33,069)
Net Income and movement in funds	95,530	13,721
Reconciliaton of funds:
Fund balances at 1 August 2020	857,222	843,501
Fund balances at 31 July 2021	952,752	857,222
		Page 5

The Liver Research Trust

Balance Sheet
For the Year Ended 31 July 2021
		2021	2020
	£	£	£	£
Fixed Assets
Investments		829,833
739,899
Current Assets
Cash at Bank and in Hand	161,679		156,083
	161,679		156,083
Current Liabilites	38.760		38,760
Net Current Assets		122,919		117,323
Net Assets		952,752
857,222
Total Funds
Unrestricted		952,752
857,222
Approved by the Trustees on 23rdMarch 2022 and signed		on their behalf by:

Professor H. C. Thomas

Page 6