##
##
##
|Trustees/Di|rectors|Prof. K H Nicolaides||||||
|---|---|---|---|---|---|---|---|
|||Mr Jonathan
Hyett||||||
|||Dr. Ranjit S.Akolekar||||||
|||Mr. Bruce A. Noble (Resigned|||on|25/05/2021)||
|||Mr. Paul Jacobs||||||
|||Dr. Marietta
Charakida||(Appointed|||on 24/05/2021)|
|||Dr. Argyro Syngelaki|(Appointed|||on|24/05/2021)|
|Secretary||Dr. Ranjit S.Akolekar||||||
|Company|Number|02922302||||||
|Registered|Office|137Harley Street||||||
|||London W1G 6BG||||||
|Auditors||AGK Partners||||||
|||Chartered
Accountants||& Statutory|||Auditors|
|||1 Kings Avenue||||||
|||London
N21 3NA||||||
|Accountants||loannou
&Co.,||||||
|||Chartered
Accountants||||||
|||767 -769 High Road||||||
|||North
Finchley||||||
|||London N12 8JY||||||
##
##
||||||||Page|
|---|---|---|---|---|---|---|---|
|Trustees'/Directors'
Report|||||||1to4|
|Independent|Auditors'
Report||||||5to 8|
|Statement
of Consolidated|||Income and Expenditure||and Retained|Earnings||
|Consolidated|Statement|of|Financial|Position|||10|
|Company
Statement
of||Financial Position||||||
|Consolidated|Statement|of|Cash Flows||||12|
|Consolidated|Statement|of|Financial|Activities|||13to 14|
|Accounting|Policies||||||15to 17|
|Notes to the|Accounts||||||18to 26|
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||||||Notes|2022|2021|
|---|---|---|---|---|---|---|---|
|||||||8|E|
|Income||||||||
|Income from charitable
activities||||||179,521|36,067|
|Rental income||||||277,194|201,255|
|Special Services to Hospitals||||||4,600,831|4,730,135|
|Net Trading
Surplus
from Non-Charitable|||trading|activities||||
|Income
612,723,232 (2021 -
Expenses
69,944,299 (2021 -||69,457,322 )
67,670,904 )|||1 &10|2,778,933|1,786,418|
|Total Income||||||7,836,479|6,753,875|
|Administrative
expenses||||||(1,670,023)|(1,387,318)|
|Grants and Donations||||||(3,507,572)|(1,758,142)|
|Operating
Surplus||||||2,658,884|3,608,415|
|Interest receivable||||||5,904|2,176|
|Surplus/(Deficit)
on Ordinary|activities||before|taxation||2,664,788|3,610,591|
|Tax on Profit on Ordinary
Activities||||||(129,664)|(196,326)|
|Surplus/(Deficit)
on Ordinary|activities||after taxation||23|2,535,124|3,414,265|
|Total comprehensive
income|for the year|||||2,535,124|3,414,265|
|Accumulated
surplus
B/Forward||||||13,475,834|10,061,569|
|Accumulated
surplus
C/Forward||||||16,010,958|13,475,834|
|All amounts
relate to continuing|activities|||||||
##
##
||||Notes|2022|2021|
|---|---|---|---|---|---|
||||||E|
|Fixed Assets||||||
|Intangible
assets|||9|7,952,155|8,482,299|
|Tangible assets|||8a|3 172,728|3,613,901|
|||||11,124,883|12,096,200|
|Current Assets||||||
|Debtors||||1,321,383|3,516,389|
|Cash at bank and in hand||||10,777,738|6,803,485|
|||||12,099,121|10,319,874|
|Creditors: Amounts|Falling|Due||||
|Within One Year|||12|(7,213,046)|(5,415,441)|
|Net Current Assets||||4,886,075|4,904,433|
|||||16,010,958|17,000,633|
|Creditors: Amounts|Falling|Due||||
|After more than One|Year||13||(3,524,799)|
|Total Assets Less Current||Liabilities||16,010,958|13475,834|
|Capital and Reserves||||||
|Unrestricted
income fund|||15|16,010,958|13,475,834|
|Total Funds|||15|16,010,958|13475834|
##
||||||Notes|2022|2021|
|---|---|---|---|---|---|---|---|
|||||||E|E|
|Fixed Assets||||||||
|Tangible assets|||||8b|2,623,592|2,958,781|
|Investments|||||10|1,802|1,803|
|||||||2,625,394|2,960,584|
|Current Assets||||||||
|Debtors||||||8,698,887|5,467,469|
|Cash at bank|and|in hand||||10,003,941|6,104,259|
|||||||18,702,828|11,571,728|
|Creditors: Amounts|||Falling|Due||||
|Within One|Year||||12|(5,821,954)|(1,589,819)|
|Net Current|Assets|||||12,880,874|9,981,909|
|||||||15,506,268|12,942,493|
|Total Assets|Less Current|||Liabilities||15,596269|12,942,493|
|Capital and|Reserves|||||||
|Unrestricted|Income fund||||15|15,506,268|12,942,493|
|Total Funds|||||15|15,506,268|12,942,493|
##
|||||Notes|31-Mar-22|31-Mar-21|
|---|---|---|---|---|---|---|
||||||f|6|
|Cash flows from operating||activities|||||
|Profit for the financial
year|||||2,664,788|3,610,591|
|Adjustments
for:|||||||
|Depreciation
of|tangible assets||||441,173|509,781|
|Amortisation
of|goodwill||||530,144|530,144|
|Interest receivable
and similar income|||||5,904|2,176|
|Interest payable|8 similar charges||||||
|Accrued expenses/(income)|||||3,970,778|251,776|
|Changes
in:|||||||
|Trade and other|debtors||||2,195,006|(1,065,057)|
|Trade and other|creditors||||(5,827,636)|(693,442)|
|Cash generated|from operations||||3,980,157|3,145,969|
|Interest paid|||||||
|Interest received|||||(5,904)|(2, 176)|
|Net cash from|operating
activities|||16|3,974,253|3,143,793|
|Cash flows from investing||activities|||||
|Purchase
of tangible assets||||8a||(572,218)|
|Net cash used|in investing|activities||||572,218|
|Net increase/(decrease)
in||cash and cash|equivalents||3,974,253|2,571,575|
|Cash and cash|equivalents|at beginning|ofyear||6,803,485|4,231,910|
|Cash and cash|equivalents|at end ofyear||18|10,777,738|6,803,485|
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
||||Notes|Funds|2022|2021|
|Incoming
Resources|||||||
|Donations
and fund|raising|||26,620|26,620|36,067|
|Rental Income||||277,194|277,194|201,255|
|EU Grant|||||||
|Special Services to|Hospitals|||4,600,831|4,600,831|4,730,135|
|Other income||||152,901|152,901||
||||2|5,057,546|5,057,546|4,967,457|
|Interest receivable||||5,904|5,904|2,176|
|||||5,063,450|5,063,450|4,969,633|
|Net trading
Surplus
from trading
subsidiaries|||10|2,778,933|2,778,933|1,786,418|
|Total Incoming
resources||||7,842,383|7,842,383|6,756,051|
|||||Unrestricted|Total|Total|
|||||Funds|2022|2021|
|||||f|f|f|
|Resources Expended|||||||
|Direct Charitable|Expenditure||||||
|Grants for research||||3,007,356|3,007,356|1,755,834|
|Donations||||500,216|500,216|2,308|
|Educational
activities||||221,159|221,159|156,322|
|||||3,728,731|3,728,731|1,914,464|
|Other Expenditure|||||||
|Depreciation
Admin
and Costs of Grant||Making||335,189
1,113,675|335,189
1,113,675|401,966
829,030|
|Financial costs|||||||
|Total Expenditure||||5,177,595|5,177,595|3,145,460|
|Surplus/(deficit)
for the||year before tax||2,664,788|2,664,788|3,610,591|
|Tax on Profit ofordinary||activities||~129,664|~129,664|~196,326|
|Surplus/(deficit)
for the||year after tax||2,535,124|2,535,124|3,414,265|
##
##
|AS AT 31 MARCH|AS AT 31 MARCH|2022|||||
|---|---|---|---|---|---|---|
|||||Unrestricted|Total|Total|
||||Notes|Funds|2022|2021|
|Reconciliation
of||Movement|||||
|of Funds|||||||
|Opening
funds|||15|13,475,834|13,475,834|10,061,569|
|Surplus of incoming|||||||
|resources
for|the year||15|2,535,124|2,535,124|3,414,265|
|Closing funds|||15|16,010,958|16,010,958|13,475,834|
|Non-controlling|interests||||||
|||||16,010,958|16,010,958|13,475,834|
|Funds balance at 31 March 2022|||||||
|Represented|by:-||||||
|Intangible
fixed assets
Tangible fixed assets
Debtors less creditors|||9
8a|7,952, 155
3,172,728
(5,891,663)|7,952,155
3,172,728
(5,891,663)|8,482,299
3,613,901
(5,423,851)|
|Cash at bank|and|in hand||10,777,738|10,777,738|6,803,485|
|Provision|||||||
|||||16,010,958|16,010,958|13,475,834|
##
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##
|3|Operating
Surplus/(deficit)|||
|---|---|---|---|
||Operating
surplusi(deficit)
is stated after charging:|2022
E|2021
f|
||Rent Payable —premises
Depreciation
of owned assets
Amortisation
of intangible
assets
Auditors
remuneration|903,648
441,173
530,144
16,020|901,389
509,781
530,144
13,800|
|4|Interest Payable and Similar Charges|2022
6|2021f|
||Bank overdraft
and other interest|||
|5|Staff Costs|2022
E|2021|
||Salaries and wages
Social security costs
Other pension costs|3,456,564
337,056
104,808
3,898,428|2,589,233
265,707
79,284
2,934,224|
|||2022|2021|
||Average
number
of staff during
the year - Group
Average
number of staff during
the year - Company|106
36|79
21|
||No member
of staff ofthe Charity received a salary greater than F60,000 per annum.|||
##
##
##
##
|During the year the Charity mad|e the following
donations.|||
|---|---|---|---|
|||2022f|2021
f.|
|King's College NHS Foundation|Trust|500,000||
|Windsor Walk|||2,092|
|Other Donations||216|216|
|||500,216|2,308|
##
##
|8a|Tangible
Fixed Assets - Group|||||
|---|---|---|---|---|---|
|||Leasehold|Plant and|Furniture||
|||Property|Machinery|&Equip|Total|
||Cost
At 1 April 2021|1,693,398|4,125,868|2,387,817|8,207,103|
||Additions|||||
||At 31 March 2022|1,693,398|4,125,888|2,387,817|8,207,103|
||Depreciation
At 1 April 2021
Charge for the year|151,472
52,577|2,885,983
247,981|1,555,747
140,615|4,593,202
441,173|
||At 31 March 2022|204,049|3,133,964|1,696,362|5 034,315|
||Net Book Value
At 31 March 2022|1,489,349|991,924|691,455|3,172,728|
||Net Book Value
At 31 March 2021|1,541,926|1,239,905|832,070|3,613,901|
|6b|Tangible
Fixed Assets - Company|||||
|||Leasehold|Plant and|Furniture||
|||Property|Machinery
f|&Equip|Total
f|
||Cost
At 1 April 2021|1,680,760|3,860,724|814,825|6,356,309|
||Additions|||||
||At 31 March 2022|1,680,760|3,860,724|814,825|6,356,309|
||Depreciation
At 1 April 2021
Charge for the year|141,360
51,313|2,633,054
245,534|623,114
38,342|3,397,528
335,189|
||At 31 March 2022|192,673|2,878,588|661,456|3,732,717|
||Net Book Value
At 31 March 2022|1,488,087|982,136|153,369|2,623,592|
||Nei Book Value|||||
||At 31 March 2021|1,539,400|1,227,670|191,711|2,958,781|
##
##
||Goodwill|
|---|---|
|Cost||
|At 1 April 2021|10,602,875|
|Additions||
|At 31 March 2022|10,602,875|
|Amortlsation||
|At 1 April 2021
Charge for the year|2,120,576
530,144|
|At 31 Ilflarch 2022|2,650,720|
|Net Book Value||
|At 31 March 2022|7,952,155|
|Net Book Value||
|At 31 March 2021|8,482,299|
##
|10 Investments||||||
|---|---|---|---|---|---|
|||Group||Company||
||2022||2021|2022|2021|
||F||8|F|F|
|Cost ofshares
in subsidiaries||||||
|at 1 April 2021||||1803|1803|
|Antigoni
Ltd - disposal as par value||||||
|At 31 March 2022||||1802|1803|
|||||||||The Fetal Medicine Centre|The Fetal Medicine Centre|
|---|---|---|---|---|---|---|---|---|---|
||||||King's Fertility||Ltd|Ltd||
||||||2022
f||2021
8|2022
f|2021
f|
|Turnover|||||10,449,897|6,951,882||2,273,335|2,505,440|
|Cost ofsales|||||(2,952,168)|(1,860,659)||(679,500)|(750,461)|
|Gross profit
Administrative|expenses||||7,497,729
~5,307,309|5,091,223
~4, 100,676||1,593,835
~1,005,322|1,754,979
~959,108|
|Operating
Profit/(Loss)|||||2,190,420||990,547|588,513|795,871|
|Interest payable||||||||||
|Profit/(Loss) for the Financial Year
before charging
Covenanted
Payment|||||2,190,420||990,547|588,513|795,871|
|Covenanted
Payment
Profit/(Loss)
for the||to the Fetal Medicine
Financial Year||Foundation|(2,082,334)
108 086||(450,000)
540 547|(595,586)
~7,073|(803,929)
~8,058|
||||||||||Page 22|
##
##
|11|Debtors||||||||
|---|---|---|---|---|---|---|---|---|
||||Notes|Group|||Company||
|||||2022|2021|2022||2021|
|||||E|E|8||E|
|Amounts
due||from group company||||7,929,537||2,846,806|
|Trade|Debtors|||940,483|3,258,720|551,760||2,534,639|
|Other|Debtors|||12,885|22,391|||1,702|
|Prepayments||and accrued|income|368,015|235,278|217,590||84,322|
|||||1,321,383|3,516,389|8698|887|5,467,469|
|12|Creditors: Amounts||Falling Due Within|One Year|||||
|12
Creditors: Amou|nts
Falling|Due Within|One Year||||
|---|---|---|---|---|---|---|
|||Notes|Group||Company||
||||2022|2021|2022|2021|
||||E|E|F|6|
|Amounts
due to group
Trade creditors|company|19|1,545,770|1,142,367|73,934
644,035|65,563
367,357|
|Corporation
Tax
Other taxes and social
Other creditors|security||128,307
31,772
355,068|196,083
32,225
2,863,415|31,772
12,205|32,225
12,617|
|Accruals and deferred|income||5,152,129
7,213,046|1,181,351
5,415,441|5,060,008
5,821,954|1,112,057
1,589,819|
##
|13
Cred|itors: A|mounts
Falling Due After|More Than|One Yea|r||||
|---|---|---|---|---|---|---|---|---|
|||||Group|||Company||
||||2022
E||2021
8|2022
8||2021
f|
|Other Creditors|||||3,524,799||||
||||||3,524,799||||
|||||Group|||Company||
||||2022||2021|2022||2021|
||||E||F|E||8|
|Repayable|between|one and five years|||3,524,799||||
||||||3,524,799||||
##
##
||At 31 March
2022 the group|At 31 March
2022 the group|At 31 March
2022 the group|has|annual|commitments|under|non-cancellable|non-cancellable|operating
leases|operating
leases|as set out|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||below.||||||||||||
||||||||Group|||Company|||
|||||||Land|and buildings|||Land and buildings|||
||Operating
leases which|expire:||||2022
E||2021
E||2022
E||2021f|
||Within
1 year
Within 2 to 5 years
After more than 5years|||||868,025
1,099,887
6,901,228||850,405
1,359,887
7,175,953||614,175
500,092
3,117,515||596,555
656,092
3,242,390|
|||||||8,869,140||9,386,245||4,231,782||4,495,037|
|15|Reconciliation
ofFunds||||||||||||
||||||||Group|||Company|||
|||||||2022||2021||2022||2021|
|||||||f||f||E||F|
||Opening
accumulated
funds||—Unrestricted|||13,475,834||10,061,569||12,942,493||9,864,391|
||Surplus for the year|||||2,535,124||3,414,265||2,563,775||3,078, 102|
||Unrestricted
Fund|||||16,010,958||13,475,834||15,506,268|12,942,493||
||Share Premium||||||||||||
||Non-controlling
interests||||||||||||
||Total Funds|||||16,010,958||13,475,834||15,506,268|12,942,493||
||Closing accumulated
funds||-|Unrestricted||16,010,958||13,475,834||15,506,268|12,942,493||
||Total Funds|||||16,010,958||13,475,834||15,506,268|12,942,493||
|16|Reconciliation
of operating||||profit to|net cash inflow from operating|||activities||||
|||||||||||2022||2021|
|||||||||||E||6|
||Operating
profit|||||||||2,658,884||3,608,415|
||Depreciation|||||||||441,173||509,781|
||Amortisation|||||||||530,144||530,144|
||(Increase)/Decrease|in|debtors|||||||2,195,006||(1,065,057)|
||Increase/(Decrease)|in|creditors|||||||(5,827,636)||(693,442)|
||Accrued expenses/(Income)|||||||||3,970,778||251,776|
||Interest Payable and|similar charges|||||||||||
||Interest receivable|||||||||5,904||2,176|
||Net cash inflow/(outflow)|||from|operating|activities||||3,974,253||3,143,793|
|17|Analysis
of changes||in|cash|and cash equivalents||during|the year|||||
|||||||||||2022f||2021
E|
||Balance at 1 April 2021|||||||||6,803,485||4,231,910|
||Net cash inflow/(oufflow)|||||||||3,974,253||2,571,575|
||Balance at 31 March|2022||||||||10,777,738||6,803,485|
##
##
|FOR|THE YEAR ENDED 31 MARCH 2022|THE YEAR ENDED 31 MARCH 2022|THE YEAR ENDED 31 MARCH 2022||||
|---|---|---|---|---|---|---|
|18|Analysis ofthe balances ofcash and cash equivalents|||as shown
in the|balance sheet||
|||||||Change
in|
|||||2022|2021|Year|
|||||E|E|f|
||Cash|at Bank||10,766,843|6,801,810|3,965,033|
||Cash|in Hand||10,895|1,675|9,220|
||Total|cash at bank|in hand|10,777,738|6,803,485|3,974,253|
|||||10,777,738|6,803,485|3,974,253|
##
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