COMPANY REGISTRATION NUMBER: 06020633 CHARITY REGISTRATION NUMBER: 1123611 The HIV Research Trust Limited by Guarantee Trustees’ Report ## & Financial Statements 31 March 2024 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ||**Page**| |---|---| |Trustees' annual report (incorporating the directors’ report)|4| |External auditors’ report to the trustees|12| |Financial Statements|15| 2 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** 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 year ended 31 March 2024. ## **Reference and administrative details** Registered charity name The HIV Research Trust Charity registration number 1123611 Company registration number 06020633 Principal office and registered office 439 Caledonian Road London N7 9BG The trustees Professor F M Cowan Professor E A Bukusi Professor D Pillay Dr C A Hankins Faye Rodney Professor E L Corbett Professor H C Mwandumba Solicitors Capsticks Solicitors, 77/83 Upper Richmond Road, London. SW 12 STT External Auditors HaysMac LLP, 10 Queen St Place, London EC4R 1AG ## **Other relevant organisations** Bankers Barclays Bank PLC, 69 Albion Street, Leeds, LS1 SAA ## 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, Cheshire SK 11 7HQ International AIDS Society Ch.de L'Avanchet 33, CH 12 16 Cointrin. Geneva, Switzerland 3 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ## **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[rd] June 2021 to become a subsidiary organization under Terrence Higgins Trust (THT) with THT becoming the sole member. Whilst ensuring that the trust would remain a separate charity, trustees believed this change in governance for the HIVRT would 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 for up to two additional terms. 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 virtual online meetings 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 maintain the reserves to ensure that the scholarships can continue in the long term. ## **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. 4 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ## **Objectives and activities** ## **Objectives and aims** 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 prevention 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 objectives are to lower infection rates and 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 2-4 months and include travel and subsistence and consumable expenses for the research. Since the COVID pandemic, the Trust has supported a larger number of on-line scholarships, to allow scholars to complete courses remotely and will continue to do so to ensure the widest range of scholars can benefit from scholarships. 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 of charitable activities in 2023-24** Scholarship 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. In March 2023, Trustees awarded 18 scholarships to the value of £146k. During 202324, 11 scholars completed their scholarships at a cost of £97.6k with five scholarships to complete by autumn 2024. Two further scholarships were due to be withdrawn, as scholars did not take up their offers. The 2024 scholarship round was launched in December 2023, with an application deadline in early April 2024. All outstanding scholarships from previous years have now been completed. 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 November 2024. 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, psychological, ethical, economic, educational and societal aspects. 5 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ## **Achievements and performance (continued)** The awards are made by a process of review by 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 of 2023 scholarships are demonstrated by the following case studies. _Scholar from Infectious Diseases Institute, Makerere University, Uganda who visited Yale University, USA_ “In summary, my experience in Yale was extremely beneficial for my clinical practice. It increased my clinical knowledge, gave me a broader view of haematological disorders in the setting of HIV and non-HIV related conditions, beyond the scope of what I normally see in my home institute, which positions me well for training others, and providing patient care. I particularly enjoyed the patient care, didactic classes with medical students and fellows, social and intellectual interactions with colleagues at Yale... I have analysed the Infectious Diseases Institute dataset of over 8000 people living with HIV. We found 9% had anaemia at any one time, 41% were microcytic anaemia, and these were more likely to be people below 50 years, of WHO stage 3-4, with a history of tuberculosis and lower CD4 cell count. I am still refining this analysis to come up with the approach to our patients living with HIV and anaemia. I hope to publish this work in a peer-reviewed journal in the coming months. I am actively involved in teaching and mentorship in research in the Infectious Diseases Institute, Makerere University and Mulago National Referral hospital in Uganda. I am passing on the skills I learnt in Yale University.” _Scholar from University of Zimbabwe who visited Stellenbosch University, South Africa_ ”The visit was undertaken for experiential or work-related learning to enhance practical laboratory and research skills to support a postdoctoral research on the impact of HIV regulatory and accessory genes, immune activation and treatment outcomes on HIVassociated neurocognitive disorders (HAND). The training process was conducted using different approaches, including studying protocols, journal clubs and research group meetings and laboratory practical training and processing clinical specimen from different clinical studies conducted in Prof Gert van Zyl’s Research group. 6 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ## **Achievements and performance (continued)** I was also given an opportunity to attend a grant writing workshop hosted by Stellenbosch University Center for Epidemic Response and Innovation (CERI). We were equipped with the basic and necessary skills for grant writing, submission and management of research grants.” ## **Internal and external factors** The trustees have made a full assessment of the internal and external factors that may affect these 2023-24 financial statements. Where external factors affect the timescale or content of individual scholarships, the trustees remain committed to being flexible, provided any changes meet the objectives of the scholarship scheme. ## **Financial review** ## **Financial Position** The charity has closed the financial year with an overall surplus of £21k which included investment gains of £49k. This is in line with the trustees plans given the biennial nature of its key income source, The HIV Congress in Glasgow. The financial position remains strong and whilst there may be fluctuations in reserves the trustees are comfortable that awarding grants which approximately match the anticipated income over a two year period is prudent so that reductions in reserves should only relate to investment losses and administration costs. The charity has closing funds of £1.27m, which is an increase of £21k with the previous year and consistent with the trustees awards policy. ## **Investment performance** The trustees wish to ensure that when achieved any surplus funds are invested to achieve the best return as possible within the agreed low risk framework and low management fee. Investments are currently held with two funds: a) Schroder Investment Management Limited UK – SUTL Cazenove Charity Bond (valued at £543,627 on 31/03/24) b) CCLA - COIF Charity Funds (valued at £694,439 on 31/03/24) Financial year 2023-24 was the first year that was not directly impacted by COVID but was impacted in other ways due to the Ukraine war, threats of global recession and market fluctuations as a consequential result with the CCLA fund increasing but the Schroder fund stagnating. This resulted in a mixed performance for HIVRT investments during the year. Income generated was £35k and in excess of the return the funds would have made in the Trust's bank account. The value of investments increased from £1,188,521 to £1,238,066 as at 31 March 2024. ## **Investment policy and objectives** Under the Articles of Association the charity has the powers to invest in any way the trustees deem fit. 7 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** 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. ## **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 since the congress is now a hybrid event. Following the 2022 Glasgow Congress the charity received a part-payment of the donation from the Congress in February 2024. The balance of the donation was received in May 2024. Due to the uncertainty of the timing in receiving the bi-annual donation from the Congress trustees take a prudent view that, for the present, they should aim to 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. ## **Risk management** The risk register focuses on the following: - Principal risks to which the charity is exposed, and their causes. - Whether the risk rating associated with each risk is appropriate. - What further actions or controls are required to mitigate the risk to reduce it to a level within the charity's risk appetite. - Identification of principal risks which could stop us from , or could help us with, achieving the strategy of the charity. - Identification of the main causes behind the principal risks. - Identification of our approach to risk, and risk tolerance, for each area. - Weighting risks based upon the severity of their impact, through a RAG rating, and asking whether the risk is mitigated, or within the appetite for that risk. 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: - Principal risks to which the charity is exposed, and their causes. - Whether the risk rating associated with each risk is appropriate. - What further actions or controls are required to mitigate the risk to reduce it to a level within the charity's risk appetite. 8 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** ## **Financial review (continued)** ## **Principal Risks** |**Principal Risks**|| |---|---| |**Principal Risk**|**Risk Management (internal controls and actions)**| |Funding from
principal funders
and sponsors
ends|Proactive and focused communication plan with HIV Glasgow
Congress Organising Committee and Ashfield Healthcare to
demonstrate to these organisations the value of the work that we
do. 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
systems|Maintaining investment in IT systems and processes.
Documented systems for the scholarship process are agreed
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.
Ensuring that our financial safeguarding procedures are fit for
purpose and legal.| ## **Future plans** In order to meet the increased anti-money laundering controls that have led banks and investment funds to increase the administrative controls of sending payments overseas an external independent examination has been carried out. This showed that the charity was compliant in the controls and balances in place but could streamline and simplify some administrative processes to ensure a more efficient and effective delivery of processes. The trustees agreed action plan based on a number of recommendations to be delivered during 2024-25. 9 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** Future scholarship rounds will continue to use the online scholarships grant process which was such a success in generating applications for the 2022 and 2023 scholarship rounds. Further resources will be used to support this and the HIVRT will further develop its social media presence. The HIVRT website will continue to be developed during 2024 since becoming 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. In addition the trustees have agreed to review the charity’s forward strategy to ensure that it remains focussed and relevant in a post-COVID world. This strategy will look at what impact the scholarship programme has had, should the focus for scholarships be changed, whether the current skill set of trustees is still appropriate and whether the relationship with THT is working effectively for both organisations. This strategic review will begin in late 2024 and conclude during 2025. ## **Trustees’ responsibilities** The Trustees are responsible for preparing the Trustees’ Report and financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare Financial Statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. 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 the surplus or deficit for that period. In preparing these Financial Statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently - make judgements and accounting 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 - 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 ensuring that adequate accounting records are maintained that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10 The HIV Research Trust Company Limited by Guarantee ## **Trustees' Annual Report (Incorporating the Directors’ Report)** ## **Year ended 31 March 2024** So far as each of the Trustees at the time of the Report are aware there is no relevant information of which the auditors are unaware and they have taken all the steps they ought to have taken to make themselves aware of any relevant audit information and to establish the auditors are aware of that information. The trustees' annual report was approved on 09 November 2024 and signed on behalf of the board of trustees by: Deenan Pillay Chair of the Board of Trustees 11 The HIV Research Trust Company Limited by Guarantee ## **External Auditor’s Report to the Trustees of The HIV Research Trust** ## **Year ended 31 March 2024** ## **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 2024 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: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of the charitable company’s net movement in funds, including the income and expenditure, for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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. 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. 12 The HIV Research Trust Company Limited by Guarantee ## **External Auditor’s Report to the Trustees of The HIV Research Trust** ## **Year ended 31 March 2024** ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees’ Annual Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial period for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the directors’ report included within the Trustees’ Annual Report have been prepared in accordance with applicable legal requirements. ## **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). 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: - adequate accounting records have not been kept by the charitable company; or - the charitable company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - 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 10, 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. 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 13 The HIV Research Trust ## Company Limited by Guarantee ## **External Auditor’s Report to the Trustees of The HIV Research Trust** ## **Year ended 31 March 2024** 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: - Inspecting correspondence with regulators; - Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions. 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. ## **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 HaysMac LLP , Statutory Auditor Date: 11 December 2024 10 Queen Street London EC4R 1AG 14 ## **The HIV Research Trust, a company limited by guarantee Statement of Financial Activities (including income and expenditure account) for the year ended 31 March 2024** **----- Start of picture text -----**
2024 2024 2023
Unrestricted Total Total
funds funds funds
Note £ £ £
Income
Donations and legacies 5 100,000 100,000 5,718
Investment income 6 34,589 34,589 24,616
Total income 134,589 134,589 30,334
Expenditure
Expenditure on charitable activities 7, 8 162,863 162,863 49,469
Total expenditure 162,863 162,863 49,469
Net gains (losses) on investments 10 49,445 49,445 (124,087)
Net income and net movement in
funds 21,171 21,171 (143,222)
Reconciliation of funds
Total funds brought forward 1,249,188 1,249,188 1,392,410
Total funds carried forward 1,270,359 1,270,359 1,249,188
**----- End of picture text -----**
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 12 to 17 form part of these financial statements. 15 ## **The HIV Research Trust, a company limited by guarantee Balance sheet at 31 March 2024** |**Note**
**Fixed assets**
Investments
13
**Current assets**
Cash at bank and in hand|**2024**
**2023**
**£**
**£**
1,238,066
1,188,521
146,692
113,689| |---|---| ||146,692
113,689| |14
**Creditors: amounts falling due within**
**one year**|114,399
53,022| |**Net current assets**|32,293
60,667| |**Total assets less current liabilities**|| ||1,270,359
1,249,188| |**Funds of the charity**
Unrestricted funds
16|1,270,359
1,249,188| |**Total charity funds**|1,270,359
1,249,188| 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 09 November 2024, and are signed on behalf of the board by: Professor D Pillay Trustee 16 **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** ## **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. 17 **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** ## **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: - **Income from donations or grants** is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. - **Legacy income** is recognised when receipt is probable, and entitlement is established. - **Grants** offered subject to conditions which have not been met at the end of the year are noted as a commitment, but not accrued as expenditure. ## **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. - **Expenditure on charitable activities** includes all costs incurred by The Charity in undertaking activities that further its charitable aims, for The benefit of its beneficiaries, including those support costs, and costs relating to The governance of The Charity apportioned to charitable activities. **- 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. - **Listed investments** are measured at market value with changes being recognised in the profit and loss. 18 **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** ## **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. ## **4 Critical accounting judgements and key estimates of estimation uncertainty** 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. 19 ## **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** **----- Start of picture text -----**
5 Donations and legacies Unrestricted Total
Funds funds
2024 2024
£ £
Donations
Donations and legacies 100,000 100,000
100,000 100,000
Donations and legacies Unrestricted Total
Funds Funds
2023 2023
£ £
Donations
Donations and legacies 58 58
Grants
Grants received 5,660 5,660
5,718 5,718
**----- End of picture text -----**
20 **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** ## **6 Investment income** |**7 Expenditure on charitable activities by fund type**
Unrestricted
Funds
2022
£
Charity expenses
97,880
Support costs
64,983
162,863
**8 Expenditure on charitable activities by activity type**
Activities
undertaken
directly
£
Charity expenses
97,880
Support costs
0
97,880
**9 Analysis of support costs**
THT administration charge
Legal expenses
FX charges
Bank charges
Government charges
Administration expenses
Recruitment costs
Consultancy
Travel & accommodation
Conference attendance
Governance costs
Fixed asset investment|**Total**
**Funds**
**2024**
**£**
**34,589**
**Total**
**Funds**
**2024**
**£**
**97,880**
**64,983**
**162,863**
Support
costs
£
0
64,983
64,983|**Total**
**Funds**
**2024**
**£**
**97,880**
**64,983**
**162,863**
**Total**
**2024**
**£**
50,768
0
0
606
0
92
3,761
5,400
0
1,179
3,177
64,983|**Total**
**Funds**
**2023**
**£**
**24,616**
**Total**
**Funds**
**2023**
**£**
**14,576**
**34,893**
**49,469**
**Total**
**Funds**
**2023**
**£**
**14,576**
**34,893**
**49,469**
**Total**
**2023**
**£**
27,947
0
-339
153
13
321
0
0
2769
730
3,300
34,894| |---|---|---|---| 21 **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements Management information for the year ended 31 March 2024** ## **10 Net gains/(losses) on investments** |Losses/(Gains) on listed investments
**Audit fees**
Audit fees|Unrestricted
Funds
2024
£
49,445|**Total**
**Funds**
**2024**
**£**
49,445|Unrestricted
Funds
2023
£
(124,087)
2024
£
3,177|**Total**
**Funds**
**2023**
**£**
**(124,087)**
**2023**
**£**
**3,300**| |---|---|---|---|---| ## **11 Audit fees** 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 year ended 31 March 2024, nor for the prior period ended 31 March 2023. ## **13 Investments** |**Valuation**
at 1 April 2023
Additions
Disposals
Revaluations
**at 31 March 2024**|**Listed**
**investments**
**£**
**1,188,521**
34,589
(34,489)
49,445
**1,238,066**| |---|---| ## **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 2024. 22 **Management information for the year ended 31 March 2024** ## **The HIV Research Trust, a company limited by guarantee Notes to the Financial Statements** ## **14 Creditors: amounts falling due within one year** |Creditors
Accrued expenditure
Intercompany
**Analysis of charitable funds**
**Unrestricted funds**
At 1/4/23
£
General funds
1,249,188
**Unrestricted funds**(unaudited)
At 1/1/22
£
General funds
1,392,410
**Analysis of net assets between funds**
Investments
Current assets
Creditors less than 1 year
**Net assets**|Income
£
134,589
Income
£
30,334
Unrestricted
Funds
2024
£
1,238,066
146,692
(114,399)
1,270,359|Expenditure
£
(162,863)
Expenditure
£
(49,469)
**Total**
**Funds**
**2024**
**£**
**1,238,066**
**146,692**
**(114,399)**
**1,270,359**|**2024**
£
0
4,639
109,760
114,399
Gains
& losses
£
49,445
Gains
& losses
£
(124,087)
Unrestricted
Funds
2023
£
1,188,521
113,689
(53,022)
1,249,188|**2023**
£
6,636
3,300
43,086
53,022
**At 31/3/24**
**£**
**1,270,359**
**At 31/3/23**
**£**
**1,249,188**
**Total**
**Funds**
**2023**
**£**
**1,188,521**
**113,689**
**(53,022)**
**1,249,188**| |---|---|---|---|---| ## **15 Analysis of charitable funds** ## **16 Analysis of net assets between funds** ## **17 Related parties** Management fee of £50,678 (2023: £27,947) was to be charged by Terrence Higgins Trust for administration tasks, and accrued as at 31 March 2024. £50,678 (2023: £34,934) was outstanding at 31 March 2024. ## **18 Controlling parties** Terrence Higgins Trust is the sole member, and appoints trustees to the board. 23 **The HIV Research Trust, a company limited by guarantee** **Management information for the year ended 31 March 2024** The following pages do not form part of the financial statements. 24 ## **The HIV Research Trust, a company limited by guarantee** ## **Management information for the year ended 31 March 2024** **----- Start of picture text -----**
2024 2023
£ £
Income & endowments
Donations and legacies 100,000 58
Inter-company grants received 0 5,660
100,000 5,718
Investment income
Other fixed asset investment - FII 34,589 24,616
34,589 24,616
Total income 134,589 30,334
Expenditure
Expenditure on charitable activities
Legal and professional fees 3,177 3,300
Administration expenses 61,806 31,593
Grants to individuals 97,880 14,576
Total expenditure 162,863 49,469
Total expenditure 162,863 49,469
Net losses on investments
Gains / (losses) on listed investments 49,445 (124,087)
Net income / (expenditure) 21,171 (143,222)
**----- End of picture text -----**
25 ## **The HIV Research Trust, a company limited by guarantee** ## **Management information for the year ended 31 March 2024** **----- Start of picture text -----**
Expenditure on charitable activities
2024 2023
Charity expenses £ £
Activities undertaken directly
Grants to individuals 97,880 14,576
97,880 14,576
Governance costs
Accountancy fees 3,177 3,300
Travel expenses 0 999
Accommodation expenses 0 1770
Conference expenses 1,179 730
Administration expenses 60,627 28,094
64,983 34,893
Expenditure on charitable activity 162,863 49,469
**----- End of picture text -----**
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