myrovlytis
XKfi trust
Myrovlytis Trust
Annual Report
2020/21
## **Our Mission and Vision**
The Myrovlytis Trust is a charity founded in 2007 to promote research into rare disorders, advance education of the public in medical and molecular genetics and pursue new technologies enabling treatment where there is a clear unmet clinical need. We have a longstanding interest in the rare genetic disorder Birt-Hogg-Dubé (BHD) syndrome, and have funded over £6 million in research, established the BHD Foundation to provide education and advocacy, provide support to patients and bring the community together in a drive to find new treatments and eventually a cure.
We are now using our experience with the BHD community to apply our expertise to other rare diseases. We are starting with the rare cancer osteosarcoma, where there is an urgent and unmet need to find new therapies.
By concentrating on one rare genetic disorder and one rare cancer, we hope to form a blueprint for progress in rare diseases. We will utilise recent scientific and technological breakthroughs to push research through clinical trials and bring new therapies to patients, transforming the outlook for rare diseases and providing the same access to state-of-the-art technologies as those with more common disorders.
By providing information and support to patients, raising awareness among clinicians and the public and strategically funding research, the Myrovlytis Trust aims to transform the outlook for rare diseases.
## **A Message from our Trustees**
I began my association with the Myrovlytis Trust towards the tail end of 2020-21. Indeed, the first board meeting I chaired fell in 2021-22. As I introduce the 2020-21 annual report therefore, I want to begin by acknowledging the hard work of the CEO & our developing staff team and support of our trustees and donors that has allowed the trust to begin to rejuvenate through 2020-21, after a few years’ hiatus.
- The charity’s name, figuratively, reflects ‘the healer’, and our 2021 26 strategy encapsulates well our approach to fulfilling our Charitable Objects to ‘Promote research into rare genetic disorders, and advance education of the public in medical and molecular genetics’. Understanding mechanisms associated with genetic disorders will, we hope, not only bring relief to specific conditions we research, but will also contribute towards developing understanding of molecular genetics more generally, thereby creating pathways for not just supporting and potentially curing individuals suffering from unfortunate genetic conditions but potentially also developing mechanisms for analysis, early detection and addressing underlying genetic processes
My appointment was followed by appointment of two more trustees and the charity is moving consciously towards developing, refining and successfully delivering on a medium-to-long term plan while maintaining a culture of introspection, continuous development, peer learning and working towards developing best practice that will have a multiplicative effect far beyond the specific work and conditions our research investment will address directly. I came to urban Britain over two decades ago as a world citizen and have been involved in many endeavours working to develop good practice, standards and exemplars with potential to benefit the wider world. At the Myrovlytis trust, we are privileged to benefit from advice and support of many leading researchers moving forward frontiers of research, learning and development. With support of a talented international team of advisors, trustees and staff, and with multiplicative effect of our funding into hard work of talented researchers, I look forward to seeing the trust leave a lasting legacy for the world.
Amit Bhagwat, Trustee
## **A Message from our CEO**
In January 2021, I had the great honour to be appointed as CEO of The Myrovlytis Trust, a medical research charity dedicated to rare diseases. The Trust had been quiet for a few years, but with a history to be proud of. Since its inception, the Myrovlytis Trust has had a longstanding commitment to progress in the rare disease Birt-Hogg-Dubé Syndrome (BHD). Over £6 million in research grant funding had been issued, a clinical trial funded and a dedicated website had been formed. We have since expanded our remit to include the rare cancer osteosarcoma.
None of our achievements in 2021 would have been possible without our fantastic staff team, our refreshed and expanded Scientific Advisory Board and our wonderful new Trustees. With all policies and procedures updated we feel ready for the adventures ahead.
By focusing on one rare genetic disorder (BHD) and one rare cancer (osteosarcoma), we hope to build a blueprint for rare diseases, in time expanding to help with other conditions. We are a charity on an exciting journey, and after a whirlwind year of progress I feel we have a lot to be proud of. Here’s to more in 2022!
Anna Webb, CEO
## **Managing finances in a new era**
2020/21 was a year of rejuvenating the Trust and as such it was to be expected that the year would bring about some major projects the Trust needed to carry out to meet its new mission and vision. These projects have required larger upfront and monthly costs. This means the way that we budget year on year for the next few years will vary to allow us to develop and move into new phases of the Trusts future.
Myrovlytis Trust Income 2020/21
**----- Start of picture text -----**
Donation receive
TOTAL INCOME
2020/2021
£162,043 Other Revenue
**----- End of picture text -----**
Every penny we receive is vital to the development of the Trust and our ability to deliver on our mission and goals.
There will be a variance on income over the coming years as we look to the future. Part of this is captured in our expenditure as consulting costs for future fundraising projects.
## **Myrovlytis Trust Expenditure 2020/21**
**----- Start of picture text -----**
TOTAL EXPENDITURE
2020/2021
**----- End of picture text -----**
Staff and Onboarding Costs
Consultancy Fees
Patient Advocacy
Other Administrative Costs
Website Development and Maintenance
We take great consideration in to how we spend every penny to ensure we have the required funds to meet our needs and budget.
75% of our expenditure in 2020/21 went towards onboarding a new staff team. The addition of four new members of staff, taking the previous year’s team of one to four, means the Trust has taken on additional responsibility and invested in a talented and skilled workforce who can deliver on the Trusts new mission.
## **Staff Team**
The Trust introduced a new staffing team during the first half of 2021, with the right skills and experience to be able to deliver on the Trusts mission.
Starting with the appointment of a new CEO in January, we were joined by two Charity Officers in February and May respectively. The team was completed with the introduction of an Office Manager in June 2021. In this time, we have invested time and money in our staff team through both training and conference attendance, ensuring that they all have the right tools to be able to carry out their roles in both our London office and remote locations across the UK.
## **Achievement Highlights**
## Myrovlytis Trust Website
We created a new Myrovlytis Trust website at the beginning of 2021 which acts as both a corporate focused platform to showcase our progress, and a source of information for clinicians and researchers, and as an umbrella website for our present and future endeavours (e.g. BHD Foundation and Osteosarcoma Now). In accordance with this, we worked to increase our presence in the field and become better known by potential funders, partners, and grant applicants by establishing LinkedIn and twitter accounts.
## BHD Foundation
Armed with the previous experience and success, the newly appointed staff team at the Myrovlytis Trust set about reinvigorating the charity.
Our first port of call was to re-establish relationships with BHD families, clinicians, and researchers. Weekly blog posts, monthly newsletters, patient interviews and regular “Meet the Expert” events online followed, allowing us to form these vital bonds.
We produced a special BHD video, explaining the syndrome for those newly diagnosed and raising awareness of this relatively unknown condition.
From April until September a lot of our efforts were directed towards restarting the BHD Annual Symposium in October 2021. Given the COVID-19 pandemic and the obvious restrictions on travel, this was planned as an online event. In a break from previous symposia, we dedicated two sessions to the patient voice – enabling patients to directly talk with leading researchers and contribute to our ongoing strategic planning. We would like to extend our thanks to the organising committee for their help and support in arranging this important meeting bringing together researchers, clinicians, and patients.
## Research
The Myrovlytis Trust resumed grant-giving activity in 2021, with a call for proposals in the fields of BHD syndrome and osteosarcoma. We were delighted to receive several high-quality applications, and funding of the successful proposals will commence in 2022. In order to ensure the quality and integrity of our grant-making, we successfully applied for membership of the Association of Medical Research Charities (AMRC). We follow all AMRC principles and guidelines in our rigorous peer review process.
## Osteosarcoma Now
Given our experience building and nurturing the BHD community, we wanted to expand our remit to include a rare cancer, in time developing the tools and platforms to reach across a wide range of rare conditions. Osteosarcoma is a rare cancer affecting the bone.
Chemotherapy regimes for this disease haven’t advanced in many decades, and the treatment options for those with metastatic disease (where the cancer has spread beyond the original site to other organs) are limited. There is a clear unmet clinical need for new therapies, and it seemed an obvious avenue for us to explore.
Our work in osteosarcoma commenced in 2021, with many months dedicated to talking with experts, patients, and other charities. There is amazing work ongoing in research and support, and we refined our goals to reflect the unique work we can offer to advance the field.
Firstly, we will fund research with a clear clinical focus – to bring new therapies to patients as soon as possible.
Secondly, we started work on a new website, Osteosarcoma Now, to be launched in spring 2022. This website will feature blog posts explaining scientific breakthroughs in clear, accessible language, a worldwide map of organisations ready to help patients, and importantly the first international clinical trials database dedicated to osteosarcoma, with all the scientific and medical information curated into a patient-friendly format.
We want Osteosarcoma Now to be a place where patients can visit to learn about the science, find potential new therapeutic options and discover the support available worldwide.
## Impact
We measure the impact of our work in several different ways:
## Grant giving
Our first call for funding in 2021 attracted 11 applicants. In future years we aim to receive at least 20 applications per year.
## Publications
As time progresses, we will monitor the number of scientific publications resulting from Myrovlytis Trust funded work and assess the contribution to the field more generally.
## Newsletter subscribers
We established the monthly newsletter in February 2021 and now have over 350 subscribers.
## Symposium attendance
Our BHD Symposium 2021 has attracted 446 registered attendees.
## Regular events
Our BHD Meet the Experts online events regularly attract an audience of 100 (our current capacity limit).
## Social Media
We have established twitter accounts for the Myrovlytis Trust and BHD Foundation, a Facebook page for the BHD Foundation and a LinkedIn profile for the Myrovlytis Trust. In the space of 8 months we have gained over 1500 followers across platforms.
It is sometime hard to quantify the impact our work has on the patient community. We are very grateful for the wonderful feedback we receive from patients, a selection of which is highlighted below:
## Patient enquires
We monitor the number of enquiries received, and track if we were able to find the appropriate information for patients. We receive on average 15 requests for help per week.
## Patient Quotes
‘For me Meet the expert was a valuable meeting. Not just because of the information given, but I felt a sense of belonging’. DL Netherlands
‘I really appreciated the presentation today, thank you for making it so accessible! …I feel really lucky to have attended! I have passed on the notice about the June presentation to the BHDside of my family.’ CK USA
‘Many thanks for your help a few weeks ago.
I was seen by Dr Lim yesterday and have been diagnosed with BHDS, this was only due to your prompt and efficient assistance in getting the necessary referral outside of the NHS respiratory consultant who I am due to be reviewed by in February 2022!
All matters are in hand now with future screening, further tests and it was reassuring finally getting a diagnosis after two years of ill health.
I will now subscribe to the newsletter and hopefully get more involved with research etc in due course.’
IL, UK
‘Thank you so much for the information that you provided. This is such a big help as I head into this uncertain time in my life. Thank you again for all of the things that you and your organization does!’ PD, USA
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021
## Myrovlytis Trust
(A company limited by guarantee) Charity registration number: 1122073 Company registration number: 06369701
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
## **MYROVLYTIS TRUST**
## **CONTENTS**
|Legal and Administrative Information|1|
|---|---|
|Trustees' Report|2 to 7|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Balance Sheet|10|
|Notes to the Financial Statements|11 to 18|
## **MYROVLYTIS TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Charity Registration** 1122073 **Number Company Registration** 06369701 **Number Trustees** Morris Saleh Vinaya Paladugulavenkata Dimitris Panagopoulos (appointed 30 July 2021) Dr Timothy Koder (appointed 12 October 2021) Amit Bhagwat (appointed 24 October 2021) Monika Waller (appointed 4 November 2021) **Secretary** Morris Saleh **Registered address** Charter Buildings 9 Ashton Lane Sale Cheshire M33 6WT **Independent Examiner** G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
Page 1
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
We present the annual report together with the financial statements of the charitable company for the year ended 30 September 2021.
## **Structure, governance and management**
## _**Nature of governing document**_
Myrovlytis Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
## _**Recruitment and appointment of trustees**_
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
## _**Risk management**_
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
## **Objectives and activities**
## _**Objects and aims**_
The charities objectives (the Objects) are:
• The advancement and promotion of research into medical and molecular genetics in order to better understand, diagnose, prevent, cure and relieve conditions caused by genetic disorders and/or diseases including but not limited to Birt-Hogg-Dubé syndrome and the free dissemination of the results of such research to the public,
• The advancement of education of the public in medical and molecular genetics, and
• To assist in the relief of financial hardship, treatment and care of person suffering from medical and molecular genetic disorders, including but not limited to Birt-Hogg-Dubé syndrome, through the provision of grants, goods, and services.
## _**Our Mission and Vision**_
The Myrovlytis Trust is a charity founded in 2007 to promote research into rare disorders, advance education of the public in medical and molecular genetics and pursue new technologies enabling treatment where there is a clear unmet clinical need. We have a long-standing interest in the rare genetic disorder Birt-Hogg-Dubé (BHD) syndrome, and have funded over £6 million in research, established the BHD Foundation to provide education and advocacy, provide support to patients and bring the community together in a drive to find new treatments and eventually a cure.
We are now using our experience with the BHD community to apply our expertise to other rare diseases. We are starting with the rare cancer osteosarcoma, where there is an urgent and unmet need to find new therapies.
Page 2
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
By concentrating on one rare genetic disorder and one rare cancer, we hope to form a blueprint for progress in rare diseases. We will utilise recent scientific and technological breakthroughs to push research through clinical trials and bring new therapies to patients, transforming the outlook for rare diseases and providing the same access to state-of-the-art technologies as those with more common disorders.
By providing information and support to patients, raising awareness among clinicians and the public and strategically funding research, the Myrovlytis Trust aims to transform the outlook for rare diseases.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
## _**Review of activities**_
## _Myrovlytis Trust Website_
We created a new Myrovlytis Trust website at the beginning of 2021 which acts as both a corporate focused platform to showcase our progress, and a source of information for clinicians and researchers, and as an umbrella website for our present and future endeavours (e.g. BHD Foundation and Osteosarcoma Now). In accordance with this, we worked to increase our presence in the field and become better known by potential funders, partners, and grant applicants by establishing LinkedIn and twitter accounts.
## _BHD Foundation_
Armed with the previous experience and success, the newly appointed staff team at the Myrovlytis Trust set about reinvigorating the charity.
Our first port of call was to re-establish relationships with BHD families, clinicians, and researchers. Weekly blog posts, monthly newsletters, patient interviews and regular “Meet the Expert” events online followed, allowing us to form these vital bonds.
We produced a special BHD video, explaining the syndrome for those newly diagnosed and raising awareness of this relatively unknown condition.
From April until September a lot of our efforts were directed towards restarting the BHD Annual Symposium in October 2021. Given the COVID-19 pandemic and the obvious restrictions on travel, this was planned as an online event. In a break from previous symposia, we dedicated two sessions to the patient voice – enabling patients to directly talk with leading researchers and contribute to our ongoing strategic planning. We would like to extend our thanks to the organising committee for their help and support in arranging this important meeting bringing together researchers, clinicians, and patients.
Page 3
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
## _Research_
The Myrovlytis Trust resumed grant-giving activity in 2021, with a call for proposals in the fields of BHD syndrome and osteosarcoma. We were delighted to receive several high-quality applications, and funding of the successful proposals will commence in 2022. In order to ensure the quality and integrity of our grant-making, we successfully applied for membership of the Association of Medical Research Charities (AMRC). We follow all AMRC principles and guidelines in our rigorous peer review process.
## _Osteosarcoma Now_
Given our experience building and nurturing the BHD community, we wanted to expand our remit to include a rare cancer, in time developing the tools and platforms to reach across a wide range of rare conditions. Osteosarcoma is a rare cancer affecting the bone. Chemotherapy regimes for this disease haven’t advanced in many decades, and the treatment options for those with metastatic disease (where the cancer has spread beyond the original site to other organs) are limited. There is a clear unmet clinical need for new therapies, and it seemed an obvious avenue for us to explore.
Our work in osteosarcoma commenced in 2021, with many months dedicated to talking with experts, patients, and other charities. There is amazing work ongoing in research and support, and we refined our goals to reflect the unique work we can offer to advance the field.
Firstly, we will fund research with a clear clinical focus – to bring new therapies to patients as soon as possible.
Secondly, we started work on a new website, Osteosarcoma Now, to be launched in spring 2022. This website will feature blog posts explaining scientific breakthroughs in clear, accessible language, a worldwide map of organisations ready to help patients, and importantly the first international clinical trials database dedicated to osteosarcoma, with all the scientific and medical information curated into a patient-friendly format.
We want Osteosarcoma Now to be a place where patients can visit to learn about the science, find potential new therapeutic options and discover the support available worldwide.
## _**Impact**_
We measure the impact of our work in several different ways:
## _Grant giving_
Our first call for funding in 2021 attracted 11 applicants. In future years we aim to receive at least 20 applications per year.
## _Publications_
As time progresses, we will monitor the number of scientific publications resulting from Myrovlytis Trust funded work and assess the contribution to the field more generally.
Page 4
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
## _Newsletter subscribers_
We established the monthly newsletter in February 2021 and now have over 350 subscribers.
## _Symposium attendance_
Our BHD Symposium 2021 has attracted 446 registered attendees.
## _Regular events_
Our BHD Meet the Experts online events regularly attract an audience of 100 (our current capacity limit).
## _Social Media_
We have established twitter accounts for the Myrovlytis Trust and BHD Foundation, a Facebook page for the BHD Foundation and a LinkedIn profile for the Myrovlytis Trust. In the space of 8 months we have gained over 1500 followers across platforms.
It is sometime hard to quantify the impact our work has on the patient community. We are very grateful for the wonderful feedback we receive from patients, a selection of which is highlighted below:
## _Patient enquires_
We monitor the number of enquiries received, and track if we were able to find the appropriate information for patients. We receive on average 15 requests for help per week.
## _Patient Quotes_
_‘For me Meet the expert was a valuable meeting. Not just because of the information given, but I felt a sense of belonging’. DL Netherlands_
_‘I really appreciated the presentation today, thank you for making it so accessible! …I feel really lucky to have attended! I have passed on the notice about the June presentation to the BHD-side of my family.’ CK USA_
_‘Many thanks for your help a few weeks ago._
_I was seen by Dr Lim yesterday and have been diagnosed with BHDS, this was only due to your prompt and efficient assistance in getting the necessary referral outside of the NHS respiratory consultant who I am due to be reviewed by in February 2022!_
_All matters are in hand now with future screening, further tests and it was reassuring finally getting a diagnosis after two years of ill health._
_I will now subscribe to the newsletter and hopefully get more involved with research etc in due course.’_
_IL, UK_
Page 5
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
_‘Thank you so much for the information that you provided. This is such a big help as I head into this uncertain time in my life. Thank you again for all of the things that you and your organization does!’ PD, USA_
## _**Staff Team**_
The charity introduced a new staffing team during the first half of 2021, with the right skills and experience to be able to deliver on the charity's mission.
Starting with the appointment of a new CEO in January, we were joined by two charity officers in February and May respectively. The team was completed with the introduction of an office manager in June 2021. In this time, we have invested time and money in our staff team through both training and conference attendance, ensuring that they all have the right tools to be able to carry out their roles in both our London office and remote locations across the UK.
## **Financial review**
2020/21 was a year of rejuvenating the charity and as such it was to be expected that the year would bring about some major projects the charity needed to carry out to meet its new mission and vision. These projects have required larger upfront and monthly costs. This means the way that we budget year on year for the next few years will vary to allow us to develop and move into new phases of the charity's future.
Every penny we receive is vital to the development of the charity and our ability to deliver on our mission and goals.
There will be a variance on income over the coming years as we look to the future. Part of this is captured in our expenditure as consulting costs for future fundraising projects.
We take great consideration in to how we spend every penny to ensure we have the required funds to meet our needs and budget.
75% of our expenditure in 2020/21 went towards onboarding a new staff team. The addition of four new members of staff, taking the previous year’s team of one to four, means the Trust has taken on additional responsibility and invested in a talented and skilled workforce who can deliver on the Trusts new mission.
## _**Going concern**_
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Page 6
## **MYROVLYTIS TRUST**
## **TRUSTEES' REPORT**
## **Statement of Trustees' Responsibilities**
We are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK 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 charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the trustees of the charity on 7 June 2022 and signed on its behalf by:
......................................... Morris Saleh
Company Secretary, Trustee and Director for the purposes of Company Law
Page 7
## **MYROVLYTIS TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 30 September 2021 which are set out on pages 9 to 18.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees of Myrovlytis Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Myrovlytis Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of Myrovlytis Trust as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... G W Schulz ACMA
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
7 June 2022
Page 8
## **MYROVLYTIS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2021**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and Endowments from:**
Donations and legacies
3
159,043
Total income
159,043
**Expenditure on:**
Raising funds
4
8,100
Charitable activities
5
137,232
Total expenditure
145,332
Net income/(expenditure)
13,711
Net movement in funds
13,711
**Reconciliation of funds**
Total funds brought forward
(15,466)
Total funds carried forward
13
(1,755)|**Total**
**2021**
**£**
159,043
159,043
8,100
137,232
145,332
13,711
13,711
(15,466)
(1,755)|**Total**
**2020**
**£**
323,136|
|---|---|---|
|||323,136|
|||-
347,644|
|||347,644|
|||(24,508)|
|||(24,508)
9,042|
|||(15,466)|
The notes on pages 11 to 18 form an integral part of these financial statements. Page 9
## **MYROVLYTIS TRUST**
## **REGISTERED NUMBER: 06369701 BALANCE SHEET AS AT 30 SEPTEMBER 2021**
|**Note**
**Fixed assets**
Intangible assets
8
Tangible assets
9
**Current assets**
Debtors
10
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
11
**Net current liabilities**
**Net liabilities**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
13|**2021**
**£**
6,568
1,284
7,852
809
2,594
3,403
(13,010)
(9,607)
(1,755)
(1,755)
(1,755)|**2020**
**£**
7,663
119|
|---|---|---|
|||7,782|
|||-
1,545|
|||1,545
(24,793)|
|||(23,248)|
|||(15,466)|
|||(15,466)|
|||(15,466)|
For the financial year ending 30 September 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 9 to 18 were approved by the trustees, and authorised for issue on 7 June 2022 and signed on their behalf by:
.........................................
Morris Saleh Company Secretary, Trustee and Director for the purposes of Company Law
The notes on pages 11 to 18 form an integral part of these financial statements. Page 10
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
## **Basis of preparation**
Myrovlytis Trust 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 notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 11
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Tangible fixed assets**
Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
## **Amortisation**
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
**Asset class** Other intangible asset
**Amortisation method and rate** 10% on cost
Page 12
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
## **Asset class**
Computer equipment
**Depreciation method and rate** 25% reducing balance
## **Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Liabilities**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.
## **Pensions and other post retirement obligations**
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 13
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations
Grants, including capital grants;
Government grants|**Unrestricted**
**funds**
**General**
**£**
152,168
6,875
159,043|**Total**
**2021**
**£**
152,168
6,875
159,043|**Total**
**2020**
**£**
305,703
17,433|
|---|---|---|---|
||||323,136|
## **4 Expenditure on raising funds**
## **a) Costs of generating donations and legacies**
|**Unrestricted**
**funds**
**General**
**£**
Other direct costs of generating voluntary
income
8,100|**Total**
**2021**
**£**
8,100|**Total**
**2020**
**£**
-|
|---|---|---|
Page 14
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **5 Expenditure on charitable activities**
|**Note**
Direct costs
Rates
Advertising
Computer costs
Printing, postage and stationery
Insurance
Subscriptions
Recruitment
Accountancy fees
Professional fees
Staff training and expenses
Bank charges and interest
Sundry expenses
Independent examination
Depreciation, amortisation and
other similar costs
Staff costs
7|**Unrestricted**
**funds**
**General**
**£**
10,883
-
-
9,882
10
774
106
1,284
2,036
4,955
256
412
-
1,320
1,523
103,791
137,232|**Total**
**2021**
**£**
10,883
-
-
9,882
10
774
106
1,284
2,036
4,955
256
412
-
1,320
1,523
103,791
137,232|**Total**
**2020**
**£**
268,818
3,296
743
1,790
-
-
-
-
4,489
1,500
-
321
(2)
-
1,135
65,554|
|---|---|---|---|
||||347,644|
## **6 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
One trustee received £3,995 for consultancy fees during the year (2020: £Nil).
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **7 Staff costs**
The aggregate payroll costs were as follows:
Page 15
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
|**2021**
**£**
**2020**
**£**
**Staff costs during the year were:**
Wages and salaries
95,857
62,009
Social security costs
5,800
3,545
Pension costs
2,134
-
103,791
65,554
The monthly average number of persons (including senior management team) employed
by the charity during the year expressed as full time equivalents was as follows:
**2021**
**No**
**2020**
**No**
Staff
4
2
No employee received emoluments of more than £60,000 during the year.
**8 Intangible fixed assets**
**Other**
**intangible**
**asset**
**£**
**Total**
**£**
**Cost**
At 1 October 2020
10,947
10,947
At 30 September 2021
10,947
10,947
**Amortisation**
At 1 October 2020
3,284
3,284
Charge for the year
1,095
1,095
At 30 September 2021
4,379
4,379
**Net book value**
At 30 September 2021
6,568
6,568
At 30 September 2020
7,663
7,663|**2021**
**£**
**2020**
**£**
**Staff costs during the year were:**
Wages and salaries
95,857
62,009
Social security costs
5,800
3,545
Pension costs
2,134
-
103,791
65,554
The monthly average number of persons (including senior management team) employed
by the charity during the year expressed as full time equivalents was as follows:
**2021**
**No**
**2020**
**No**
Staff
4
2
No employee received emoluments of more than £60,000 during the year.
**8 Intangible fixed assets**
**Other**
**intangible**
**asset**
**£**
**Total**
**£**
**Cost**
At 1 October 2020
10,947
10,947
At 30 September 2021
10,947
10,947
**Amortisation**
At 1 October 2020
3,284
3,284
Charge for the year
1,095
1,095
At 30 September 2021
4,379
4,379
**Net book value**
At 30 September 2021
6,568
6,568
At 30 September 2020
7,663
7,663|**2020**
**£**
62,009
3,545
-|**2020**
**£**
62,009
3,545
-|
|---|---|---|---|
|||65,554||
||||**Total**
**£**
10,947
10,947
3,284
1,095
4,379
6,568
7,663|
||10,947|||
||3,284
1,095|||
||4,379|||
||6,568|||
||7,663|||
Page 16
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **9 Tangible fixed assets**
|**Cost**
At 1 October 2020
Additions
At 30 September 2021
**Depreciation**
At 1 October 2020
Charge for the year
At 30 September 2021
**Net book value**
At 30 September 2021
At 30 September 2020
**10 Debtors**
Prepayments
**11 Creditors: amounts falling due within one year**
Other taxation and social security
Other creditors
Accruals||**Computer**
**equipment**
**£**
500
1,594||**Total**
**£**
500
1,594
2,094
381
429
810
1,284
119
**2020**
**£**
-|
|---|---|---|---|---|
|||2,094|||
|||381
429|||
|||810|||
|||1,284|||
|||119|||
|||**2021**
**£**
809
**2021**
**£**
9,785
171
3,054
13,010|||
|||||**2020**
**£**
19,566
3,577
1,650|
|||||24,793|
## **12 Pension and other schemes**
## **Defined contribution pension scheme**
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to - £2,134 (2020 £Nil).
Page 17
## **MYROVLYTIS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2021**
## **13 Funds**
|**13 Funds**|||||
|---|---|---|---|---|
|**Unrestricted funds**
General
**Unrestricted funds**
General|**Balance at**
**1 October**
**2020**
**£**
(15,466)
**Balance at**
**1 October**
**2019**
**£**
9,042|**Incoming**
**resources**
**£**
159,043
**Incoming**
**resources**
**£**
323,136|**Resources**
**expended**
**£**
(145,332)
**Resources**
**expended**
**£**
(347,644)|**Balance at**
**30**
**September**
**2021**
**£**
(1,755)|
|||||**Balance at**
**30**
**September**
**2020**
**£**
(15,466)|
## **14 Analysis of net assets between funds**
|Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Intangible fixed assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
6,568
1,284
3,403
(13,010)
(1,755)
**Unrestricted**
**funds**
**General**
**£**
7,663
119
1,545
(24,793)
(15,466)|**Total funds**
**at 30**
**September**
**2021**
**£**
6,568
1,284
3,403
(13,010)|
|---|---|---|
|||(1,755)|
|||**Total funds**
**at 30**
**September**
**2020**
**£**
7,663
119
1,545
(24,793)|
|||(15,466)|
Page 18