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2022-03-31-accounts

The HIV Research Trust

Company limited by Guarantee

Company registration number : 06020633 Charity registration number: 1123611

The HIV Research Trust Company

Limited by guarantee

Trust report and financial statements

31 March 2022

Prepared by: Terrence Higgins Trust

The HIV Research Trust, a company limited by guarantee

Financial statements for the period ended 31 March 2022

Page
Trustees' annual report (incorporating the director's report) 1
Auditor's report to the Trustees 9
Statement of financial activities
(including income and expenditure account) 14
Balance sheet 15
Notes to the financial statements 16
The following pages do not form part of the financial statements
Detailed statement of financial activities 24
Notes to the detailed statement of financial activities 25

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

The Trustees, who are also the directors for the purposes of company law present their report and the audited financial statements of the charity for the period ended 31 March 2022.

Reference and administration details

Registered charity name The HIV Research Trust

Charity registration number1123611

Company registration numb06020633 Principle office and 437 & 439 Caledonian Road registered office London N7 9BG The Trustees Professor Sir Ian Weller (resigned 13 April 2022) Mrs. Hannah Bodek (resigned 13 April 2022) Professor Elizabeth Bukusi Professor Frances Cowan Professor Catherine Hankins Professor Deenan Pillay Professor Eric Sandstrom Faye Rodney (appointed 26 March 2022) Auditor Haysmacintyre LLP 10 Queen Street Place, London EC4R 1AG

Other relevant organisations

Bankers Barclay's Bank PLC, 69 Albion Street, Leeds. LS1 5AA
Schroder Investments Schroder Unit Trusts Limited, PO Box 1102
Chelmsford. CM99 2XX
CCLA Senator House, 85 Queen Victoria St, London EC4V 4ET
HIV Glasgow Congress Victoria Mill, Windmill Street
Macclesfield. SK11 7HQ
International AIDS Society Ch. De l'Avanchet, CH 1216
Cointrin, Geneva, Switzerland

1

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

Structure, governance, and management

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies' Act 2006.

The Articles of Association were updated in 2021 to reflect the decision made by the trustees, on 23 June 2021, to become a subsidiary organisation under the Terrence Higgins Trust (THT), with THT becoming the sole member.

Whilst ensuring that the trust would remain a separate charity, trustees believe this change in governance for the HIVRT will best ensure that its objectives would continue to be achieved whilst ensuring that all of its governance and regulatory requirements continued to be met. Since late 2018 THT have provided the administrative and executive functions for the HIVRT,

As a result of becoming a subsidiary company of the THT the trustee report and financial statements will undergo a formal external audit under the Companies Act 2006.

Recruitment and appointment of new Trustees

Trustees serve for a fixed period of three years but may be re-appointed at the end of that period. The directors can appoint trustees to add complementary skills to the governance of the charity. The total number of trustees shall not be less than three but must not exceed eight.

Organisational structure

The main method of spoken communication between the trustees in different countries is by telephone conference call which takes place at least twice a year. At other times all communication is by email. The THT administration team, ensure that all relevant documents and reports are distributed to trustees.

Related parties

The International AIDS Society (IAS) has extensive contacts with researchers in resource-limited countries and the HIV Research Trust has partnered with IAS in order to utilise their network to advertise the scholarships more widely.

The HIV Glasgow Congress has supported the funds for the charity by donating 50% of surplus income from its bi-annual meeting in Glasgow since the congress began in 1992. This has established sufficient reserves for the charity to function using the interest on the money held in reserves together with funds received from the biennial congress. The aim is to build the reserves to ensure that the scholarships can continue in the long term.

2

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

Induction and training of new Trustees

The aims and purposes of the HIV Research Trust are explained by the chairman. The work of the charity concerns the selection and financing of its scholarships. This procedure takes place once a year and all trustees participate in the process.

Objectives and activities

These are to promote study and research into the causes and treatment of HIV infection and to provide funding in connection for this. This is achieved by building capacity in HIV in low and lower-middle income countries by supporting study into the prevent ion and treatment of HIV infection to further the knowledge and skills of early to mid-career healthcare professionals working in resource-limited settings. The long-term objective is to improve outcomes for patients and people living with HIV in these regions.

This is achieved by supporting individuals in resource-limited countries to obtain further training and develop expertise via short-term funded scholarships and providing ongoing collaboration and sharing of knowledge with worldwide centres of excellence and scholars. Typically the scholarships are for periods of 3-6 months and include travel and subsistence, and consumable expenses for the research. As a result of COVID , the Trust has supported a larger number of on-line scholarships, to allow scholars to complete courses remotely.

Significant activities

With effect from 1 January 2008 this charitable company, incorporated on 6 December 2006, has carried on the activities, and taken over the assets and liabilities, of its predecessor unincorporated charity of the same name (registered charity number 1092284).

Public benefit

In setting our objectives the trustees have given careful consideration to the Charity Commission's public benefit guidance.

Achievements and performance

Charitable activities in 2021-22

In October 2020 the trustees agreed to go ahead with a 2021 scholarship round with a focus on online scholarships due to the global COVID pandemic. Trustees awarded 10 scholarships to the value of £58.2k as part of the 2021 scholarship round after receiving 61 applications. The awards are made on the basis of the scientific merit of the proposal, the appropriateness for the career intentions of the individual, and the potential value to the home institution. The trustees recognise that the 2021-22 period was severely impacted by the COVID-19 pandemic.

3

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

Achievements and performance (continued)

Of the 12 2020 scholars only 5 have completed their scholarships, 6 had deferred until later in 2022; 1 scholarship was in progress at the time of writing; no scholars had yet withdrawn. There was one scholar from 2019 rounds who had deferred into 2022; It is hoped that all outstanding scholarships be completed by the end of 2022.

Trustees will ensure that any future decisions on the level of scholarships take account of any changes to future expected funds from the HIV Congress which takes place every two years – the next congress is October 2022.

All aspects of research related to HIV infection and its consequences are considered and the awards have covered most aspects of HIV research including clinical care, basic and applied biology, epidemic, psycho logical, ethical, economic, educational and societal aspects.

The awards are made by a process of review by an independent assessment panel and the trustees without knowledge of the views of others. Candidates' applications and the assessments made by the reviewers are discussed and examined prior to scholarships being awarded. Trustees participate in the selection process and collectively agree the final list of awards. Where there are disagreements on the relative merits of an application these are resolved by further discussion between the trustees. The trustees are content with the scholarship process.

The outcomes for people living with HIV as a result of this programme can only be assessed by maintaining long-term contact and ongoing communication with past scholars and their institutions. A monitoring and evaluation framework is in place to ensure short, medium and long- term follow- up.

The Trust is mindful that it is difficult to measure the long term outcomes of the programme, some specific examples of the impact the scholarships have had are demonstrate by the following case studies;

Due to travel restrictions put in place during the Covid-19 pandemic, there was a particular focus on scholarships that did not require international travel. A scholar from Cameroon was funded to study Advanced Molecular Virology at the Chantal Biya International Reference Centre for Research on HIV/AIDS Prevention and Management (CIRCB), in Yaoundé. This scholarship took place over four months and allowed the scholar to generate preliminary data for their PhD Objectives in HIV drug resistance. The scholar’s host institution , CIRCB continues to pursue studies in this field in collaboration with the scholar’s home institute (The Evangelical University of Cameroon (UEC).

4

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

Achievements and performance (continued)

A second scholar travelled from Nairobi to study at the Uganda Research Unit, where they were able to train in Single Genome Amplification (SGA) and Identification of Transmitted/Founder (T/F) Viruses; both of which were instrumental in achieving their PhD Objectives.

Six further scholarships were still underway at the time of writing.

Internal and external factors

The trustees have made a full assessment of the internal and external factors that may affect these 2021-2 financial statements. Whilst the information contained in these statements is accurate the COVID-19 pandemic has impacted the normal functioning of scholarships due to travel restrictions and country lockdowns. The trustees took the decision to be flexible on when scholarships could be completed and if scholars asked to change the content of scholarships subject to any changes meeting the objectives of the scholarship scheme. This has resulted in a number of scholarships being delayed and aiming to complete later in 2022. The trustees also took the decision to delay the launch of the 2021 scholarships process from the normal summer 2020 launch of the scholarship application programme to the winter 2021. Scholarship decisions for 2021 were taken at the March 2021 trustee meeting with the aim of scholarships starting from late spring 2021. Trustees have also taken the decision that online scholarships will be prioritised in the 2021 round.

Financial review

Financial position

The charity has closed the year with an overall deficit of £126k which included investment losses of £35k. This is in line with the trustees plans given the biennial nature of its key income source, The HIV Congress in Glasgow. The trustees intend to maintain reserves in the near future and only award grants across two years to the value of our incoming resources. The charity has closing funds of £1.4m.

5

The HIV Research Trust, a company limited by guarantee Trustees' annual report (incorporating the Director's report) For the period ended 31 March 2022

Investment performance

The trustees wish to ensure that any surplus funds are invested to achieve the best return possible within the agreed low risk framework and low management fee. Investments are currently held with two funds :

Given that 2021-22 was an unusual period as a result of the COVID pandemic the HIVRT investments performed adequately.

Investment policy and objectives

Under the Articles of Association the charity has the powers to invest in any way the trustees deem fit. The current policy of the trustees is to cautiously invest funds in order to generate income in excess of that achieved in the bank account and protect capital. The long term aim is to generate a return of CPI plus 4% after costs.

Risk management

The risk register focuses on the following:

The Risk Register is managed through the Executive Support Team. It is reviewed in advance of each trustee meeting, and reviewed by the trustees at their meetings.

The review considers:

6

The HIV Research Trust, a company limited by guarantee Independent Examiner's Report to the Trustees of The HIV Research Trusts for the period ended 31 March 2022

Principle risks

Principal risk Risk management (internal controls and actions) Funding from principal - Proactive work to ensure Glasgow Congress payments are funders and sponsors thoroughly reviewed to ensure they meet requirements of legal ends agreement. - Proactive and focused communication plan with HIV Glasgow Congress Organising Committee and Ashfield Healthcare. - Proactive work to liaise with other grant organisations to ensure that HIVRT are aware of the opportunities for funding. Financial sustainability - Ensure trustee scholarship and operational decisions are in line with reserves policy. - Short, medium and long term financial planning is structured on prudent income growth levels -Return on investments is maximised and there is regular communication with both investment firms. - Trustees review funding for scholarships each year based on prudent income levels . Fraudulent use of funds - All scholarships awarded are reviewed for financial sustainability. - All scholars must sign and agree scholarship agreements. - All scholarships require the support of both the home and host institutions to ensure that the scholarship is bona fide. - Scholars are required to produce receipts for all expenditure. - Scholars are required to produce a scholarship report within 6 months of the end of their scholarship. Maintaining a robust - Maintaining investment in IT systems and processes. scholarship operational - Documented systems for the scholarship process are agreed framework. annually and easy for applicants to follow. - Ensuring the suitability of marketing and communications to generate sufficient quality scholarship applications. - Ensuring GDPR compliance throughout our work.

7

The HIV Research Trust, a company limited by guarantee Independent Examiner's Report to the Trustees of The HIV Research Trusts for the period ended 31 March 2022

Reserves policy

Although there is income from the congress every two years, this is not a fixed sum and cannot be assumed to be the same each time especially as a result of the COVID-19 pandemic. For this reason the trustees take the view that, for the present, they should limit the total sum awarded to that which can reasonably be sustained from this source together with the interest on reserves. It is possible, that the reserves may be reduced with time if the income from the congress is not maintained.

Future plans

In a post COVID world the trustees aim to ensure that the annual scholarships round for 2022 is launched at the HIV Glasgow Congress in October 2022 with a new online scholarships grant process which will aim to increase the number and quality of applications. To support this the HIVRT will develop a social media presence.

During 2022 it is expected that a number of new trustee appointments will be made as a result of a number of vacancies.

The HIVRT website will be updated during 2022 and become a micro-site within the THT website.

To ensure the financial ability of the Trust to provide the scholarships in the long term, trustees have agreed to take a proactive approach to seeking additional funding from external sponsors.

The trustees' annual report was approved on 22nd September 2022 and signed on behalf of the board of trustees by:

Professor D Pillay - Trustee

8

The HIV Research Trust, a company limited by guarantee Auditor's Report to the Trustees of The HIV Research Trust for the period ended 31 March 2022

Independent auditor’s report to the members of The HIV Research Trust

Opinion

We have audited the financial statements of The HIV Research Trust for the period ended 31 March 2022 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

9

The HIV Research Trust, a company limited by guarantee Auditor's Report to the Trustees of The HIV Research Trust for the period ended 31 March 2022

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report (which incorporates the strategic report and the directors’ report).

10

The HIV Research Trust, a company limited by guarantee Auditor's Report to the Trustees of The HIV Research Trust for the period ended 31 March 2022

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

11

The HIV Research Trust, a company limited by guarantee Auditor's Report to the Trustees of The HIV Research Trust for the period ended 31 March 2022

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to year end cut off and journals postings. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Other matters

Comparative information in the financial statements is derived from the charitable company's prior period financial statements which were not audited.

12

The HIV Research Trust, a company limited by guarantee Auditor's Report to the Trustees of The HIV Research Trust for the period ended 31 March 2022

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Harper (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor Date: 2 December 2022

10 Queen Street Place London EC4R 1AG

13

The HIV Research Trust, a company limited by guarantee Statement of Financial Activities (including income and expenditure account) for the period ended 31 March 2022

2022
Unrestricted
funds
Note
£
Income & endowments
Donations and legacies
5
2,168
Investment income
6
24,728
Total income
26,896
Expenditure
Expenditure on charitable activities
7, 8
107,581
Total expenditure
107,581
Net gains (losses) on investments
10
(43,328)
(124,013)
Reconciliation of funds
Total funds brought forward
1,516,423
Total funds carried forward
1,392,410
Net income and net movement in
funds		 2022
Total
funds
£
2,168
24,728
26,896
107,581
107,581
(43,328)
(124,013)
1,516,423
1,392,410		 Unaudited
2020
Total
funds
£
115,143
13,381
128,524
41,567
41,567
66,986
153,943
1,362,480
1,516,423

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The 2022 figures are for a 15 month period. The period end was extended to 31 March 2022, from 31 December 2021, to coincide with the period end used by Terrence Higgins Trust, the new parent.

The notes on pages 12 to 17 form part of these financial statements.

14

The HIV Research Trust, a company limited by guarantee Balance sheet at 31 March 2022

Note
Fixed assets
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
15
Net current assets
Funds of the charity
Unrestricted funds
Total charity funds
Creditors: amounts falling due within
one year
Total assets less current liabilities		 2022
£
1,306,508
0
161,790
161,790
75,888
85,902
1,392,410
1,392,410
1,392,410		 Unaudited
2020
£
1,343,192
115,000
97,762
212,762
39,531
173,231
1,516,423
1,516,423
1,516,423

For the period 1 January 2021 to 31 March 2022, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The balance sheet continues on the following page.

The notes on pages 16 to 22 form part of these financial statements.

These financial statements were approved by the Board of Trustees and authorised for issue on 22nd September 2022 , and are signed on behalf of the board by:

Professor D Pillay Trustee

15

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

1 General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales, and a registered charity in England and Wales. The address of the registered office is 437 & 439 Caledonian Road, London N7 9BG.

2 Statement of compliance

These financial statements have been prepared in compliance with FRS102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and the Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), and the Companies' Act 2006.

3 Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities, and investment properties measured at fair value through income or expenditure.

Going concern

There are no material uncertainties about the charity's ability to continue. Expenditure on the main activity (grant giving) is only considered when adequate resources are available. The trustees have considered the level of funds held and deem them to be sufficient.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates, and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees to further any of the Charity's purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular projects or commitments.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal; they fall into two sub-classes: restricted income funds or endowment funds.

16

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

3 Accounting policies (continued)

Income

All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity, and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which can not be fully recovered, and is classified under the headings of the Statement of Financial Activities to which it relates:

- Expenditure on raising funds includes The costs of all fundraising activities, events, noncharitable trading activities, and The sale of donated goods.

- Governance and administration costs include all Expenditure that is neither related to raising funds for The Charity, nor part of its Expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute towards on a reasonable, justifiable, and consistent basis.

Investments

- Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

17

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

3 Accounting policies (continued)

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 at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Fund accounting

Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the charity at the discretion of the Trustees.

Investment income, gains and losses are allocated to the appropriate fund.

In the application of the charity's accounting policies, which are described in Note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed above.

18

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

5 Donations and legacies
Donations
Donations and legacies
Grants
Grants received
Donations and legacies (unaudited)
Donations
Donations and legacies
Grants
Grants received
Other donations
Loyalty reward		 Unrestricted
Funds
2022
£
138
2,030
2,168
Unrestricted
Funds
2020
£
140
115,000
3
115,143		 Total
funds
2022
£
138
2,030
2,168
Total
Funds
2020
£
140
115,000
3
115,143

19

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

6 Investment income

Expenditure on charitable activities by fund type
Unrestricted
Funds
2022
£
Charity expenses
58,199
Support costs
49,382
107,581
Expenditure on charitable activities by activity type
Activities
undertaken
directly
£
Charity expenses
58,199
Support costs
0
58,199
Analysis of support costs
THT administration charge
Legal expenses
FX charges
Bank charges
Government charges
Governance costs
Fixed asset investment		 Total
Funds
2022
£
24,728
Total
Funds
2022
£
58,199
49,382
107,581
Support
costs
£
0
49,382
49,382		 Total
Funds
2022
£
58,199
49,382
107,581
Total
2022
£
42,950
1,680
426
253
13
4,060
49,382		 Unaudited
Total
Funds
2020
£
13,381
Unaudited
Total
Funds
2020
£
21,515
20,052
41,567
Unaudited
Total
Funds
2020
£
21,515
20,052
41,567
Unaudited
Total
2020
£
19,073
0
0
116
13
850
20,052

7 Expenditure on charitable activities by fund type

8 Expenditure on charitable activities by activity type

9 Analysis of support costs

During the independent examination the bank charges were not separated from the investment gains or losses.

20

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

10 Net gains on investments

Net gains on investments
Unaudited Unaudited
Unrestricted Total Unrestricted Total
Funds Funds Funds Funds
2022 2022 2021 2021
£ £ £ £
Gains on listed investments (43,328) (43,328) 66,986 66,986

11 Independent examination and audit fees

Independent examination and audit fees
Unaudited
2022 2020
£ £
Fees payable to the external examiner for independent examination of 850
Audit fees 4,060 0

As a member of the THT group, the trust is now required to undertake a statutory audit each year. The additional cost of the this audit (compared to a review in previous years) will be borne by the parent charity THT on behalf of HIVRT.

12 Trustee remuneration and expenses

No trustees claimed any remuneration or other expenses for the period ended 31 March 2022, nor for the prior period ended 31 December 2020.

13 Investments

Valuation
at 1 January 2021 (unaudited)
Additions
Disposals
Revaluations
at 31 March 2022
Impairment
At 1 January 2021 and 31 March 2022
Carrying amount
At 31 March 2022
At 1 January 2021 (unaudited)
All investments shown above are held at valuation.		 Listed
investments
£
1,343,192
24,728
(18,084)
(43,328)
1,306,508
1,306,508
1,343,192

Financial assets held at fair value

SORP 2019 requires that for all financial assets measured at fair value, the basis for determining fair value, including any assumptions applied when using a valuation technique, must be disclosed. All financial assets are held at market value as at the year ended 31 March 2022.

21

The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements For the period ended 31 March 2022

14 Debtors

Prepayments and accrued income
15 Creditors: amounts falling due within one year
Creditors
Accrued expenditure		 2022
£
0
2022
£
40,300
35,588
75,888		 Unaudited
2020
£
3,339
Unaudited
2020
£
16,491
23,040
39,531

16 Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At 1/1/21
£
General funds
1,516,423
Unrestricted funds(unaudited)
At 1/1/20
£
General funds
1,362,480
Analysis of net assets between funds
Investments
Current assets
Creditors less than 1 year
Net assets		 Income
£
26,896
Income
£
128,524
Unrestricted
Funds
2022
£
1,343,192
212,762
(39,532)
1,516,422		 Expenditure
£
(107,581)
Expenditure
£
(41,567)
Total
Funds
2022
£
1,306,508
161,790
(75,888)
1,392,410		 Gains
& losses
£
(43,328)
Gains
& losses
£
66,986
Unrestricted
Funds
2020
£
1,343,192
212,762
(39,531)
1,516,423		 At 31/3/22
£
1,392,410
At 31/12/20
£
1,516,423
Unaudited
Total
Funds
2020
£
1,343,192
212,762
(39,531)
1,516,423

17 Analysis of net assets between funds

18 Related parties

Management fee of £49,250 (for the 15 month period, including prior-year adjustments, 2020: £19,074) was charged to Terrence Higgins Trust for administration tasks. £38,711 (2021: £23,040) was outstanding at 31 March 2022.

19 Controlling parties

Terrence Higgins Trust is the sole member, and appoints trustees to the board.

22

The HIV Research Trust, a company limited by guarantee

Management information for the period ended 31 March 2022

The following pages do not form part of the financial statements.

23

The HIV Research Trust, a company limited by guarantee

Management information for the period ended 31 March 2022

Income & endowments
Donations and legacies
Grants received
Loyalty reward
Investment income
Other fixed asset investment - FII
Total income
Expenditure
Expenditure on charitable activities
Legal and professional fees
Administration expenses
Grants to individuals
Honoraria payments
Website design
Total expenditure
Total expenditure
Net losses on investments
Gains / (losses) on listed investments
Net income		 2022
£
138
2,030
0
2,168
24,728
24,728
26,896
4,060
45,322
58,199
0
0
107,581
107,581
(43,328)
(124,013)		 Unaudited
2020
£
140
115,000
3
115,143
13,381
13,381
128,524
850
19,202
21,515
0
0
41,567
41,567
66,986
153,943

24

The HIV Research Trust, a company limited by guarantee

Management information for the period ended 31 March 2022

Expenditure on charitable activities
Charity expenses
Activities undertaken directly
Grants to individuals
Honoraria payments
Website design
Governance costs
Accountancy fees
Legal fees
Administration expenses
Expenditure on charitable activity		 2022
£
58,199
0
0
58,199
2,380
1,680
45,322
49,382
107,581		 Unaudited
2020
£
21,515
0
0
21,515
850
0
19,202
20,052
41,567

25

HR-FS22 20220913 v1.2

Final Audit Report

2022-12-06

Created: 2022-12-02 By: Thomas James (Thomas.James@tht.org.uk) Status: Signed Transaction ID: CBJCHBCAABAAjnpLUpRHrqZeDTVA1pTeTW2y27pdjPmk

"HR-FS22 20220913 v1.2" History

Document created by Thomas James (Thomas.James@tht.org.uk)

2022-12-02 - 12:55:43 PM GMT- IP address: 86.159.99.57

Document emailed to sharper@haysmacintyre.com for signature

2022-12-02 - 12:57:22 PM GMT

Email viewed by sharper@haysmacintyre.com

2022-12-02 - 2:04:06 PM GMT- IP address: 161.123.226.245

Signer sharper@haysmacintyre.com entered name at signing as Steven Harper 2022-12-06 - 4:43:19 PM GMT- IP address: 185.74.26.142

Document e-signed by Steven Harper (sharper@haysmacintyre.com)

Signature Date: 2022-12-06 - 4:43:21 PM GMT - Time Source: server- IP address: 185.74.26.142

Agreement completed.

2022-12-06 - 4:43:21 PM GMT