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2020-12-31-accounts

Registered number.. 5780068 Charity numbfrr- 1127115 Pulmonary Vascular Research Institute (A company limited by guarantee) Trustees, report and financial statements for the year ended 31 December 2020

Pulmonary Vascular Research Institute IA company limited by guarantee) Contents Page Reference and administrative details of the Charity. Its Trustee$ and advtsers Trustees. report Independent auditors. report on the financial statements Statement of finan¢lal activities 7-10 balancè shgot 12 Statement of cash flo Notos to the linanclal statements 14-30

Pulmonary Vascular Research Institute {A Company limited by guarantee) Reference and administrative details of the Charity, its Trustee5 and advisers for the year ended 31 December 2020 Trustees Professor P A Corris Professor S G Haworth (de￿aSed 23 October 20201 Professor N W Morrell Iresigned 30 January 20201 Sir D Melville lappoinled 5 March 20211 Professor S Rich Mr A J D M Van Den Bergh Ir8sign8d 5 March 20211 Professor M Wilkins Sil A W G Wylie lappoinled 1 February 20211 Professor M H Yacoub I￿Signed 30 January 20201 Company registered number 5780066 Charity registered numbor 1127115 Registgrgd offi¢ 33 Sl George's Place Canlerbury Kent CT1 1UT Chlef executlve offlcer And company secrelary Mrs S R Barwick Independent auditors Kreslon Reeves LLP Chartered A￿OuntantS 37 Sl Margaret's Street Canterbury Kent CT1 2TU Bankers HSBC Bank pl 9 Rose Lane Canleibtjry Kent CT1 2JP Handelsbanken Ground Floor, Sl Andrew's House Slalion Road East Canterbury Kent CT128J Page 1

Pulmonary Vascular Research Institute IA company Ilmlted by guarantee) Truslees. report for thfr y&ar ended 31 December 2020 The Trustees present their Annual Report together with the audited financial statements of Pulmonary Vascular ReSe0￿h Inslilule for the 1 January 2020 10 31 December 2020. The Trustees confirm that the Annua1 Report and finan¢k81 statements of the charitable company eomply with the current statulory requirements, the requirements of the Charitable company's governing document and the provisions of Ihe Statement of Recommended Pra¢tice ISORPI. applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard appI￿able in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Since the charitable company qualrfies as small under section 383, the strategic report required of medium and large compan￿$ under The Companies Act 2008 {StralegiG Report and Direclorfs Report) Regulations 2013 is not iequi18d. Objectives and Activitles a. Policies and objectives The wlicies and objectives adopted by the Charity are as follows - To investigate the incidence, prevalence and pathobiology of pulmonary vascular disease in under served areas that, to dale, have not been well characlerised", lo Identify unique characteristics of the illness including ils morbidity and mortality", lo establish effective therapies which will be ac¢essible to the affected patients. To provide expertise lo regions of the world with healthcare disparities which will add￿$$ issues related lo the education and training of healthcare profeSSIDnals in the area of pulmonary vascular disease. To focus on improving the treatment of pulmonary vascular disease worldwide. by promoting research, by educating physicians and by assisting the development and ¢ondu¢l of Glinical trials following the highest standards of clinical research. To unite all stakeholders of the disease academia, global drug regulators and industry - and advance drug dis¢overy and development lo find beller Irealmenls of pulmonary vascular disease. -TD work with global heatth organisations lo raise awareness that pulmonary vas¢ul8r disease is a global burden that affects many people around the world and lobby lor better heamhcare provision and drug availability for all patients. The Trustees confirm that they have referred to the guidance Gonlained in the Charity Commission's general guidance on public ￿n￿fit when revièwing the Charity's aims and objectives and In planning future a¢tivilies. The objeclwes of the Charity are sel out above and all of these benefrt the public in one way or another. The investigation into pulmonary vascular disease is aimed to benefit the public's health when struck with this disease. The improvement of knowledge, Irealmenl and promotion of research worldwid& will again provide a benefit to health care both nationally and worldwide. Page 2

Pulmonary Vascular Research Instltute A company limitsd by guarantee) Trustees, report lcontinuedl lor the year ended 31 December 2020 b. Activities for achieving objectives The Charity will address rts objectives primarily by the establishment of focused Task Forces that will design and condu¢l projects across the broad spectrum of research. education and clini¢81 care ielated lo pulmonary vascular disease. The activities of the Charity include, bul a￿ not limited lo. the followin9.' The Charity will function as a 'think lank, and Pfovide expertise lo advise physicians. scientists. heatth authorrties and the pharmaceuli¢al industry regarding fnedical technologies and pharmaceuticals relevant lo pulmonary vascular disease. The Charity will seNe as a bridge between government organi50tions, NGOS, academia. industry, loundalh)ns and various countries. The Charty will sponsor international clinical and research fellowships along with continuing education to physicians from under-served countries who wish to pursue careers in pulmonary vascular disease al recognised Cenlres of Excellence around the world. The Charity will establish an intemalional database on patients with pulmonary vascular disease to allDW a meaningful understanding of the similarilies and differences In the spectrum of the illness worldwide. The Charity will develop web-based educational maleiials, advice and guidelines on the management of pulTr￿nary vascular disease accessible to pèopl8 involved in healthcare delivery. The Charity will conduct workshops on the modern methods lo evaluate patients. delermine accurate diagnoses and monitor the efficacy of Irealmenls. These will be offered to physicians and non-physicians. The Charity will conduel period1c international symposia lo disseminate information acquired fTDm the Chari1I5 activities and Identify research proiects Televanl lo ils acttvilies. c. Grant making policies The Trustees decide periodically hciw to apply the Charws Incoming resources in accordance with the terms of ils eonstilulion. Achievements and performance a. Review of activities The outline below highlights some of the operational activities that look place during the year.. Intemational Scientific Meetlng$ In February 2020, the Charty held ils major annual inlemalional conference the 14th Annual World Congress on PVD in Lima. Peru, from 30th January - 2nd February 2020, which was followed by the 2nd Symposium of the International Consortium of Genetic Studies in Pulmonary Arterial Hypertension, from 3rd 4th February 2020. The Annual World Congress was allended by over 300 delegate5 from all around South America, as well as physicians and scientists from Europe, USA, Canada. India. China and Central Asia. Due lo the COVID-19 pandèmie, all other international face-Io-f￿e meetings. that were planned and that a usually supported by the Charity via ils Regignal Task Forces, had lo be cancelled. Page 3

Pulmonary Vascular Research InstStute IA company limitsd by guarantee) Trustèès. rèport {continuedl for the year ended 31 December 2020 DSgltal Drug Dlscovery Symposlum IDDS20201 Due lo the global pandemic, the Annual Drug Discovery & Development Symposium. wh¢ch usually lakes place in the sumrner of the year, had to be Converted to a digital event - DDS2020 - consisting ol a live 2-hour webinar and a series of eight novel presentations which were releas&d in the lead up lo the online live event. DDS2020 attfacled an international 2udience of over 300 delegates who joined the live webinar on 29th June 2020 and downloadecl the featured lalks. Series of monthly webinars Oue lo the cancellation of all international fa¢e-ltrface meetings and the success of DDS2020, the PVRI leadership embarked on an ambrtious plan lo convert the scientific content that is us(bally presented during the live facè-to-lace annual scientifie meetings, Into a series of monthly webinars PVR12021 now features bi-monlh 2-hour webinars ￿lch locus on novel topics and inrjude international leading speakers and moderators from all around the world. In addition to the monthly webinars. the Charily has also launched a monthty series of genomics webinars which are dedicated to highlighting the geneti¢ connections lo pulmonary vascular disease. The bi-monthly webinar series has proved lo be extremely popular enyaging on average of around 200 inlemalional participants per month. All webinars and tslks are fecorded and available lo the PVRI membership after the live online events. Task Force Activity The 'unsung heroes, tsf the PVRI are our Task Force leaders and all our active members throughout the workl. 11 is through them that the PVRI fulfils its mission and brings the PVRI lo the wor￿ The PVRI Imaging & Pulmonary Hypertension Task Force produced an important new algorrthm that will help in the diagnosis and mana9emenl of the diseas8, and th8 Innovative Drtjg Development Initiative IIDDII is working on a series of P05rtion slalemenls on clinical trial design. biomarkers, endpoint5 and repurposing drugs. Our sincere thanks lo all Task Force leaders and their members for their hard work, commrtmenl and support. PVRI Mgmbership The PVRI network has expanded lo over 7,500 people, spread around 103 djfferent countnes. The PVRI is immensety proud of its international reactt and glob81 representation and would like lo thank all member5 for their continued support. PVRI Publications - Pulmonary Circulation 2020 has been a successful year lor Pulmonary Circulation. DUrIt￿ the year, 92 research articles. 18 revtew articles, 16 ¢ase repc>rts and 19 other article types were published Published 8rticles Included papers Ihal may help treatment outcomes for patients with pulmonary arter￿1 hypertension and COVID-19 were fast tracked. Thèsè articles ha￿ sèen very high readership and downloads of over 4,000 times. The journal's s¢ienlific Impact Factor has increased lo 2.205. The Charity expresse5 its thanks lo the Chief Editors. Jason Yuan and Nick Morrell. as w811 as Deputy Editors. Kurt Slenmark, Iiene Lang. Patricia Thisllethwaile and Anna Hemnes, and the entire Pulmonary Circulation team. Further thanks gts lo the Charrtls publishing consultant Michael Brown and publisher Sage for their help and support throughout the year CMREF Grant Award In 2019. the Charity Was successful in the award of a substantial granl from the Cardiovascular Medical Research and Education Fund ICMREFI with agreed sponsorship of annual inslalmenls spreading over six years. The grant is being used in part to develop PVRI GoDeep, a deep phenolyping database on the prevalence of pulmonary hypertension worldwide, with Ihe intention lo demonslrale to global health organisations that the disease 1$ a global burden that affects the lives of many patients worldwide. Page 4

Pulmonary Vascular Research Institute IA company limited by guarantee) Trustees. report Icontlnuedl for th year ended 31 December 2020 PVRI Grants During the year, a number of Tfavel Grants were awarded by the PVRI lo its members in support of attendance al the 14th Annual Worfd Congress in Lima. Peru. Furthemiore, a subslanlial gfanl was awarded lo the Juslus- Liebig University in Giessen. Germany. for research into the novel CRISPR gene-editing technology This grant was fully sponsored and funded by The Dinosaur Trust. In addition, the PVRI continued lo fund the CMREF supported annual grant for PVRI GoDeep, the deep phenotyping database which is being sel up by the Ju5t(trs- Liebig University In Giessen. Germany. under the current PVRI President Professor Werner Seeger. b. Financial activities 2020 has been a critical year for the PVRI. The Charity results, as detailed in the subsequent p8ge$, portray a strong posrtion al the balance sheet. In accordance with Ihe Charities SORP IFRS 1021, income is recognised when receipt ol the income is probable. As a resuyt, the CMREF grant awarded in 2019, has been recognised in r(s entirely in 2019 and is being discounle¢t al a rate of 3.5 /0 river six years. This has res￿￿ed in a signifiranl increase in income for the previous fir¥ancial year, showing reduced income fi'gures lor 2020 which are not ieflecting the actual cashflows received during the current financial year. Financial review - Golng concem After making appropriate enquirie5, the Trustees have a reasonable expectslion that the Charily has adequate resources to continue in operational existen￿ for the foreseeable future. Foi thi5 reason they conlinue to adopt the going concern basis in preparing the financial statements. Furthèr details regardin9 the adoption of the going concem basis can be found in the Accounting Policies. b. Reserves policy Al 31 De￿rnber 2020. the Charity has reserves of £2.253,220 of which £458,100 are re$lricted. The Trustees have reviewed the reserves of the Charity. This revwj encompa55ed the nature of the major income and expenditure streams and the need lo mal¢h income and expenditure. The Charrty's principal source ol funds Is from the Charity's Roundtable membership l&e5, as well as from the grant received by the CMREF. As a result of this review, the Trustees confirmed that, lo enable the Charrty to Continue to meet Ils objectives, lo operate efficiently and to provide a buffer for both planned and L¢nexpected costs in respect of the Chanly, an unreslricled general reserve of 12 months average expenditure should be maintained. The Trustees estimate that 12 months expenditure equates lo approximalety £1.4m. The Trustees are sati$fi¢d that the current level of unrestricted general reserves are sufficient to cover 12 months average expenditure Thi5 consideration has included the effects expected of the recent econom￿ climate being COVID-19 and the ￿serveS of the Charity are expected to remain appropriate. c. Financial review of the year Thanks lo the continued Roundlable membership contributions from the pharma industry, support from the Cardiovascular Medical Research and Education Fund ICMREFI, income from membership fees. Bffeclive fundraising from the Roundtable and grants received frorn The Dinosaur Trust, the Chantys finances are in shape for the future. Structure. govemance and management a. Constitution The Charity registered as a charitable company ITmrted by guarantee and does not have any share capital. The company is conslrtuled under the Memorandum ol Associat)n dated 12 April 2006, as amended on 31 October 2008. The cornpany number is 5780068 P8ge 5

Pulmonary Vascular Resèarch Institute IA company limited by guarantee) Trustees, report {¢ontinuedl for the year ended 31 December 2020 The ￿gIStered charity number 1127115. The principal object of th• Charity is the promolh)n and protection of good health by promoting knowledge and stimulating new ideas in the field ol cardiopulmonary medicine, fostering MUlt￿ls¢1p1Inary approaches, collaboration and communication across the Scien￿ spectrum. b. Method of appolntment or electlon of Trustees The management of the Charity is the responsibility ol the Trustees who are eT8Ct8d and co-opted under the terms of the Arti¢l&s of Asso¢i81icJn. The Trustees continue lo seek lo identrfy suitable individuals with an understanding and the knowledge of pulmonary vascular disease and the heatth care industry with a view lo serving on the board. The Trustees have particular skills which en8ble them to contribute lo the work of th8 Charty Their knowledge of good practice, changes in legislation and techn￿al Issues is supplemented by publications issued by the Charity Commission and other Televant organi5alions. New Trustees are provirjed wilh detailed background information on the Charity, curTenl financial data and other documen15 relevant lo the oporalion of the Charity. Organlsational $tw¢ture and decision making The organisation of the Charity is as follows.. The Board ol Directors who are also Trustees, eX¢￿Ise the general control and management. The CEO. together with the team ol employed staff and consull8nls. oversees the day to day operations of the Charity. The Charity have a Digrtal Marketing Manager, an Adminislralive Manager and a newly recruited Digital Officer lo support the Increasirig membership load, scientific activities and lo enhance the series of webinars and online educational activities to sustain the Charity for future years d. Risk Management The Trustees have assessed the major risks to which the Charity is exposed. in particular those related lo the operations and finances of the Charity. and are satisfied that systems and procedures are in place lo miligale our exposure lo the major risks. Dis¢lo$ure of infomiatlon to auditors Each of the persons who are Trustees al the time when thi5 Trustees, report is approved hag eonfirmed Ihal.. so far as that Trustee is aware, there is no relevant audit informalDn ol vthich the chanlable companys auditors are unawaie, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and lo establish that the charitable companys 8udilors are aware of that information. Ap er ofthe members of the board of Trustees on 7 Juty 2021 and signed on their behalf by.. Professor M Wilklns Page 6

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Independent auditors' report to the Members of Pulmonary Vascular Research Institute

Opinion

We have audited the financial statements of Pulmonary Vascular Research Institute (the 'charity') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

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Pulmonary Vascular Research Institute

(A company limited by guarantee)

Independent auditors' report to the Members of Pulmonary Vascular Research Institute (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. 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.

Opinion 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 our 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' report.

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

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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.

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Pulmonary Vascular Research Institute

(A company limited by guarantee)

Independent auditors' report to the Members of Pulmonary Vascular Research Institute (continued)

Auditors' 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 Auditors' 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:

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charity and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which noncompliance 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, Statement of Recommended Practice, and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. 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 posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the calculation of discounted grant income. 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.

Page 9

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Independent auditors' report to the Members of Pulmonary Vascular Research Institute (continued)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Samantha Rouse FCCA DChA (Senior statutory auditor)

for and on behalf of Kreston Reeves LLP

Chartered Accountants Statutory Auditor

Canterbury

8 July 2021

Page 10

Pulmonary Vascular Research Institute IA company limited by guarantee) Statement of flnanclal activities lincorpordting income and èxpendlture accounti for the year ended 31 December 2020 Unre$trl¢ted funds 2020 Restricted funds 2020 Total funds 2020 Total funds 2019 Note Income from: Donations and legacies". Grants Othèr donations ané legacies Charitable activities Other trading aCtivit￿e$ Investments 55,019 438,936 244,691 65,019 438,936 244.691 2,354,008 310,062 27Q,992 4.442 15.097 2.684 2.684 Totsl income Expenditure on: Charitable activities 741.330 741,330 2.954,601 977,187 204,670 1,181.857 1.406,236 Total expenditure 977,187 204,670 1,181,857 1,406,238 Net movement in fund$ Reconciliation of funds: Total funds brought forward Net movement in funds 1235,8571 1204,6701 440,5271 1,548,365 2.489,077 123S,8571 662,770 1204,6701 3,1S1,847 1440.527 1,603.482 1,548.365 Total funds carried forward 2,253,220 458,100 2,711,320 3.151,847 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 14 10 30 lorm part of these financial statements. Page 11

Pulmonary Vascular Research Institute A company limited by guarantee) R&gistered number- 5780068 Balan¢e sheet a$ at 310¢¢embèr 2020 2020 2019 Note Fixed assets Tangible assets Current assets 12 94.119 102,935 Debtors Cash al bank and in hand 1.485,011 1.203,194 1,857.326 1,476.923 2,6B8.20S 3,334,249 CTeditors. amounts falling due within one year 14 171.0041 1285.3371 Net current asset5 2,617.201 3,048,912 Total not assets 2,711.320 3.151,847 Charity funds Reslricled funds Unreslri¢ted funds 15 458,100 2,253,220 662,770 2,489,077 15 Totsl funds 2.711,320 3.151,847 The Trustees acknowledge their responsibilitEs for complying with the requirements of the Act with re$peGI to accounting records and preparation of financial statements. The financial statements have been p￿paled in accordance with the provisions applicable to enblies subject lo th8 small companiès regime. The financial slalemenls were approved and authorised for issue by the Truslees on 07 July 2021 and signed on beha￿ by.. Prolessor M Wblkins The notes on pages 14 to 3D form part of these financial slalemenls. Page 12

Pulmonary Vascular Research Instltut IA company limited by guaranteel Statement of cash flows for the year endgd 31 Decernber 2020 2020 2019 Note Cash flows from operatlng activities Nel cash used in operating acliwlies 1265,1721 255,279 Cash flows from investlng actlvltles Dividends, interests and fenls from investments Purchase of tangible fFxed assets 2,684 111,2411 15.097 19,4671 Net cash (used inllprovlded by investing activitles (8,557} 5.630 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the yeai 1273,7291 1,476,923 260,909 1,216,014 Cash and cash equi¥alents at the end of the year 19 1,203,194 1,476,923 The notes on pages 14 10 30 form part of Ihe8e financial 51alements Page 13

Pulmonary Vascular Research Instttute IA cornpany limited by guarantee) Notss to the financial statements for the year ended 31 D8c8mber 2020 General information Pulmonary Vascular Research Inslilule is a charitable company, limited by guafanlee. incorporated in England and Wales. The Charitls regisleied office is 33 Sl George's Place. Canterbury, Kent, CT1 IUT. The charjtable activities of the charity continues to be to brin9 the best me¢Jical professionals in the world together in order lo carry c)ut research on pulmonary vascular disease. Accounllng pollcies 2.1 Basis of preparation of financial statement$ The financial statements have been prepared irk 8ccordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl tsf Recommended Practice applicable lo charitie5 preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 Januaiy 2019), the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial slalements have been prepa￿d lo give a true and fairf view and have departed from the Charrties (Accounts and Reportsl Regulations 2D08 only to the extent iequired to providè a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS1021 published on 16 Juty 2014 rather than the accounling and Reporting by Charities" Statement of Recommended PraCt￿e effective from 1 April 2005 which has Sin￿ been withdrawn. Pulmonary Vascular Researctt Inslilule meets the definition of a public benefrt enlty under FRS 102. Assets and liabilities are initially recognised at historical cost or Irans8cli¢n value unless olhewise slatèd in the relevant accounting policy. The Charity's functional and presentational currency is Pounds Sterling. The Chaiity's financial slalemenls are presented to the nearest pound. 2.2 Company stalus The Charity is a wmpany limited by guarantee and doès not have a share capttal. The members of the cornpany are the* Trustees named on page 1. In the event of the Charity ￿Ing wound up, the Irabilily in respect of the guarantee is limited to £1 per member Df the Charity. Page 14

Pulmonary Vascular Research Institute IA company limited by guarantee) Notes to the financial ststoments for the year ended 31 December 2020 Accounting policies Icontinuedl 2.3 Going concprn The Charills main source of income Is from its charitable objectives being the receipt of donations and grants. In order lo meet ts day to day working capital requirements the Charily is dependent upon these donations and grants, the nature of which can have considerable unpredictable variation in the liming of cash inflows Given the recent economic climate regardin9 COVID-19. the Trustees have conSide￿d the impact thi5 will have on the Charity. Th¥ Trustees have received Gonfirfflalion from the Caroliovascular Medical Research and Educ8lK)n Fund ICMREFI that the agreed grant which wa5 awarded in 2016 will not be affected by the COVID-19 panLlernic and continue to be paid in the agreed annual insl8lmenls. From this, il was therefore not thought that global pandemic is would impact the Charity's ability lo continue for the next 12 months and sufficient reserves are available to cover any shortfalls. After making enquires, the Trustees have a reasonable expectat￿n that the Charity will have adequate reSoUr￿S lo continue in operational existence for the foreseeable future. Accordingly. they continue to adopt the going concern basis in preparing the financial slalements. However. the Tmstees acknowledge that the Cardiovascular Medical Research and Education Fund ICMREFI has been the Charity s main Source of incorne Sin￿ 2014. The Trustees are also aware that this fund is being wound down. Therefore, the Trustees must spend considerable efforts in identfying other sources of Income which will eventually replace the income from the CMREF to ensure sufficièni funds are available that allow the Charily ID continue as a going concern into th& future. 2.4 Income All income is recognised once the Charity has entitlement to the income, rt is probable that the income will be ￿CeNed and the amount ol income receivable ¢an be measured reliably. 2.5 Defer￿d Income Where income for membership fees in fUtV￿ accounting ￿riodS Is reviewed In advanee, rt is recognised as defer￿d income The amounts shown in the balance sheet in respèct of the deferred income represent the amounts defefred lo future accounting periods. 2.6 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefrt to a third party, it Is probable that a Iransfer Df economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by a¢livily. The costs of each activrty are made up of the total of direct costs and shared costs. including SUPPOrt C0515 invofved in undertaking each activity Direct costs attributable lo a single activity are 8llocaleé directly lo that aclivity. Shared costs thich contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislenl with the use of resources. Central staff costs are allo¢aled on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary corilributions and do not include the costs of dis5eminaling information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and Include project management carried out at HeadqL¢arters. Page15

Pulmonary Vascular Research Institute IA company limited by guarantee) Notes to the financial statèments for the year ended 31 DeGember 2020 Accounting policies leontinuedl 2.6 Expenditure leontlnuedl Costs of generating funlls are costs inCUr￿d in attracting voluntary income. and those incurred in trading activites that raise funds. Charitsble adivilies and Governance c0515 are costs incuired on the Charitls educational operations, InclLJding support costs and costs relating lo the governance ol the Charity apportioned lo charitable activitès. Expenditure on ¢haritable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support Gosts. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to ¢ondilions which have not been mel at the year end are noled as a comrnrtrnenl, but not accrued as expenditure 2.7 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is nomally upon nolificalion ol the interest paid or payable by the Bank. 2.8 Operating leases Rentals under operating leases a￿ charged lo Ihe Slalemenl of financial activities incorporating income and expenditure account on a strai9hl line basis over the lease term. 2.9 Tangible fixed a$$ets and depreciation Tangible fixed assets costing £500 or more are Gapilalised. Tangible fixed assets are carried at cost. net of depreciation and any provision for impairment. Depreciation is provided at rates calculated lo wrrte off the eosl of fixed assets, less their estimated resiQual value, over their expected Ljseful lives on the following bases.. Office equipment Computer equiprrient Other fixed assets 4 years slr8ight lin? 3 years slraighl line 1 Q years slratght linÈ 2.10 Debtors Trade and other debtors are iecognised al the settlernent amount after any trade discount offered. Prepayments are valued at the amount prepaid nel ol any trade discounts due. 2.11 Cash al bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short malurily of three months or less from the dale o* acquisition o¥ opening of the deposrt or similar account Page 16

Pulmonary Vascular Research Institute IA company limited by guarantee) Notes to the financlal statements for the year ended 31 December 2020 Accounting policies Icontinuedl 2.12 Uabllltles and provisions Liabilf(ies are reC￿nISed wh8n there is an obligation al the Balance sheet date as a result of a past event, il 15 probable that a transfer of economic benefit will be required in 5elllemenl, and the amount of the settlement can be estimated reliably. Liabililigs a￿ recognised al the amount that the Charity anlicipales rt will pay lo settle the debt or the amDunt it has ￿ceiVed as advanced payments for the goods or Services it must provide. Provisions a￿ measured al the best estimate of the amounts ￿quired to settle the obligation. Where the effect of the time value of money is mal&rial, the provision 15 based on the present value of those amounts, discounted al the pre-tax discount Fate that reflects the risks specific to Ihe Iiabilrty The unwinding of the discount L8 recognised in the Statement ol linancial aclivilies as a linance cost. 2.13 Flnancial instruments The Charity only has linan¢ial assets and financial liabilrt￿s of a kind that qualify as basic financial instruments. Basic financial instruments are Initially reC￿niSed al transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest meth¢￿. 2.14 Foreign currencies Monetary assets and liabilttie5 denominated in loreign currenties are translated into sterling al rates ol exchange ruling al the balance sheet date, Transactions in foreign currencies are translated into sterling al the rale ruling on the dale of the Iransactiori. Exchange gains and losses are recognised in the Slalement of financial activrties incorpowling income and expenditure account. 2.15 Pensions The Charity operates a defined ¢onlribulion pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 2.16 Fund accounting General funds are unreslricled funds which are available ftsr use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designaled for other purposes. Dèsignated funds comprr&e unrgstricled funds that have been set as￿de by the Trustèes for particular purposes The aim and use of ea¢h designated fund is sel out in the notes lo the financial slalemenls. Reslricled lunds are funds which are lo be used in accordance wlh speerfic reslriclions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and atlminislering such funds are Charged against the specific fund. The aim and use of each resliicled fund is set out in the notes to the financial statements. Page 17

Pulmonary Vascular Research Institute IA Company limited by guarante81 Notes to the financial siatements for the year ended 31 December 2020 Income from donations and legacies Unrestricted Restri¢tgd funds funds 2020 2020 Totsl funds 2020 Total funds 2019 Grants CMREF DDS grants CMREF grants e4earning 57,180 2,219,391 77,437 6.654 6.654 Subtotal detailed disclosure 6,654 6.654 2,354,008 Donations from phamiaceulical industry and others Donated services 432,282 55,019 432.282 55.019 283,093 26,969 Subtotal 487,301 487.301 310,062 Total 2020 493,955 493.955 2,664,070 Total 2019 2,529.453 134,617 2,664.070 Income from charitable activities Unrestricted funds 2020 Total funds 2020 Total funds 2019 Registration fees of scienliff c meetings Research journal Membership Income 38,252 166,320 40,119 38,252 166,320 40,119 163,195 68.741 39.056 Total 2020 244,691 244,691 270,992 Total 2019 270,992 270,992 Page 18

Pulmonary V3scular Research Institute {A ¢ompany limited by guarantee) Notes lo tho linanclal statements lor the year ended 31 December 2020 Income from other trading activities Income from fundraising events Unrestricted funds 2020 Total funds 2020 Totsl funds 2019 Fundraising income 4.442 Total 2020 4,442 Total 2019 4,442 4,442 Investment income Unrestrictsd funds 2020 Total funds 2020 Total funds 2019 Interest received 2,684 2,684 15,097 Total 2019 15,097 15,097 Analysis of grants Grants to Institutions 2020 Total tunds 2020 Total funds 2019 Giessen Go Oeep Propcl 275.823 276.823 288,061 Total 2019 288.061 288,061 Page 19

Pulmonary Vascular Research Instltute A company limited by guarantee) Notgs to the financial statoments for the year ended 31 December 2020 Analysis of expenditure on charitablè activities Summary by fund type Unrestricted Restrictsd fund$ funds 2020 2020 Totsl funds 2020 Total funds 2019 E-Learning Scientific meetings, publication5 and other charitable activi14es Taskfoice projecls 87.816 87.818 50,797 701,364 275,823 116,852 818,216 275.823 1.067,378 288.061 977,187 204,670 1,181,857 1.406,236 Total 2019 1,112,952 293,284 1,406,236 Summary by expenditure type Total funds 2020 Total funds 2019 Stsff ¢o$ts Oepre¢iation Other costs 2020 2020 2020 E-Learning Scientific meetings, publications and other charitable activities Taskforce projècts 87,818 87,818 50,797 197.185 20.058 600,973 275,823 818.216 275.823 1.067,378 288,061 197,185 20,058 964,614 1.181.857 1,406,236 Total 2019 181,582 21,411 1,203,243 1.406,236 Pgge 20

Pulmonary Vascular Research Instltute IA company limited by guarantee) Notes to the flnanclal statements for the year endèd 31 Decèmber 2020 Analysis of expenditure by activiti8s Activltles undertaken directly 2020 Grant lunding of a¢tivities 2020 Support costs Total fund$ 2020 Total funds 20f9 2020 E-Leaming Scientific meetings, publi￿tiOnS and other charitable aclivitl8S Taskforce projects 87.818 87,818 50,797 476,398 341,818 818.216 275.823 1,087,378 288,061 275,823 564.216 275,823 341.818 1,181,857 1,40S,236 Total 2019 833,684 288,061 284.491 1,406,236 Analysis of diroct Costs Scientif1¢ meetings, publications and other charitable activities Total fund5 2020 Totsl funds 2019 E-learning 2020 2020 Staff costs Task force costs Travelling and accommodation Travel grants Scientih"c meetings E-leaming 197.185 14,137 63,213 95,396 106,467 197,185 14,137 63.213 95,396 406,467 87.818 181,582 23,445 263,368 66,998 247,494 50,797 87.818 87,818 478,398 564,216 833,684 Total 2019 50.797 782.887 833.684 Page 21

Pulmonary Vascular Research Institute IA Company limited by guarantee) Notes to the financial statements for the year ended 31 December 2020 Anatysls of expenditure by a¢tivitig$ Icontinuedl Analysis of support costs Scientific meeting5, publscations and other charitable activities 2020 Total lunds 2020 Total funds 2019 Depreciation Telephone, computer and internet charges Printing and stationary costs Office rent and service charges Advertising and marketing Sundry expenses Other accountancy fees Exchange rale variance Legal and professional fees Bookkeeping Business consultancy and staff training Interest payable Bank charges Google advertising Insurance 20,058 32,996 1,131 1 S,600 7,041 14,884 10,756 41.876 69,387 4,271 55,887 20,058 32,996 1,131 16,600 7.041 14,884 10,756 41,876 69,387 4,271 55,887 21,411 13,473 453 17,291 31,608 10.989 4,261 19,2641 20,847 10.519 112,911 70 8.209 53.369 33 8,209 53,369 33 2.140 3.180 13,082 26,969 4,868 2,673 2,330 Repairs and renewals Auditors remuneration 2,140 3,180 341,818 341,818 284,491 Total 2019 284,491 284,491 Page 22

Pulmonary Vascular Research Institute IA company limited by guarantee) Not8$ to tho flnancial statements for the year ended 31 December 2020 10. Net incomell8xpenditurel This is stsled after chaigin9.' 2020 2019 Depreciation of tangible fixed assets.. owned by the charity Audrf(ors' remuneration- audit Auditors. remuneration- other services Exchange rate variance Operaling18ase rentals'._ other operating leases 20,057 5,040 13,823 41,B76 12,700 21.411 4,500 12.610 19,2641 11,485 93,496 40,742 During the year. no Trustees received any remuneralion12019 - ENIL). During the year. no Trustees received any benefits in kind12019 £NILI. 5 Trustees received reimbursement of expgnses amounting to £11.349 in the current year 12019 TNslees- £34,718). Staff costs 2020 2019 Wages and salaries s￿la1 security costs Conlributs'on lo defined contribution pension schemes 181,750 14,662 773 167,008 13,785 789 197.185 181,582 Included in wages and salaries are termination costs totalling £3.780. This was paid during the year and Ihere were no amounts outstanding al the balan￿ sheet dale. The average number of persons employed by the Charity during the year was as foll¢)ws'. 2020 No. 2019 No. Staff Pa9e 23

Pulmonary Vascular Research Institute IA company limited by guarantee) Notès to the financial statements forthe yearended 31 December 2020 Staff costs Icontinued The number of employees whose employee benefits (excluding ernployer pension costs) exceeded £60,000 was.. 2020 No. 2019 No. In the band £70,001- £80,000 In the band £80.001- £90.000 Duiing the year, the lolal amount of employees benefits recewed by key management personnel for iheir services to the Charity 15 £81.923 in remuneration, £10.099 in national insurance with no pension contributions 12019". £75,000 in iemuneralion, £9,169 in national insurance with no pension contribulionsl. 12. Tangible fixed assots Office equipment Computer equipment Website Totsl Cost At 1 January 2020 Addrtions 2,451 4,301 25,846 2,140 147,410 4,800 17S.707 11,241 At 31 December 2020 6,752 27,986 1 $2,210 186.948 Depreciation Al 1 January 2020 Charge lor the year 1,744 1,861 20.822 2.975 50,206 15,221 72,772 20,057 At 31 Deeember 2020 3,605 23.797 65,427 92.829 Net book value At 31 December 2020 3,147 4.189 86,783 94,119 At 31 December 2019 707 5.024 97,204 102.935 Page 24

Pulmonary Vascular Research Institute IA company limited by guarantee) Notes to the financial statements for the year ended 31 December 2020 13. Debtors 2020 2019 Due after more than one year Grants receivable 872.185 1.190,151 872.185 1,190,151 Due within one year Prepayments Granls receivable 51,594 561,232 92,715 574,460 1,485,011 1,857,326 14. Creditors.. Amounts falling duè within one year 2020 2019 Other taxation and socpl security Accruals 9,955 61.049 4,B79 280.458 71,004 285,337 Page 25

Pulmonary Vascular Research Institute IA company limited by guarantee) Noleg to the financial statements for the year ended 31 Dg¢ember 2020 15. Statement of funds Statement of funds - current ygar Balance at 31 December 2020 Balance at 1 January 2020 Income Expendlture Unrestricted funds Oesignated funds Rupert Swrft Award fund 50,000 so {1,5001 48.550 General fund$ General Funds 2,439,077 741,280 1975,6871 2,204,670 Total Unrestrlcted funds 2,489,077 741.330 1977.1871 2,2S3,220 Restricted funds Diug Dis¢overy and Development Symposium fund 57,180 115,904 4B9,686 157.1801 187.818 159,672} e-learnin9 PC Journal 28,086 430,014 662,770 1204,6701 458,100 Total of funds 3.151,847 741,330 {1,181,8571 2,711,320 Page 26

Pulmonary Vascular Research Instituto IA company limited by guarantee) Notes to the flnan¢Sal statements forthe year ended 31 D8¢eM￿r 2020 15. Statement of funds (continued) Statement of funds - prlor year Balance at 31 December 2019 B8lan¢e at 1 January 2019 Income Expendrture Unrestrlcted funds Dgsignated fund$ Rupert SwiftAward fund 34,155 16.918 11,0731 50,000 G9n8ral funds General Funds 747,890 2,803,066 11,111,8791 2,439.077 Totsl Unrestricted funds 782,045 2.819,$84 11,112,952) 2,489,077 Restricted funds Drug Discovery and Development Symposium fund e-learning PC Journal 68,801 202.539 550,097 57,180 77,437 168.8011 1164,0721 160,4111 57,180 115,904 489,686 821,437 134,617 1293,2841 662,770 Totsl of funds 1,6Q3.482 2,954,601 11.406,2361 3,151,847 Page 27

Pulmonary Vascular R&$earch Institute (A company limlted by guarantee) Notes to the financial statements for the year ended 31 Oe¢ember 2020 16. Summary offunds Summary offunds- current year Balance at 31 December 2020 Balance at I January 2020 Income Expenditure Designated funds General funds Restricled fund$ 50,000 2,439,077 662,770 50 741.280 {1,5001 1975.6871 1204.6701 48,550 2.204,670 458,100 3,151,847 741,330 11,181.8571 2.711,320 Summary offunds- prior year Balance al 31 December 2019 Balance at 1 January 2019 Income Expenditure Designated funds General funds Restricted funds 34,155 747,890 821,437 16,918 11,0731 50,000 2,8Q3,066 11,111.8791 2.43>,077 134,617 {293.2841 862,770 1,603.482 2,954,601 11,406,236) 3,151,847 17. Analysls of ngt assets beljwen funds Analysis of net assets b•hve¢n funds - currènt period Unr&stricted Restricted funds funds 2020 2020 Total funds 202Q Tangible fixed assets Debtors due after llM)re than one year Current assets Creditors due within one yeai 94,119 872,185 1,357.920 (71,0041 94,119 872.185 1.816,020 {71.0041 458,100 Totsl 2,253,220 458.100 2,711.320 Page 28

Pulmonary Vascular Research Institute IA company IlmitÈd by guarantoel Notes to the financial statements for the year ended 31 December 2020 17. Analysis of net assèts between fund$ {contlnuedl Analysis of net assels between funds - prSor perlod Unrestricted funds 2019 Reslricled funds 2019 Total funds 2019 Tangible fixed assets Debtors due after more than one year Current 8s$el$ Cre<lilor$ aue within one year 102,935 1,190.151 1,481,328 1285,3371 102,935 1,190,151 2,144,098 1285,3371 662,770 Total 2,489.077 662,770 3,151,847 18. Reconclliauon of net movement in funds to net cash flow Irom operating activities 2020 2J19 Nel incomelexpendilure for the period las per Slalemenl of Financial Activth'esl 1440,5271 1,548,365 Adlustm9nt$ for: Depreciath)n chargès Dividends, interests and rents from invgslmenls Decreasellincrea5el In debtors IncreaselldeGreasel in credilois 20,057 12,6841 372,315 1214,3331 21,411 115,0971 11.398,9691 99,569 Ngt cash provided byllu5ed inl operating activities 1265,1721 255,279 19. Analys15 of cash and cash equivalents 2020 2019 Cash in hand 1,203,194 1,476,923 Total cash and cash equlvalents 1,203,194 1,476,923 Page 29

Pulmonary Vascular Research Insfjtute IA company limited by guaranteel Notes to the financial statements for the year ended 31 December 2020 20. Analysis of changes in net debt At1 January 2020 Cash flows At31 December 2020 Cash al bank and in hand 1.476.923 1273,7291 1,203,194 1,476,923 1273.7291 1,203,194 21. Operating lease commitments At 31 December 2D20 the Charity had commilmenls to make future minimum loase payments under non- cancellable operating leases as follows 2020 2019 Not later than 1 yeai Later than l year and not later than 5 years 7.012 9,657 3,219 7,012 12,876 22. Related party transactlons A family member of Key Management Personnel, Miss C Ba￿l¢k, was employed during the ye8r. As such remuneratKin of £6,22612019 - £3.7931 was paid during the year. Consultancy fees were paid to P Corris, a Trustee, in the year of £15,00012019 £15,000) lor his role as Chiel Medical S¢ientifi¢ Officer. There were no othèr related party transactions other than disclosed within these financial slalemenls. 23. Controlling party The Charty Is controlled by the Board of Trustees. Page 30