Registered Charity No. 1000200 THE LIVER RESEARCH TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ## 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 £35,000 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 10[th] December 2025 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 2025 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: 10[th] December 2025 Imperial College London South Kensington, London SW7 2AZ Page 4 ## The Liver Research Trust Statement of Financial Actvites For the Year Ended 31 July 2025 |Income
Donaton
Investment Income
Total Income
Expenditure
Costs of Generatng Funds
Investment Management costs
Charitable Actvites - research grants
Total Expenditure
Net (Expenditure)/Income before gain on Investments
Gain on Investments
Net Income afer movement in funds
Reconciliaton of funds:
Fund balances at 1 August 2024
Fund balances at 31 July 2025|2025
2024
Unrestricted
Unrestricted
Funds
Funds
£
£
119
530
38,609
39,381
38,728
39,911
1,114
1,050
54,000
29,000
55,114
30,050
(16,386)
9,861
28,634
67,766
12.248
77,627
1,044,199
966,572
1,056,447
1,044,199| |---|---| Page 5 ## The Liver Research Trust |Balance Sheet
For the Year Ended 31 July 2025
2025

£
£

Fixed Assets
Investments
942,573
Current Assets
Cash at Bank and in Hand
117,874

117,874

Current Liabilites
4.000

Net Current Assets
113,874
Net Assets
1,056,447
Total Funds
Unrestricted
1,056,447

Approved by the Trustees on 10thDecember 2025 and signed on their behalf by:|2024
£
£
915,053
133,146
133,146
4,000
129,146
1,044,199
1,044,199|2024
£
£
915,053
133,146
133,146
4,000
129,146
1,044,199
1,044,199| |---|---|---| |||| Professor H. C. Thomas