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2021-12-31-accounts

Registered number: 5780068 Charity number: 1127115

Pulmonary Vascular Research Institute (A company limited by guarantee)

Trustees’ report and financial statements

for the year ended 31 December 2021

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Contents

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|||||||||| |---|---|---|---|---|---|---|---|---| |Page| |Reference|and|administrative|details|of the|Charity,|its Trustees and|advisers|4| |Trustees’|report|2-6| |independent|auditors’|report on|the|financial|statements|7-10| |Statement|of financial|activities|11| |Balance sheet|12| |Statement|of cash|flows|13| |Notes|to the|financial|statements|14|- 30|

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Pulmonary Vascular Research Institute (A company limited by guarantee)

Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 December 2021

Trustees

Professor P A Corris Sir D Melville (appointed 5 March 2021, resigned 19 January 2022) Professor S Rich MrA J DM Van Den Bergh (resigned 5 March 2021) Professor M Wilkins Sir A W G Wylie (appointed 1 February 2021)

Company registered number

5780068

Charity registered number

1127115

Registered office

33 St George's Place Canterbury Kent CT1 1UT

Chief executive officer and company secretary

Mrs S R Barwick

Independent auditors

Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT12TU

Bankers

HSBC Bank pic 9 Rose Lane Canterbury Keni CT1 2JP

Handelsbanken Ground Floor, St Andrew's House Station Road East Canterbury Kent CT1 2BJ

Page 1

Pulmonary Vascular Research Institute (A company limited by guarantee)

Trustees’ report for the year ended 31 December 2021

The Trustees present their Annual Report together with the audited financial statements of Pulmonary Vascular Research Institute for the 1 January 2021 to 31 December 2021.

The Trustees confirm that the Annual Report and financial! statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and Activities

a. Policies and objectives

The policies and objectives adopted by the Charity are as follows -

~ To provide expertise to regions of the world with healthcare disparities which will address issues related to the education and training of healthcare professionals 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 conduct of clinical trials following the highest standards of clinical research. - To unite all stakeholders of the disease — academia, global drug regulators and industry — and advance drug discovery and development to find better treatments of pulmonary vascular disease.

-To work with global health organisations to raise awareness that pulmonary vascular disease is a global burden that affects many people around the world and lobby for better healthcare provision and drug availability for alt patients. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities. The objectives of the Charity are set out above and all of these benefit 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, treatment and promotion of research worldwide will again provide a benefit to health care both nationally and woridwide.

Page 2

Pulmonary Vascular Research Institute (A company limited by guarantee)

Trustees’ report (continued) for the year ended 31 December 2021

b. Activities for achieving objectives

The Charity will address its objectives primarily by the establishment of focused Task Forces that will design and conduct projects across the broad spectrum of research, education and clinical care related to pulmonary vascular disease. The activities of the Charity include, but are not limited to, the following:

~ The Charity will conduct workshops on the modern methods to evaluate patients, determine accurate diagnoses and monitor the efficacy of treatments. These will be offered to physicians and non-physicians.

~ The Charity will conduct periodic intemational symposia to disseminate information acquired from the Charity's activities and identify research projects relevant to its activities.

c. Grant making policies

The Trustees decide periodically how to apply the Charity’s incoming resources in accordance with the terms of its constitution.

Achievements and performance

a. Review of activities The outline below highlights some of the operational activities that took place during the year:

Series of monthly webinars

Due to global COVID-19 pandemic, the worldwide lockdowns and cancellation of all international face-to-face meetings, the PVRI leadership embarked on an ambitious plan to convert the scientific content that is usually presented during the live face-to-face annual scientific meetings, into a series of monthly webinars. Throughout 2021, PVRI2021 featured monthly 2-hour webinars which focused on novel topics and included intemational leading speakers and moderators from all around the world. In addition to the monthly webinars, the Charity also launched a monthly series of genomics webinars which were dedicated to highlighting the genetic connections to pulmonary vascular disease. All webinars proved extremely popular engaging over 80 speakers, 27 abstract presenters and broadcasted to over 80 countries. On average the webinars attracted an audience of around 200 international participants per month. All webinars and talks were recorded and available to the PVRI membership via the website.

Page 3

Puimonary Vascular Research Institute

(A company limited by guarantee)

Trustees’ report (continued)

for the year ended 31 December 2021

International Consortium for Genetic Studies in PAH (PAH-ICON)

The International Consortium for Genetic Studies in PAH (PAH-ICON) has come under the umbrella of the PVRI and has continued to go from strength to strength including a series of monthly Task Force webinars attracting an international audience. We are grateful to all organisers, presenters and participants.

Task Force Activity

The ‘unsung heroes’ of the PVRI are our Task Force leaders and all our active members throughout the world. It is through them that the PVRI fulfils its mission and brings the PVRI to the world. Due to the COVID-19 pandemic, many of our regional Task Forces converted their usual annual symposia into online webinars. Furthermore, the PVRI Innovative Drug Development Initiative (IDDI) published a series of position statements on clinical trial design, biomarkers, endpoints and repurposing drugs. Our sincere thanks to all Task Force leaders and their members for their hard work, commitment and support.

PVRI Membership

The PVRI network has expanded to over 10,000 people, spread around 103 different countries. The PVRI is immensely proud of its international reach and global representation and would like to thank all members for their continued support.

PVRI Publications - Pulmonary Circulation

2021 has been a year of development and growth for our journal Pulmonary Circulation. We welcomed a new Editor-in-Chief, Or. Anna Hemnes, who took over the reins from Professor Nick Morrell. Furthermore, we achieved our highest ever Impact Factor of 3.017. During the year, we received 362 submissions of which 40% of research articles were published, with a total of 1,300 articles. Furthermore, we have initiated a new selected a new publisher, Wiley, who will take over fram Sage in January 2022.

The Charity expresses its thanks to the Chief Editors, Jason Yuan and Anna Hemnes, as well as former Chief Editor Nick Morrell, the Deputy Editors, Kurt Stenmark, Irene Lang and Patricia Thistlethwaite, as well as the entire Pulmonary Circulation team. Further thanks go to the Charity’s publishing consultant Michael Brown and publisher Sage for their help and support throughout the year.

The PVRI Digital Clinic and Memorandum of Understanding with the American Heart Association (AHA)

The PVRI Digital Clinic is an innovative online diploma learning course aimed at heart and lung specialists who want to leam more about pulmonary hypertension. The course has been extended to 15 patient cases and attracted the interest of the American Heart Association (AHA), the largest medical society in the world with over 40,000 members worldwide. A Memorandum of Association was signed by both organisations to collaborate and for AHA to adopt the PVRI Digital Clinic onto its e-learning platform as ‘the’ preferred educational too! for pulmonary hypertension. This is a major accreditation for PVRI and success for the charity, which will spread understanding of the disease worldwide.

CMREF Grant Awards

In 2019, the Charity was successful in the award of a substantial grant from the Cardiovascular Medical Research and Education Fund (CMREF) with agreed sponsorship of annual instalments spreading over six years. The grant is being used in part to develop PVRI GoDeep, a deep phenotyping database on the prevalence of pulmonary hypertension wortdwide, with the intention to demonstrate to global health organisations that the disease is a global burden that affects the lives of many patients worldwide. Furthermore, we received two additional grants from the CMREF for a joint Symposium with the World Health Organization in 2023 and to kick-start a potential subsidiary in India with a separate legal entity. Both projects are being progressed and researched and then funds saved in restricted accounts.

Page 4

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Trustees’ report (continued) for the year ended 31 December 2021

PVRI Grants

During the year, a substantial grant was awarded to the Justus- 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 to fund the CMREF supported annual grant for PVRI GoDeep, the deep phenotyping database which is being set up by the Justus- Liebig University in Giessen, Germany, under the current PVRI President Professor Werner Seeger.

b. Financial activities

2021 has been a critical year for the PVRI. The Charity results, as detailed in the subsequent pages, portray a strong position at the balance sheet. In accordance with the Charities SORP (FRS 102), income is recognised when receipt of the income is probable. As a result, the grants awarded in 2021 for the establishment of PVRi India, World Health Organisation Symposium in 2023, and E-learning programme have been recognised in its entirety in 2021. This has resulted in a significant increase in income for the 2021 financial year, showing lower income figures for 2020.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going __ concern basis can be found in the Accounting Policies.

b. Reserves policy

At 31 December 2021, the Charity has reserves of £3,011,351 of which £769,910 is restricted.

The Trustees have reviewed the reserves of the Charity. This review encompassed the nature of the major income and expenditure streams and the need to match income and expenditure. The Charity's principal source of funds is from the Charity's Roundtable membership fees, as well as from the grant received by the CMREF.

As a result of this review, the Trustees confirmed that, to enable the Charity to continue to meet its objectives, to operate efficiently and to provide a buffer for both planned and unexpected costs in respect of the Charity, an unrestricted general reserve of 12 months average expenditure should be maintained. The Trustees estimate that 12 months expenditure equates to approximately £1.4m. The Trustees are satisfied that the current level of unrestricted general reserves are sufficient to cover 12 months average expenditure. This consideration has included the effects expected of the recent economic climate being COVID-19 and the reserves of the Charity are expected to remain appropriate.

c. Financial review of the year

Thanks to the continued Roundtable membership contributions from the pharma industry, support from the Cardiovascular Medical Research and Education Fund (CMREF), income from membership fees, effective fundraising from the Roundtable and grants received from The Dinosaur Trust, the Charity’s finances are in good shape for the future.

Structure, governance and management

a. Constitution

The Charity is registered as a charitable company limited by guarantee and does not have any share capital. The company is constituted under the Memorandum of Association dated 12 April 2006, as amended on 31 October 2008. The company number is 5780068.

The registered charity number 1127115.

Page 5

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Trustees’ report (continued)

for the year ended 31 December 2021

The principal object of the Charity is the promotion and protection of good health by promoting knowledge and stimulating new ideas in the field of cardiopulmonary medicine, fostering multidisciplinary approaches, collaboration and communication across the science spectrum.

b. Method of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The Trustees continue to seek to identify suitable individuals with an understanding and the knowledge of pulmonary vascular disease and the health care industry with a view to serving on the board. The Trustees have particular skills which enable them to contribute to the work of the Charity. Their knowledge of good practice, changes in legislation and technical issues is supplemented by publications issued by the Charity Commission and other relevant organisations. New Trustees are provided with detailed background information on the Charity, current financial data and other documents relevant to the operation of the Charity.

c. Organisational structure and decision making

The organisation of the Charity is as follows:

The Board of Directors who are also Trustees, exercise the general control and management.

The CEO, together with the team of employed staff and consultants, oversees the day to day operations of the Charity.

The Charity have a Digital Marketing Manager, an Administrative Manager and a newly recruited Digital Officer to support the increasing membership load, scientific activities and to 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 to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees’ report is approved has confirmed that:

Approved by order of the members of the board of Trustees on 22 June 2022 and signed on their behalf by:

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CJJ _—
Professor M Wilkins
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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 2021 which comprise the Statement offinancial 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 financia! 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.

Page 7

Pulmonary Vascular Research Institute

(A company limited by guarantee)

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

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The Trustees are responsible for the other information contained within the 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 interna! 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.

Page 8

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

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 taw, 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.

ai k fe ‘F : ieWe clansi LeeeSi? oe LLtf fg

Samantha Rouse FCCA DChA (Senior statutory auditor)

for and on behalf of Kreston Reeves LLP

Chartered Accountants Statutory Auditor

Canterbury

6 July 2022

Page 10

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Statement of financial activities {incorporating income and expenditure account) for the year ended 31 December 2021

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |Note|2021|2021|2021|2020| |£|£|£|£| |Income|from:| |Donations|and|legacies:|3| |Grants|-|-|-|55,019| |Other donations|and|legacies|673,625|387,475|1,061,100|438,936| |Charitable|activities|4|269,761|-|269,761|244,691| |Investments|5|30,204|-|30,204|2,684| |Other income|6|1,461|-|1,461|-| |Total|income|975,051|387,475|1,362,526|741|330| |Expenditure|on:|a| |Charitable|activities|8|986,830|75,665|1,062,495|1,181,857| |Total|expenditure|986,830|75,665|1,062,495|1,181,857| |Net movement|in funds|(11,779)|311,810|300,031|(440,527)| |Reconciliation|of funds:| |Total funds|brought forward|2,253,220|458,100|2,711,320|3,151,847| |Net movement|in funds|(11,779)|311,810|300,031|(440,527)| |Total funds|carried forward|2,241,441|769,910|3,011,351|2,711,320|

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The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 30 form part of these financial statements.

Page 11

Pulmonary Vascular Research Institute

(A company limited by guarantee) Registered number: 5780068

Balance sheet

as at 31 December 2021

2021 2020
Note £ £
Fixed assets
Tangible assets 12 75,656 94,119
Current assets
Debtors 13 1,233,794 1,485,011
Cash at bankand in hand 1,985,441 1,203,194
3,219,235 2,688,205
Creditors: amounts falling due within one
year 14 (283,540) (71,004)
Net currentassets 2,935,695 2,617,201
Total netassets 3,011,351 2,711,320
Charity funds
Restricted funds 15 769,910 458,100
Unrestricted funds 15 2,241,441 2,253,220
Totalfunds 3,011,351 2,711,320

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

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

The financial statements were approved and authorised for issue by the Trustees on 22 June 2022 and signed on t v. by: i

Professor M Wilkins

The notes on pages 14 to 30 form part of these financial statements.

Page 12

Pulmonary Vascular Research Institute (A company limited by guarantee)

Statement of cash flows for the year ended 31 December 2021

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2021|2020| |Note|£|£| |Cash|flows|from|operating|activities| |Net cash|used|in|operating|activities|18|754,434|(265,172)| |Cash|flows|from|investing|activities| |Dividends,|interests and|rents from|investments|30,204|2,684| |Purchase|of tangible|fixed assets|(2,391)|(11,241)| |Net cash|provided by/(used|in)|investing|activities|27,813|(8,557)| |Change|in cash and cash equivalents|in the year|782,247|(273,729)| |Cash and|cash|equivalents|at the beginning|of the year|1,203,194|1,476,923| |Cash and|cash|equivalents|at the end of the year|19|1,985,441|1,203,194| |The|notes|on|pages|14|to|30|form|part|of these|financial|statements|

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Page 13

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2021

  1. General information

Pulmonary Vascular Research Institute is a charitable company, limited by guarantee, incorporated in England and Wales.

The Charity's registered office is 33 St George's Place, Canterbury, Kent, CT1 1UT.

The charitable activities of the charity continues to be to bring the best medical professionals in the world together in order to carry out research on pulmonary vascular disease.

2. Accounting policies

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financia! Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following the Charities SORP (FRS102) published on 16 July 2014 rather than the accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Pulmonary Vascular Research Institute meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Charity's functional and presentational currency is Pounds Sterling.

The Charity's financial statements are presented to the nearest pound.

2.2 Company status

The Charity is a company limited by guarantee and does not have a share capital. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.

Page 14

Pulmonary Vascular Research Institute

Notes to the financial statements : for the year ended 31 December 2021

(A company limited by guarantee)

  1. Accounting policies (continued)

2.3 Going concern

The Charity's main source of income is from its charitable objectives being the receipt of donations and grants.

In order to meet its day to day working capital requirements the Charity is dependent upon these donations and grants, the nature of which can have considerable unpredictable variation in the timing of cash inflows. Given the recent economic climate regarding COVID-19, the Trustees have considered the impact this will have on the Charity. The Trustees have received confirmation from the Cardiovascular Medical Research and Education Fund (CMREF) that the agreed grant which was awarded in 2016 will not be affected by the COVID-19 pandemic and continue to be paid in the agreed annual instalments. From this, it was therefore not thought that global pandemic is would impact the Charity's ability to continue for the next 12 months and sufficient reserves are available to cover any shortfalls. After making enquires, the Trustees have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. However, the Trustees acknowledge that the Cardiovascular Medical Research and Education Fund (CMREF) has been the Charity’s main source of income since 2014. The Trustees are also aware that this fund is being wound down. Therefore, the Trustees must spend considerable efforts in identifying other sources of income which will eventually replace the income from the CMREF to ensure sufficient funds are available that allow the Charity to continue as a going concern into the future. 2.4 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.5 Deferred income

Where income for membership fees in future accounting periods is reviewed in advance, it is recognised as deferred income. The amounts shown in the balance sheet in respect of the deferred income represent the amounts deferred to future accounting periods.

2.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity, Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating 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 Headquarters.

Page 15

Notes to the financial statements for the year ended 31 December 2021

Pulmonary Vascular Research Institute

(A company limited by guarantee)

  1. Accounting policies (continued)

2.6 Expenditure (continued)

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activites that raise funds. Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activites. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

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 fulfiled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, 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 normally upon notification of the interest paid or payable by the Bank.

2.8 Operating leases

Rentais under operating leases are charged to the Statement of financial activities incorporating income and expenditure account on a straight line basis over the lease term.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Office equipment - 4 years straight line Computer equipment - 3 years straight line Other fixed assets ~ 10 years straight line

2.10 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.

2.11 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.

Page 16

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

2. Accounting policies (continued)

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present vaiue of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.13 Financial instruments

The Charity only has financial assets and financial fiabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities incorporating income and expenditure account.

2.15 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. .

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 17

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

  1. Income from donations and legacies
Grants Unrestricted
funds
2021
£		 Restricted
funds
2021
£		 Total
funds
2021
£		 Total
funds
2020
£
Grants fromCMREFand Merck 110,713 387,475 498,188 6,654
Subtotaldetaileddisclosure 110,713 387,475 498,188 6,654
Donations from pharmaceutical industryand
others
Donatedservices		 521,785
41,127		 -
-		 521,785
41,127		 432,282
55,019
Subtotal 562,912 - 562,912 487,301
Total2021 673,625 387,475 1,061,100 493,955
Total2020 493,955 - 493,955
  1. income from charitable activities
Unrestricted
funds		 Total
funds		 Total
funds
2021 2021 2020
£ £ £
Registration feesofscientific meetings
Researchjournal
Membershipincome		 9,252
214,482
46,027		 9,252
214,482
46,027		 38,252
166,320
40,119
Total2021 269,761 269,761 244,691
Total2020 244,691 244,691

Page 18

i 3

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

5. Investment income

Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
interest received 30,204 30,204 2,684
Total 2020 2,684 2,684
6. Other incoming resources
Unrestricted Total Total
funds funds funds
2021 2021 2020
£ £ £
HMRC gift aid 1,461 1,461 -
7. Analysis ofgrants
Grants to Total Total
Institutions funds funds
2021 2021 2020
£ £ £
Giessen Go Deep Project 248,152 248,152 275,823
Total2020 275,823 275,823

Page 19

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2021

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Restricted Total Total
funds funds funds funds
2021 2021 2021 2020
£ £ £ £
E-Learning - 61,504 61,504 87,818
Scientific meetings, publications and other
charitable activities 738,678 14,161 752,839 818,216
Taskforce projects 248,152 - 248,152 275,823
Total 2021 986,830 75,665 1,062,495 1,181,857
Total 2020 977,187 204,670 1,181,857
Summary by expenditure type
Total Total
Staffcosts Depreciation Other costs funds funds
2021 2021 2021 2021 2020
£ £ £ £ £
E-Learning - - 61,504 61,504 87,818
Scientific meetings,
publications and other
charitable activities 205,028 20,854 526,957 752,839 818,216
Taskforce projects - - 248,152 248,152 275,823
Total 2021 205,028 20,854 836,613 1,062,495 1,181,857
Total2020 197,185 20,058 964,614 1,181,857

Page 20

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

9. Analysis of expenditure by activities

Activities
undertaken
directly
2021
£		 Grant
—_funding of
activities
2021
£		 Support
costs
2021
£		 Total
funds
2021
£		 Total
funds
2020
£
E-Learning
Scientific meetings,		 61,504 - - 61,504 87,818
publications and other
charitable activities
Taskforceprojects		 427,506
-		 -
248,152		 325,333
-		 752,839
248,152		 818,216
275,823
Total2024 489,010 248,152 325,333 1,062,495 1,181,857
Total2020 564,216 275,823 341,818 1,181,857

Analysis of direct costs

Scientific
meetings,
publications
and other
E-learning
2021
£		 charitable
activities
2021
£		 Total
funds
2021
£		 Total
funds
2020
£
Staff costs
Task force costs		 - 205,028 205,028 197,185
Travelling
andaccommodation
Travel
grants
Scientificmeetings
E-learning		 -
-
-
-
61,504		 -
32,237
88,009
102,232
-		 -
32,237
88,009
102,232
61,504		 14,137
63,213
95,396
106,467
87,818
Total2021 61,504 427,506 489,010 564,216
Total2020 87,818 476,398 564,216

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Page 21

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Scientific
meetings,
publications
and other
charitable
activities		 Total
funds		 Total
funds
2021 2021 2020
£ £ £
Depreciation 20,854 20,854 20,058
Telephone, computerand internet charges 23,213 23,213 32,996
Printing and stationarycosts 306 306 1,131
Office rentand service charges 31,036 31,036 16,600
Advertising and marketing 22,093 22,093 7,041
Sundry expenses 6,387 6,387 14,884
Otheraccountancyfees 15,620 15,620 10,756
Exchange rate variance (2,705) (2,705) 41,876
Legal and professional fees 127,668 127,668 69,387
Bookkeeping - - 4,271
Business consultancyand stafftraining 25,263 25,263 55,887
Interest payable 16 16 -
Bankcharges 4,078 4,078 8,209
Google advertising 41,127 41,127 53,369
insurance 4,572 4,572 33
Repairs and renewals 1,355 1,355 2,140
Auditors remuneration 4,450 4,450 3,180
Total 2021 325,333 325,333 341,818
Total2020 341,818 341,818

Page 22

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

10. Net income/(expenditure)

This is stated after charging/(crediting):

2021 2020
£ £
Depreciation of tangible fixed assets:
-owned bythe charity 20,854 20,057
Auditors’ remuneration - audit 5,340 5,040
Auditors’ remuneration - other services 14,730 13,823
Exchange rate variance (2,705) 41,876
Operating lease rentals:- otheroperating leases 7,012 12,700
45,231 93,496

During the year, P Corris, a Trustee, received consultancy fees amounting to £15,000 (2020 - £15,000) for his role as Chief Medical Scientific Officer. During the year, no Trustees received any benefits in kind (2020 - £NIL). During the year, no trustees received reimbursement of expenses (2020 - 5 Trustees - £1 4,349).

11. Staff costs

2021 2020
£ £
Wagesand salaries 186,370 181,750
Social securitycosts 17,301 14,662
Contribution to defined contribution pension schemes 1,357 773
205,028 197,185

The average number of persons employed by the Charity during the year was as follows:

2021 2020
No. No.
Staff 4 4

Page 23

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2021

11. Staff costs (continued)

£60,000The numberwas: of employees whose employee benefits (excluding employer pension costs) exceeded

2021
2020
No.
No.
in
theband£80,001 -£90,000
1
1
During the year, the total amount ofemployees benefits received bykeymanagementpersonnel fortheir
services to the Charity is £85,770 in remuneration, £10,618 in national insurance with no pension
contributions (2020: £81,923
in remuneration, £10,099
in national insurance with no pension
contributions).

12. Tangible fixed assets

Office Computer
equipment
£		 equipment
£		 Website
£		 Total
£
Cost
At 1 January 2021
Additions		 6,752
-		 27,986
2,391		 152,210
-		 186,948
2,391
At31 December2021 6,752 30,377 152,210 189,339
Depreciation
At 1 January 2021
Chargefortheyear		 3,605
1,861		 23,797
3,772		 65,427
15,221		 92,829
20,854
At31 December2021 5,466 27,569 80,648 113,683
Net book value
At31 December2021 1,286 2,808 71,562 75,656
At31December2020 3,147 4,189 86,783 94,119

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Page 24

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

13. Debtors

2021 2020
£ £
Due aftermore than one year
Grants receivable 598,520 872,185
598,520 872,185
Due within one year
Prepayments 63,732 51,594
Grants receivable 571,542 561,232
1,233,794 1,485,011

14. Creditors: Amounts falling due within one year

2021 2020
£ £
Othertaxation and social security 10,728 9,955
Accruals 272,812 61,049
283,540 71,004

Page 25

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

15. Statement of funds

Statement of funds - current year

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance|Balance|at| |at|1|31| |January|December| |2021|Income|Expenditure|2021| |£|£|£|£| |Unrestricted|funds| |Designated|funds| |Rupert|Swift Award fund|48,550|5,000|-|53,550| |General|funds| |General Funds|2,204,670|970,051|(986,830)|2,187,891| |Total|Unrestricted funds|2,253,220|975,051|(986,830)|2,241,441| |Restricted|funds| |e-learning|28,086|72,319|(61,504)|38,901| |PC Journal|430,014|-|(12,547)|417,467| |WHO-PVRI|Symposium|2023|-|168,912|.|168,912| |PVRI|India| |-|146,244|(1,614)|144,630| |458,100|387,475|(75,665)|769,910| |Total|of funds|2,711,320|1,362,526|(1,062,495)|3,011,351|

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Page 26

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

15. Statement of funds (continued)

Statement of funds - prior year

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|||||||| |---|---|---|---|---|---|---| |Balance|at| |Balance|at|31| |1|January|December| |2020|Income|Expenditure|2020| |£|£|£|£| |Unrestricted|funds| |Designated|funds| |Rupert|Swift Award fund|50,000|50|(1,500)|48,550| |General|funds| |General|Funds|2,439,077|741,280|(975,687)|2,204,670| |Total|Unrestricted|funds|2,489,077|741,330|(977,187)|2,253,220| |Restricted|funds| |Drug|Discovery and|Development Symposium| |fund|57,180|-|(57,180)|-| |e-learning|115,904|-|(87,818)|28,086| |PC|Journal|489,686|-|(59,672)|430,014| |662,770|-|(204,670)|458,100| |Total|of funds|3,151,847|741,330|(1,181,857)|2,711,320|

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Page 27

Pulmonary Vascular Research Institute

(A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

16. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January December
2021 Income Expenditure 2021
£ £ £ £
Designated funds 48,550 5,000 ~ 53,550
General funds 2,204,670 970,051 (986,830) 2,187,891
Restricted funds 458,100 387,475 (75,665) 769,910
2,711,320 1,362,526 (1,062,495) 3,011,351

Summary of funds - prior year

Balance at
Balance at 31
1 January December
2020 Income Expenditure 2020
£ £ £ £
Designated funds 50,000 50 (1,500) 48,550
General funds 2,439,077 741,280 (975,687) 2,204,670
Restricted funds 662,770 - (204,670) 458,100
3,151,847 741,330 (1,181,857) =2,711,320

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds
2021 2021 2021
£ £ £
Tangible fixed assets 75,656 - 75,656
Debtors due after more than one year 598,520 - 598,520
Current assets 4,850,805 769,910 2,620,715
Creditors due within one year (283,540) - (283,540)
Total 2,241,441 769,910 3,011,351

Page 28

Pulmonary Vascular Research Institute (A company limited by guarantee)

Notes to the financial statements

for the year ended 31 December 2021

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Unrestricted Unrestricted Restricted Total
funds funds funds
2020 2020 2020
£ £ £
Tangible fixed assets 94,119 - 94,119
Debtors due aftermore than one year 872,185 - 872,185
Current assets 1,357,920 458,100 1,816,020
Creditors due within one year (71,004) - (71,004)
Total 2,253,220 458,100 2,711,320
Reconciliation of net movement in funds to net cash flow from operating activities
2021 2020
£ £
Net
income/expenditure		 for the year (as per Statement of Financial
Activities) 300,031 (440,527)
Adjustments for:
Depreciation charges 20,854 20,057
Dividends, interests and rents from investments (30,204) (2,684)
Decrease in debtors 251,217 372,315
Increase/(decrease) in creditors 212,536 (214,333)
Netcashprovidedby/(used in)operatingactivities 754,434 (265,172)

18. Reconciliation of net movement in funds to net cash flow from operating activities

  1. Analysis of cash and cash equivalents
2021 2020
£ £
Cash in hand 1,985,441 1,203,194
Total cashandcashequivalents 1,985,441 1,203,194

Page 29

Pulmonary Vascular Research institute (A company limited by guarantee)

Notes to the financial statements for the year ended 31 December 2021

20. Analysis of changes in net debt

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||||||||| |---|---|---|---|---|---|---|---| |At|1|At|31| |January|December| |2021|Cash|flows|2021| |£|£|£| |Cash|at|bank and|in|hand|1,203,194|782,247|1,985,441| |1,203,194|782,247|1,985,441|

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21. Operating lease commitments

At 31 December 2021 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year

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||| |---|---| |2021|2020| |£|£| |-|7,012|

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22. Related party transactions

Consultancy fees were paid to P Corris, a Trustee, in the year of £15,000 (2020 - £15,000) for his role as Chief Medical Scientific Officer.

There were no other related party transactions other than disclosed within these financial statements.

23. Controlling party

The Charity is controlled by the Board of Trustees.

Page 30