# **Trustees Report & Financial Statements for the year ended December 31 2022** 

**Registered Charity no. 1127115 Company Limited by Guarantee no. 05780068** 

**Reducing the global burden of pulmonary hypertension** 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Contents** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Chair's statement**|2 - 3|
|**Trustees' report**|4 - 10|
|**Independent auditors' report on the financial statements**|11 - 14|
|**Statement of financial activities**|15|
|**Balance sheet**|16|
|**Statement of cash flows**|17|
|**Notes to the financial statements**|18 - 41|





**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 2022** 

## **Trustees** 

Professor P A Corris, Chair Professor M Wilkins, Treasurer Professor P M Hassoun (appointed 22 June 2022) Professor A R Hemnes (appointed 22 June 2022) Professor A A A Patel (appointed 8 August 2022) Sir A W G Wylie Professor S Rich (resigned 17 November 2022) Sir D Melville (resigned 19 January 2022) 

## **Company registered number** 

05780068 

## **Charity registered number** 

1127115 

## **Registered office** 

Work.Life, 5 Tanner Street, London, United Kingdom, SE1 3LE 

## **Company secretary** 

Mrs S R Barwick (resigned 21 July 2022) Ms K Osborn (appointed 26 August 2022) 

## **Chief executive officer** 

Mrs S R Barwick (resigned 21 July 2022) Ms K Osborn (appointed 17 August 2022) 

## **Independent auditors** 

Kreston Reeves LLP, 37 St Margaret's Street, Canterbury, Kent, CT1 2TU 

## **Bankers** 

HSBC Bank plc, 9 Rose Lane, Canterbury, Kent, CT1 2JP 

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

## **President 2020-22** 

Professor Werner Seeger 

## **President Elect** 

Professor Kurt Stenmark 

Page 1 



**Pulmonary Vascular Research Institute** 

**(A company limited by guarantee)** 

## **From the Chair and Chief Executive: Reflections on 2022 for the year ended 31 December 2022** 

We are delighted to introduce this report and share with you some of the successes of the last year, as well as have the opportunity to thank our global network of pulmonary hypertension clinicians, academics, regulators and Pharma partners. 

As the world began to recover from the trials and challenges of the pandemic, one of the highlights of 2022 was our first post-COVID Congress in Athens in July. It was a joyous event, bringing together old friends and new contacts, and our grateful thanks go to President Werner Seeger and his committee for putting together a fantastic scientific programme that was widely appreciated and referenced in post-conference dispatches. 

At the Congress we said goodbye to our long-serving CEO, Stephanie Barwick. Steph helped grow the charity into the vibrant global network it is today, and we thank her for her dedication, energy and commitment to the goals of PVRI. Stuart Rich also stepped down from the Board in September 2022. Stuart was one of the founding members of PVRI and instrumental to the success of this organisation from its early years. His immense experience and contributions will be sorely missed. 

Sharing knowledge and insight is key to our mission of reducing the global burden of pulmonary hypertension. The webinars started during the pandemic proved so successful that they are now part of our core educational offer, and our sincere thanks go to Patricia Thistlethwaite for devising the fantastic programme that ran throughout 2022. During the year we were delighted to add a new monthly Community Call to our digital learning portfolio. The ‘Calls’ are informal interactive sessions where guest authors discuss their recently published research, and they already have a strong following in the PH community. Thanks go to Jason Weatherald, Katrina Barry and their team for making them an immediate success. The ethos of collaboration and inclusiveness runs throughout the PVRI, but it really shines though in this work. It’s impossible to name all the speakers, moderators, panellists and other volunteers who pull together to produce such a consistently high quality scientific contribution. 

The PVRI’s unique strength is to pull together the skills, ambitions, knowledge and energy of a vast global network of individuals with a common interest in pulmonary hypertension. Nowhere is this seen more clearly than in our Task Forces and Innovative Drug Development Initiative (IDDI). We were delighted to see some of our nine regional Task Forces re-launch face-to-face scientific meetings in 2022 and were pleased to provide support where we could. More are planned for 2023, and we look forward to hearing about the impact of their work on the diagnosis and management of pulmonary hypertension across the globe. Our nine specialism Task Forces also continued to collaborate, meet, run webinars and publish papers on key issues in pulmonary vascular disease during the past year. Our IDDI workstreams published research and position papers,  and two have developed global surveys which will launch in the coming year. Both surveys have the potential to add greatly to our understanding of access to pulmonary hypertension diagnosis and care and the life of patients with pulmonary hypertension. We look forward to sharing the findings with you and want to express our huge thanks to the IDDI leadership team of Raymond Benza, Peter Fernandes, Sylvia Nikkho and Mark Toshner; we are grateful for their expertise and their tireless work in leading the workstreams. We also owe a debt of thanks to the co-chairs and members of all our Task Forces and workstreams – too many to mention here, but without them much of our work simply could not happen – a thank you to all of you. 

Our journal, _Pulmonary Circulation_ , continued to flourish last year under the care of Chief Editors Jason Yuan and Anna Hemnes, supported by our Operations Director, Michael Brown. The world of academic publishing is undergoing major change: new marketing models have led to an exponential increase in the number of titles, and the growth of AI and bot-produced papers has brought new challenges for serious journals. Huge thanks go to Jason, Anna and the whole editorial team for steering us through these choppy waters with such skill and energy! 

Another source of pride in 2022 was PVRI GoDeep: our deep phenotyping meta-registry, run from Justus-Liebig University in Germany by our immediate past President, Werner Seeger. GoDeep has grown steadily in the four years since inception, and we are now starting to see the power and utility of large datasets for informing real-life medicine. This is just one example of how the PVRI contributes new knowledge from a global and diverse constituency of people engaged with pulmonary hypertension in a way that few others can do. We congratulate Werner and his team, and look forward to the next phase. 

Page 2 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **From the Chair and Chief Executive: Reflections on 2022 (continued) for the year ended 31 December 2022** 

In December 2022 Werner stood down as PVRI President after three years in the role. Werner not only launched GoDeep and delivered two great scientific meetings, but he showed inspirational leadership throughout the pandemic years, and we owe him a great debt of gratitude. And finally at the start of a new year, we are delighted to welcome our new President, Kurt Stenmark, who will lead our network of 10,000 members in the year ahead. We can’t wait! 

Professor P A Corris (Chair) Date: 17 July 2023 

Ms K Osborn (Chief Executive Officer) 

Page 3 



## **Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Trustees' report for the year ended 31 December 2022** 

The Trustees present their Annual Report together with the audited financial statements of Pulmonary Vascular Research Institute for the year 1 January 2022 to 31 December 2022. 

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** 

The PVRI’s objects are to promote knowledge and stimulate new ideas in the field of cardiopulmonary medicine by fostering multidisciplinary approaches, collaboration and communication across the science spectrum. Its aim is to reduce the global burden of pulmonary vascular disease within the next 20 years. Its impact will be measured in the benefit it brings to individuals living with pulmonary vascular disease, the clinicians who treat them, the scientists researching the disease, and whole country-wide healthcare systems. 

When reviewing the Charity’s objectives and planning future activities, the Trustees refer to Charity Commission guidance on public benefit and confirm that all PVRI’s activities are undertaken to further our charitable purposes for public benefit, in accordance with Section 17 of the Charities Act 2011. 

## **a. Policies and objectives** 

The policies 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 date, have not been well characterised; to identify unique characteristics of the illness including its morbidity and mortality; to establish effective therapies which will be accessible to the affected patients. 

- 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 all 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 worldwide. 

Page 4 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) for the year ended 31 December 2022** 

## **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 function as a ‘think tank’ and provide expertise to advise physicians, scientists, health authorities and the pharmaceutical industry regarding medical technologies and pharmaceuticals relevant to pulmonary vascular disease. 

- The Charity will serve as a bridge between government organisations, NGOs, academia, industry, foundations and various countries. 

- The Charity 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 at recognised Centres of Excellence around the world. 

- The Charity will establish an international database on patients with pulmonary vascular disease to allow a meaningful understanding of the similarities and differences in the spectrum of the illness worldwide. 

- The Charity will develop web-based educational materials, advice and guidelines on the management of pulmonary vascular disease accessible to people involved in healthcare delivery. 

- 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 international 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 PVRI’s mission is to promote knowledge and stimulate new ideas in the field of cardiopulmonary medicine by fostering multidisciplinary approaches, collaboration and communication across the science spectrum. Its aim is to reduce the global burden of pulmonary vascular disease within the next 20 years. To achieve these objectives, it carries out several activities. 

## **International scientific meetings** 

When COVID restrictions began to ease in early 2022, we were delighted to be able to re-launch our face-to-face Annual Congress with a highly successful meeting in Athens in July 2022. The Congress was attended by 350 delegates from 30 countries and was a wonderful opportunity to meet up with old friends and build new relationships. 

Future plans include the post-COVID re-launch of our Annual Drug Discovery and Development Symposia in summer 2023 with a meeting in Bethesda, USA. The Annual Congress will then revert to its previous January slot, with PVRI President Kurt Stenmark planning an exciting meeting in London in January 2024. 

Page 5 



**Pulmonary Vascular Research Institute** 

**(A company limited by guarantee)** 

## **Trustees' report (continued) for the year ended 31 December 2022** 

## **E-learning** 

The provision of accessible education in pulmonary hypertension is key to PVRI’s mission, and online learning is a low-cost way to deliver this on a global scale. Our webinars began in earnest during the pandemic and continued to grow and develop during 2022. A new monthly Community Call was started during the year, hosted by Jason Weatherald and Katrina Barry. Community Calls invite researchers in to discuss their recently published papers, followed by a panel discussion with Katrina and Jason, and PVRI champions Tatiana Kudryashova and Charifa Awada. We are very grateful to all four for their insightful leadership. 

A series of webinars designed by Patricia Thistlethwaite and delivered by leading global experts also ran during 2022 and continue to be available on PVRI’s website. 

Plans for 2023 include another webinar series deigned by Patricia Thistlethwaite, this time including four Young Investigator Symposia to encourage promising young scientists to get involved and share research. The monthly Community Calls will continue throughout the year, and our Infection Task Force group will host a new webinar series. 

## **Pulmonary Circulation** 

Pulmonary Circulation is PVRI’s peer reviewed journal. Now fully digital, it provides open access to the latest in pulmonary hypertension research to a global audience. A move from Sage to the publisher John Wiley in summer 2021 has proved successful and produced a more sustainable funding model for the journal.  We were delighted to see our readership continue to grow in 2022, and to ensure this continues we have engaged additional resource for the Editorial Office to assist the journal editors to attract papers. Plans for 2023 include recruitment of a PhD student to scan preprint servers (where completed manuscripts are posted by the authors but not yet accepted for publication in a journal) to identify potential papers of interest for review by our editors. We also aim to recruit a statistician or bioinformatician to join the team of associate editors and be our ‘in-house’ statistical editor. 

## **Workstreams and Task Forces** 

The PVRI’s unique strength is to pull together the skills, ambitions, knowledge and energy of a vast global network of academics, clinicians, regulators, patients and pharma, with a common interest in pulmonary hypertension and nowhere is this more evident than in our regional and specialist work groups. Our Regional Task Forces come together to define and address the relevant most pressing issues in their regions, and we look forward to learning from them, sharing their knowledge and strengthening our global network in the coming year. 

A number of specialist pulmonary vascular disease Task Forces and Innovative Drug Development Initiative (IDDI) workstreams also held meetings, published papers, and delivered e-learning during 2022, and we look forward to supporting and sharing this work in the year ahead. 

Next year will see the launch of two IDDI global surveys, developed by the Patient Engagement and Access to Care workstreams. Both surveys have the potential to add greatly to our understanding of access to diagnosis and care for patients with pulmonary hypertension and a life lived with this condition in all its clinical presentations. To help with this and other work in 2023, PVRI will recruit a new staff member to provide coordination, administration and project management support to the workstreams and Task Forces. 

In 2022 we laid plans for introducing a new Task Force led by Reda Girgis devoted to understanding progress and opportunities in the field of lung transplantation. This will come together in 2023 to start to address some of the key challenges in this field. 

Finally, we will revisit the viability of launching PVRI India. The development of this subsidiary charity was mooted by our Indian membership as a way of securing support and increasing educational and research activity in India. In 2021, PVRI secured funds from CMREF to take this work forward, but investigations were halted for 12 months in summer 2022 due to staffing changes and the complexity of the project. 

Page 6 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Trustees' report (continued) for the year ended 31 December 2022** 

## **Research Grants** 

We are indebted to our supporters for funding vital research into pulmonary hypertension in the last 12 months. Huge thanks go to the CMREF for their support of GoDeep, which aims to expand our knowledge of pulmonary hypertension on a global scale. 

We are also grateful to The Dinosaur Trust for funding a bespoke research project into the role of BMPR2 gene mutation in the development of pulmonary arterial hypertension, based on ongoing studies at Justus-Liebig University. 

## **Other plans for 2023** 

Following a strategic review in early 2023, the Charity aims to develop a Medical and Scientific Committee that will provide operational and scientific direction to PVRI, freeing up time for the Trustees to focus on governance issues.  We will also take feedback from that review to improve our governance and systems to ensure we have a robust and resilient organisation for the immediate years ahead. 

## **Financial review** 

## **a. Going concern** 

In assessing the charity's status as a going concern, the Trustees have considered a range of information in relation to the financial year ahead, including the impact of the global political and financial environment, and the charity’s own resources and known liabilities. 

The Trustees consider that the Charity has adequate resources to continue operating effectively for at least 12 months, and to meet its obligations as they fall due. The financial statements have therefore been prepared on a going concern basis. 

## **b. Reserves policy** 

At 31 December 2022, the Charity has reserves of £2,389,471 of which £660,867 is restricted. 

In line with Charity Commission guidance (CC19), the Trustees consider it prudent to hold reserves to ensure the Charity can continue to deliver planned services, meet contractual obligations, manage unforeseen risks, and take advantage of unexpected opportunities in the year ahead. 

As a global charity, the Trustees acknowledge the unpredictable nature of currency markets, and understand the potential impact of widespread political instability, the energy crisis and inflation on its income. The Trustees also acknowledge the lack of diversification in the Charity’s income streams, and its historical reliance on support from the CMREF. The CMREF are long-term supporters of the PVRI, but this US charity is coming towards the end of its funding life, having run down its capital with the planned aim of ceasing activity in the next 2 – 3 years. Moreover, global markets have affected its income, and this may challenge ongoing funding from the CMREF in 2023 and 2024. Plans are in place to diversify income streams, but in the interim, the Trustees have taken a conservative approach to reserves and feel that the current unrestricted reserves of £1.7million is appropriate to current circumstances. 

Page 7 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Trustees' report (continued) for the year ended 31 December 2022** 

## **c. Financial review of the year** 

## **Income and expenditure** 

During the year ended 31 December 2022, the Charity generated income of £199,268 (2021: £1,362,526) none of which was restricted (2021: £387,475). The charity incurred expenditure of £821,148 (2021: 1,062,495) of which £109,043 was restricted (2021: £75,665). 

Towards the end of the year, it was confirmed that the 2023 and 2024 grant payments from CMREF would be reduced from $500k to $250k per year due to a fall in the funder’s investment performance. The 2023 and 2024 grants are the final two years of a 6-year award. As the grant had been recognised in full when agreed in 2019, this resulted in a correction to income of £375,564 in the year ended 31 December 2022. 

Spending during 2022 was broadly in line with previous years, but appears lower due mainly to an exchange rate correction, decreasing costs by £477,439 (2021: decrease £3,020). This movement occurs as most of the charity’s cash balances are held in USD bank accounts. 

The Charity ended the year in a healthy financial position, and the Trustees would like to thank our donors for their support during 2022. Our particular thanks go to the Cardiovascular Medical Research and Education Fund (CMREF) for their tremendous support during this and previous years – both for PVRI activity and for a major GoDeep research grant. 

We would also like to thank The Dinosaur Trust for their support of vital research into pulmonary hypertension, and our many corporate pharmaceutical partners, who support vital activity across our network and workstreams. 

## **d. Investment approach** 

The Trustees are aware that uncertainty in relation to inflation and economic growth will continue for the foreseeable future and this has been considered in the investment approach for 2023. 

During the first two quarters of 2023, the emphasis will be on streamlining banking arrangements and bedding down new financial systems and controls. The accuracy of new budgeting and cashflow forecasting processes will also be tested during this time, and foreign exchange fluctuations will be monitored. At mid-year, if cash balances and cashflow forecast suggest the Charity has sufficient funds for medium to long-term investment, the Trustees will look at a range of charity-specific investment vehicles and adopt a revised Investment Policy to reflect this new approach. 

## **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 05780068. 

The registered charity number 1127115. 

As the PVRI is both a charity and a company limited by guarantee, all Board members are directors for the purposes of company law, and Trustees for the purposes of charity law. 

The objects of the charity are defined by its Articles of Association, which also set out Trustees’ powers and the permitted activities of the charity. 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. 

Page 8 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) for the year ended 31 December 2022** 

## **b. Method of appointment or election of Trustees** 

When appointing new Board members, the Trustees consider the skills or knowledge gaps and seek candidates to meet those needs. We strive to ensure that we are inclusive and diverse and represent the global communities it serves, but we are aware that this is a work in progress.  Induction is provided for new Trustees, and ongoing training is offered. A Trustee Handbook is in development, which will reference Charity Commission guidance, set out Trustee roles and responsibilities and committee terms of reference, and provide background to the charity and its work. 

## **c. Organisational structure and decision making** 

The Board currently comprises 6 Trustees, including world leaders in the field of pulmonary vascular disease and people with exceptional business and finance skills. 

During 2022 we created a new Board sub-committee – the Remuneration Committee - which will meet on a needs-led basis. It met in December to assess the results of a staff pay review and agree a future approach to salaries: moving away from a historic bonus system towards a more transparent system of salary scales and annual cost of living reviews. A new Remuneration Policy is in development and will be introduced early in 2023. 

Day to day responsibility for achieving strategic and financial aims is delegated to the Chief Executive Officer. 

## **d. Risk Management** 

Overall responsibility for risk management lies with the Board of Trustees. A Risk Register is in place and is regularly reviewed by the Board. The Register identifies and ranks current and potential future risks and sets out appropriate controls and mitigations. In 2022, the main risks were a lack of income diversity, and cyber security. 

To mitigate risks associated with a reliance on relatively few funding streams, income is monitored via monthly management accounts and cash flow forecasts. Reserve funds are held to cover medium and longer-term income shortfalls, and staff are pursuing opportunities to diversify income streams in the coming year. 

Cyber security risk is sadly acknowledged to be part of all companies’ operating environment in the light of a general increase in UK cybercrime, with the need for vigilance and a tightly regulated data protection environment. In mitigation, we have active system backup, a support contract that includes system monitoring, appropriate policies that are regularly reviewed, staff training, and cyber insurance, including support for postincident management. 

## **e. Related parties and connected charities** 

The PVRI has no related parties or connected charities. 

Page 9 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Trustees' report (continued) for the year ended 31 December 2022** 

## **Disclosure of information to auditors** 

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

- so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. 

Approved by order of the members of the board of Trustees on 17 July 2023 and signed on their behalf by: 

**Professor M Wilkins** Hon Treasurer 

Page 10 



**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 2022 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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 11 



**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: 

- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' report has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. 

## **Responsibilities of trustees** 

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: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and 

- Assessment of identified fraud risk factors; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Confirmed restricted expenditure has been correctly allocated and is appropriate; and 

- Reading minutes of meetings of those charged with governance; and 

- Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation 

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 13 



**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: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

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 

18 July 2023 

Page 14 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Statement of financial activities (incorporating income and expenditure account) for the year ended 31 December 2022** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>4<br>Investments<br>5<br>Other income<br>6<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>7<br>Charitable activities<br>9<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**(137,894)**<br>**324,563**<br>**11,725**<br>**874**<br>**199,268**<br>**10,451**<br>**701,654**<br>**712,105**<br>**(512,837)**<br>**2,241,441**<br>**(512,837)**<br>**1,728,604**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**109,043**<br>**109,043**<br>**(109,043)**<br>**769,910**<br>**(109,043)**<br>**660,867**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**(137,894)**<br>**324,563**<br>**11,725**<br>**874**<br>**199,268**<br>**10,451**<br>**810,697**<br>**821,148**<br>**(621,880)**<br>**3,011,351**<br>**(621,880)**<br>**2,389,471**|Total<br>funds<br>2021 As<br>restated<br>£<br>1,061,100<br>269,761<br>30,204<br>1,461|
|---|---|---|---|---|
|||||1,362,526|
|||||8,405<br>1,054,090|
|||||1,062,495|
|||||300,031|
|||||2,711,320<br>300,031|
|||||3,011,351|



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

The notes on pages 18 to 41 form part of these financial statements. 

Page 15 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee) Registered number: 05780068** 

## **Balance sheet as at 31 December 2022** 

||||**2022**||2021|
|---|---|---|---|---|---|
||**Note**||**£**||£|
|**Fixed assets**||||||
|Tangible assets|13||**58,611**||75,656|
|**Current assets**||||||
|Debtors: amounts falling due after more than||||||
|one year|14|**207,328**||598,520||
|Debtors: amounts falling due within one year|14|**633,458**||635,274||
|Cash at bank and in hand||**1,909,682**||1,985,441||
|||**2,750,468**||3,219,235||
|Creditors: amounts falling due within one||||||
|year|15|**(419,608)**||(283,540)||
|**Net current assets**|||**2,330,860**||2,935,695|
|**Total net assets**|||**2,389,471**||3,011,351|
|**Charity funds**||||||
|Restricted funds|16||**660,867**||769,910|
|Unrestricted funds|16||**1,728,604**||2,241,441|
|**Total funds**|||**2,389,471**||3,011,351|



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 17 July 2023 and signed on their behalf by: 

## **Professor M Wilkins** 

Hon Treasurer 

The notes on pages 18 to 41 form part of these financial statements. 

Page 16 



## **Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

|**Statement of cash flows**<br>**for the year ended 31 December 2022**<br>**Note**<br>**Cash flows from operating activities**<br>Net cash used in operating activities<br>19<br>**Cash flows from investing activities**<br>Bank interest received<br>Purchase of tangible fixed assets<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>20<br>The notes on pages 18 to 41 form part of these financial statements|**2022**<br>**£**<br>**(86,410)**<br>**11,725**<br>**(1,074)**<br>**10,651**<br>**(75,759)**<br>**1,985,441**<br>**1,909,682**|2021<br>£<br>754,434<br>30,204<br>(2,391)<br>**27,813**<br>**782,247**<br>1,203,194<br>1,985,441|
|---|---|---|



Page 17 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **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 Work.Life, 7 Tanner Street, London, SE1 3LE. 

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** 

## **2.1 Basis of preparation of financial statements** 

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 Financial 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 18 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **2. 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. 

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. In the year ended 31 December 2022, it was confirmed that for the 2023 and 2024, being the last 2 years of a multi year grant from CMREF, payments would be decreased from $500k to $250k per year. 

## **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. 

## _Support costs_ 

Support costs include expenditures which are not directly related to project areas. 

## _Fundraising costs_ 

Fundraising costs are allocated based on time spent on fundraising activities. 

## _Governance costs_ 

Governance costs include costs relating to governance, including independent examination fees, trustee expenses, compliance fees and legal and professional fees. 

Page 19 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **2. Accounting policies (continued)** 

## **2.6 Expenditure (continued)** 

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 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** 

Rentals 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 £1,000 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. 

## **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 value 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. 

Page 20 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **2. Accounting policies (continued)** 

## **2.13 Financial instruments** 

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

## **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 21 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **3. Income from donations and legacies** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**Grants**<br>Grants from CMREF and Merck<br>(341,645)<br>(341,645)<br>Donations from pharmaceutical industry and others<br>203,751<br>203,751<br>**Total 2022**<br>(137,894)|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>-<br>-<br>-<br>-|**Total**<br>**funds**<br>**2022**<br>**£**<br>**(341,645)**|
|---|---|---|
|||**(341,645)**|
|||**203,751**|
|||**203,751**|
||||
|||**(137,894)**|



Grant income is a debit balance for the year ended 31 December 2022 due to the correction of a multi year grant from CMREF, for which $500k per year was initially expected to be received for the next two years, but this is now expected to be $250k per year. 

£2,219,391 was recognised in the year ended 31 December 2019 in respect of the total amount of the grant. 

|**Grants**<br>Grants from CMREF and Merck<br>Donations from pharmaceutical industry and others<br>Donated services|Unrestricted<br>funds<br>2021<br>£<br>110,713<br>110,713<br>521,785<br>41,127<br>562,912<br>673,625|Restricted<br>funds<br>2021<br>£<br>387,475<br>387,475<br>-<br>-<br>-<br>387,475|Total<br>funds<br>2021<br>£<br>498,188|
|---|---|---|---|
||||498,188|
||||521,785<br>41,127|
||||562,912|
|||||
||||1,061,100|



Page 22 



## **Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **4. Income from charitable activities** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Registration fees of scientific meetings<br>142,413<br>Research journal<br>148,244<br>Membership income<br>33,906<br>**Total 2022**<br>324,563<br>Unrestricted<br>funds<br>2021<br>£<br>Registration fees of scientific meetings<br>9,252<br>Research journal<br>214,482<br>Membership income<br>46,027<br>Total 2021<br>269,761|**Total**<br>**funds**<br>**2022**<br>**£**<br>**142,413**<br>**148,244**<br>**33,906**|
|---|---|
||**324,563**|
||Total<br>funds<br>2021<br>£<br>9,252<br>214,482<br>46,027|
||269,761|



## **5. Investment income** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Interest received<br>11,725<br>Unrestricted<br>funds<br>2021<br>£<br>Interest received<br>30,204|**Total**<br>**funds**<br>**2022**<br>**£**<br>**11,725**|
|---|---|
||Total<br>funds<br>2021<br>£<br>30,204|



Page 23 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **6. Other incoming resources** 

|Donations<br>Donations|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>874<br>Unrestricted<br>funds<br>2021<br>£<br>1,461|**Total**<br>**funds**<br>**2022**<br>**£**<br>**874**|
|---|---|---|
|||Total<br>funds<br>2021<br>£<br>1,461|



## **7. Expenditure on raising funds Costs of raising voluntary income** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Wages and salaries<br>5,245<br>Contribution to defined contribution pension schemes<br>52<br>Social security costs<br>516<br>Depreciation<br>444<br>Other accountancy fees<br>650<br>Telephone, computer and internet charges<br>630<br>Printing and stationery costs<br>22<br>Office rent, service charges and office costs<br>1,031<br>Business consultancy<br>784<br>Staff training<br>443<br>Travelling and accommodation<br>205<br>Insurance<br>106<br>Bank charges<br>302<br>Repairs and renewals<br>21<br>10,451|**Total**<br>**funds**<br>**2022**<br>**£**<br>**5,245**<br>**52**<br>**516**<br>**444**<br>**650**<br>**630**<br>**22**<br>**1,031**<br>**784**<br>**443**<br>**205**<br>**106**<br>**302**<br>**21**|
|---|---|
||**10,451**|



Page 24 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **7. Expenditure on raising funds (continued)** 

## **Costs of raising voluntary income (continued)** 

|Wages and salaries<br>Contribution to defined contribution pension schemes<br>Social security costs<br>Depreciation<br>Other accountancy fees<br>Telephone, computer and internet charges<br>Printing and stationery costs<br>Office rent, service charges and office costs<br>Staff training<br>Travelling and accommodation<br>Insurance<br>Bank charges|Unrestricted<br>funds<br>2021 As<br>restated<br>£<br>4,566<br>33<br>424<br>511<br>361<br>576<br>41<br>798<br>619<br>271<br>105<br>100<br>8,405|Total<br>funds<br>2021 As<br>restated<br>£<br>4,566<br>33<br>424<br>511<br>361<br>576<br>41<br>798<br>619<br>271<br>105<br>100|
|---|---|---|
|||8,405|



Expenditure has been restated in 2021 to reflect the costs being allocated based on time spent on each activity. This is a change in allocation and not total cost. 

## **8. Analysis of grants** 

|||**Travel**||
|---|---|---|---|
||**Grants to**|**Grants to**|**Total**|
||**Institutions**|**Individuals**|**funds**|
||**2022**|**2022**|**2022**|
||**£**|**£**|**£**|
|Grants|388,353|12,325|**400,678**|



Of this £4,355 of travel grants to individuals is restricted. 

Page 25 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **8. Analysis of grants (continued)** 

|Grants<br>Of this £1,000 of travel grants to individuals is restricted.|Grants<br>2021 As<br>restated<br>£<br>332,629|Travel<br>Grants to<br>Individuals<br>2021 As<br>restated<br>£<br>3,528|Total<br>funds<br>2021 As<br>restated<br>£<br>336,157|
|---|---|---|---|
|||||



## **9. Analysis of expenditure on charitable activities Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>E-Learning<br>-<br>Scientific meetings, publications and other charitable<br>activities<br>237,908<br>Taskforce projects<br>21,860<br>Grants<br>396,323<br>Governance costs<br>45,563<br>**Total 2022**<br>701,654<br>Unrestricted<br>funds<br>2021 As<br>restated<br>£<br>E-Learning<br>-<br>Scientific meetings, publications and other charitable<br>activities<br>607,799<br>Grants<br>335,157<br>Governance costs<br>35,469<br>978,425|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>25,915<br>78,773<br>-<br>4,355<br>-<br>109,043<br>Restricted<br>funds<br>2021 As<br>restated<br>£<br>61,504<br>13,161<br>1,000<br>-<br>75,665|**Total**<br>**2022**<br>**£**<br>**25,915**<br>**316,681**<br>**21,860**<br>**400,678**<br>**45,563**|
|---|---|---|
|||**810,697**|
|||Total<br>2021 As<br>restated<br>£<br>61,504<br>620,960<br>336,157<br>35,469|
|||1,054,090|



Page 26 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **9. Analysis of expenditure on charitable activities (continued)** 

## **Summary by expenditure type** 

|E-Learning<br>Scientific meetings, publications and other<br>charitable activities<br>Taskforce projects<br>Grants<br>Governance costs<br>**Total 2022**<br>E-Learning<br>Scientific meetings, publications and other<br>charitable activities<br>Grants<br>Governance costs|**Staff costs**<br>**2022**<br>**Depreciation**<br>**2022**<br>**£**<br>**£**<br>9,991<br>-<br>200,626<br>16,082<br>-<br>-<br>-<br>-<br>20,840<br>1,591<br>231,457<br>17,673<br>Staff costs<br>2021 As<br>restated<br>Depreciation<br>2021 As<br>restated<br>£<br>£<br>-<br>-<br>181,997<br>18,511<br>-<br>-<br>18,009<br>1,832<br>200,006<br>20,343|**Other costs**<br>**2022**<br>**£**<br>15,924<br>99,973<br>21,860<br>400,678<br>23,132<br>561,567<br>Other costs<br>2021 As<br>restated<br>£<br>61,504<br>420,452<br>336,157<br>15,628<br>833,741|**Total**<br>**2022**<br>**£**<br>**25,915**<br>**316,681**<br>**21,860**<br>**400,678**<br>**45,563**<br>**810,697**<br>Total<br>2021 As<br>restated<br>£<br>61,504<br>620,960<br>336,157<br>35,469<br>1,054,090|
|---|---|---|---|



Page 27 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **10. Analysis of expenditure by activities** 

|E-Learning<br>Scientific meetings, publications and other<br>charitable activities<br>Taskforce projects<br>Grants<br>Governance costs<br>**Total 2022**<br>E-Learning<br>Scientific meetings, publications and other<br>charitable activities<br>Grants<br>Governance costs|**Activities**<br>**undertaken**<br>**directly**<br>**2022**<br>**£**<br>25,915<br>294,076<br>21,860<br>-<br>-<br>341,851<br>Activities<br>undertaken<br>directly<br>2021 As<br>restated<br>£<br>61,504<br>602,781<br>-<br>-<br>664,285|**Grant**<br>**funding of**<br>**activities**<br>**2022**<br>**£**<br>-<br>-<br>-<br>400,678<br>-<br>400,678<br>Grant<br>funding of<br>activities<br>2021 As<br>restated<br>£<br>-<br>-<br>336,157<br>-<br>336,157|**Support**<br>**costs**<br>**2022**<br>**£**<br>-<br>22,605<br>-<br>-<br>45,563<br>68,168<br>Support<br>costs<br>2021 As<br>restated<br>£<br>-<br>18,179<br>-<br>35,469<br>53,648|**Total**<br>**funds**<br>**2022**<br>**£**<br>**25,915**<br>**316,681**<br>**21,860**<br>**400,678**<br>**45,563**|
|---|---|---|---|---|
|||||**810,697**|
|||||Total<br>funds<br>2021 As<br>restated<br>£<br>61,504<br>620,960<br>336,157<br>35,469|
|||||1,054,090|



Page 28 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs** 

|Staff costs<br>Depreciation<br>Other accountancy fees<br>Telephone, computer and internet charges<br>Printing and stationery costs<br>Office rent, service charges and office costs<br>Legal and professional fees<br>Business consultancy<br>Staff training<br>Travelling and accommodation<br>Advertising and marketing<br>Insurance<br>Bank charges<br>E-learning<br>Exchange rate variance<br>Journal costs<br>PVRI India<br>Repairs and renewals<br>Scientific meetings<br>Taskforce<br>**Total 2022**|**E-learning**<br>**2022**<br>**Scientific**<br>**meetings,**<br>**publications**<br>**and other**<br>**charitable**<br>**activities**<br>**2022**<br>**£**<br>**£**<br>9,991<br>188,052<br>-<br>15,122<br>-<br>22,153<br>-<br>59,957<br>-<br>733<br>-<br>35,124<br>6,351<br>130,735<br>-<br>26,709<br>-<br>15,087<br>-<br>42,328<br>-<br>21,690<br>-<br>3,887<br>-<br>10,278<br>9,573<br>-<br>-<br>(477,439)<br>-<br>14,883<br>-<br>4,886<br>-<br>699<br>-<br>179,192<br>-<br>-<br>25,915<br>294,076|**Taskforce**<br>**projects**<br>**2022**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>21,860<br>21,860|**Total**<br>**funds**<br>**2022**<br>**£**<br>**198,043**<br>**15,122**<br>**22,153**<br>**59,957**<br>**733**<br>**35,124**<br>**137,086**<br>**26,709**<br>**15,087**<br>**42,328**<br>**21,690**<br>**3,887**<br>**10,278**<br>**9,573**<br>**(477,439)**<br>**14,883**<br>**4,886**<br>**699**<br>**179,192**<br>**21,860**<br>**341,851**|
|---|---|---|---|



Page 29 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of direct costs (continued)** 

|Staff costs<br>Depreciation<br>Other accountancy fees<br>Telephone, computer and internet charges<br>Printing and stationery costs<br>Office rent, service charges and office costs<br>Legal and professional fees<br>Staff training<br>Travelling and accommodation<br>Advertising and marketing<br>Insurance<br>Bank charges<br>E-learning<br>Exchange rate variance<br>Journal costs<br>Scientific meetings|E-learning<br>2021 As<br>restated<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>61,504<br>-<br>-<br>-<br>61,504|Scientific<br>meetings,<br>publications<br>and other<br>charitable<br>activities<br>2021 As<br>restated<br>£<br>171,131<br>17,406<br>12,295<br>19,609<br>1,373<br>27,173<br>132,274<br>21,086<br>19,848<br>60,768<br>3,864<br>3,417<br>-<br>(2,705)<br>13,010<br>102,232<br>602,781|Taskforce<br>projects<br>2021 As<br>restated<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|Total<br>funds<br>2021 As<br>restated<br>£<br>171,131<br>17,406<br>12,295<br>19,609<br>1,373<br>27,173<br>132,274<br>21,086<br>19,848<br>60,768<br>3,864<br>3,417<br>61,504<br>(2,705)<br>13,010<br>102,232<br>664,285|
|---|---|---|---|---|



Expenditure has been restated in 2021 to reflect the costs being allocated based on time spent on each activity. This is a change in allocation and not total cost. 

Page 30 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|**Scientific**<br>**meetings,**<br>**publications**<br>**and other**<br>**charitable**<br>**activities**<br>**2022**<br>**£**<br>Staff costs<br>12,574<br>Depreciation<br>960<br>Audit<br>-<br>Other accountancy fees<br>1,407<br>Telephone, computer and internet charges<br>1,363<br>Printing and stationery costs<br>47<br>Office rent, service charges and office costs<br>2,230<br>Business consultancy<br>1,696<br>Staff training<br>958<br>Travelling and accommodation<br>443<br>Insurance<br>230<br>Bank charges<br>653<br>Repairs and renewals<br>44<br>**Total 2022**<br>22,605|**Governance**<br>**costs**<br>**2022**<br>**£**<br>20,840<br>1,591<br>8,100<br>2,331<br>2,258<br>77<br>3,696<br>2,811<br>1,588<br>735<br>380<br>1,082<br>74<br>45,563|**Total**<br>**funds**<br>**2022**<br>**£**<br>**33,414**<br>**2,551**<br>**8,100**<br>**3,738**<br>**3,621**<br>**124**<br>**5,926**<br>**4,507**<br>**2,546**<br>**1,178**<br>**610**<br>**1,735**<br>**118**|
|---|---|---|
|||**68,168**|



Page 31 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **10. Analysis of expenditure by activities (continued)** 

## **Analysis of support costs (continued)** 

|Staff costs<br>Depreciation<br>Audit<br>Other accountancy fees<br>Telephone, computer and internet charges<br>Printing and stationery costs<br>Office rent, service charges and office costs<br>Staff training<br>Travelling and accommodation<br>Insurance<br>Bank charges|Scientific<br>meetings,<br>publications<br>and other<br>charitable<br>activities<br>2021 As<br>restated<br>£<br>10,866<br>1,105<br>-<br>781<br>1,245<br>87<br>1,725<br>1,339<br>587<br>227<br>217<br>18,179|Governance<br>costs<br>2021 As<br>restated<br>£<br>18,009<br>1,832<br>5,340<br>1,294<br>2,063<br>144<br>2,859<br>2,219<br>973<br>376<br>360<br>35,469|Total<br>funds<br>2021 As<br>restated<br>£<br>28,875<br>2,937<br>5,340<br>2,075<br>3,308<br>231<br>4,584<br>3,558<br>1,560<br>603<br>577|
|---|---|---|---|
||||53,648|



Expenditure has been restated in 2021 to reflect the costs being allocated based on time spent on each activity. This is a change in allocation and not total cost. 

Page 32 



**Pulmonary Vascular Research Institute (A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **11. Net income/(expenditure)** 

This is stated after charging/(crediting): 

||**2022**|2021|
|---|---|---|
||**£**|£|
|Depreciation of tangible fixed assets:|||
|- owned by the charity|**18,119**|20,854|
|Auditors' remuneration - audit|**8,100**|5,340|
|Auditors' remuneration - other services|**26,541**|14,730|
|Exchange rate variance|**(477,439)**|(2,705)|
|Operating lease rentals:- other operating leases|**35,705**|7,012|



During the year ended 31 December 2021, P Corris, a Trustee, received consultancy fees amounting to £15,000 for his role as Chief Medical Scientific Officer. No such fee was incurred in the year ended 31 December 2022. 

During the year, no Trustees received any benefits in kind (2021 - £NIL). 

During the year, 7 Trustees received reimbursement of expenses totalling £23,290 (2021 - £NIL). 

## **12. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2022**<br>**£**<br>**214,089**<br>**21,048**<br>**2,133**<br>**237,270**|2021<br>£<br>186,370<br>17,302<br>1,357|
|---|---|---|
||||
|||205,029|



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

||**2022**|2021|
|---|---|---|
||**No.**|No.|
|Staff|**4**|4|



Page 33 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **12. Staff costs (continued)** 

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

|||**2022**|2021|
|---|---|---|---|
|||**No.**|No.|
|In the band £70,001|- £80,000|**1**|-|
|In the band £80,001|- £90,000|**-**|1|



During the year, the total amount of employees benefits received by key management personnel for their services to the Charity is £101,301 remuneration, £13,636 in national insurance, and £440 in pension contributions (2021: £85,770 in remuneration, £10,618 in national insurance with no pension contributions). 

## **13. Tangible fixed assets** 

|**Cost**<br>At 1 January 2022<br>Additions<br>At 31 December 2022<br>**Depreciation**<br>At 1 January 2022<br>Charge for the year<br>At 31 December 2022<br>**Net book value**<br>At 31 December 2022<br>At 31 December 2021|**Office**<br>**equipment**<br>**£**<br>**6,752**<br>**-**<br>**6,752**<br>**5,466**<br>**1,286**<br>**6,752**<br>**-**<br>1,286|**Computer**<br>**equipment**<br>**£**<br>**30,377**<br>**1,074**<br>**31,451**<br>**27,569**<br>**1,613**<br>**29,182**<br>**2,269**<br>2,808|**Website**<br>**£**<br>**152,210**<br>**-**<br>**152,210**<br>**80,648**<br>**15,220**<br>**95,868**<br>**56,342**<br>71,562|**Total**<br>**£**<br>**189,339**<br>**1,074**|
|---|---|---|---|---|
|||||**190,413**|
|||||**113,683**<br>**18,119**|
|||||**131,802**|
|||||**58,611**|
|||||75,656|



Page 34 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **14. Debtors** 

|**Due after more than one year**<br>Grants receivable<br>**Due within one year**<br>Prepayments<br>Grants receivable<br>**Creditors: Amounts falling due within one year**<br>Other taxation and social security<br>Accruals|**2022**<br>**£**<br>**207,328**<br>**2022**<br>**£**<br>**28,503**<br>**604,955**<br>**633,458**<br>**2022**<br>**£**<br>**5,350**<br>**414,258**<br>**419,608**|2021<br>£<br>598,520|
|---|---|---|
|||2021<br>£<br>63,732<br>571,542|
||||
|||635,274|
|||2021<br>£<br>10,728<br>272,812|
||||
|||283,540|



## **15. Creditors: Amounts falling due within one year** 

Page 35 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **16. Statement of funds** 

## **Statement of funds - current year** 

|**Unrestricted funds**<br>**Designated funds**<br>Rupert Swift Award fund<br>**General funds**<br>General Funds<br>**Total Unrestricted funds**<br>**Restricted funds**<br>e-learning<br>PC Journal<br>WHO-PVRI Symposium 2023<br>PVRI India<br>**Total of funds**|**Balance at 1**<br>**January**<br>**2022**<br>**£**<br>**53,550**<br>**2,187,891**<br>**2,241,441**<br>**38,901**<br>**417,467**<br>**168,912**<br>**144,630**<br>**769,910**<br>**3,011,351**|**Income**<br>**£**<br>**5,000**<br>**194,268**<br>**199,268**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**199,268**|**Expenditure**<br>**£**<br>**(4,355)**<br>**(707,750)**<br>**(712,105)**<br>**(25,915)**<br>**(68,401)**<br>**-**<br>**(14,727)**<br>**(109,043)**<br>**(821,148)**|**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**54,195**|
|---|---|---|---|---|
|||||**1,674,409**|
|||||**1,728,604**|
|||||**12,986**<br>**349,066**<br>**168,912**<br>**129,903**|
|||||**660,867**|
|||||**2,389,471**|



Page 36 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **16. Statement of funds (continued)** 

## **Rupert Swift Award fund** 

The Rupert Swift Award Fund has been designated by the Trustees as the income represents money received by Pulmonary Vascular Research Institute in memory of Rupert Swift. The fund will be used to establish an ongoing annual award for a young and upcoming researcher to present a lecture at the Annual Congress in Rupert's memory. 

## **e-learning** 

The GSK e-learning fund represents amounts received from GlaxoSmithKline for the development of online educational modules on Pulmonary Vascular Disease. 

## **PC Journal** 

This is the scientific journal of Pulmonary Vascular Research institute published by the Sage publications. To support the PC journal the CMREF is providing grants to support it until it reached financial sustainability , which is projected to be in 2024. 

## **WHO-PVRI Symposium 2023** 

Symposium Fund which is being conducted to increase the awareness on Pulmonary diseases and it is being conducted yearly by the PVRI. 

## **PVRI India** 

A fund to create a subsidiary for PVRI in India, to increase the awareness of pulmonary vascular diseases 

Page 37 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

**16. Statement of funds (continued)** 

**Statement of funds - prior year** 

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



Page 38 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

**Notes to the financial statements for the year ended 31 December 2022** 

## **17. Summary of funds** 

## **Summary of funds - current year** 

|Designated funds<br>General funds<br>Restricted funds<br>**Summary of funds - prior year**<br>Designated funds<br>General funds<br>Restricted funds|**Balance at 1**<br>**January**<br>**2022**<br>**£**<br>**53,550**<br>**2,187,891**<br>**769,910**<br>**3,011,351**<br>Balance at<br>1 January<br>2021<br>£<br>48,550<br>2,204,670<br>458,100<br>2,711,320|**Income**<br>**£**<br>**5,000**<br>**194,268**<br>**-**<br>**199,268**<br>Income<br>£<br>5,000<br>970,051<br>387,475<br>1,362,526|**Expenditure**<br>**£**<br>**(4,355)**<br>**(707,750)**<br>**(109,043)**<br>**(821,148)**<br>Expenditure<br>£<br>-<br>(986,830)<br>(75,665)<br>(1,062,495)|**Balance at**<br>**31**<br>**December**<br>**2022**<br>**£**<br>**54,195**<br>**1,674,409**<br>**660,867**|
|---|---|---|---|---|
|||||**2,389,471**|
|||||Balance at<br>31<br>December<br>2021<br>£<br>53,550<br>2,187,891<br>769,910|
|||||3,011,351|



## **18. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Tangible fixed assets<br>58,611<br>Debtors due after more than one year<br>207,328<br>Current assets<br>1,882,273<br>Creditors due within one year<br>(419,608)<br>**Total**<br>1,728,604|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>-<br>-<br>660,867<br>-<br>660,867|**Total**<br>**funds**<br>**2022**<br>**£**<br>**58,611**<br>**207,328**<br>**2,543,140**<br>**(419,608)**|
|---|---|---|
|||**2,389,471**|



Page 39 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **18. Analysis of net assets between funds (continued)** 

|**Analysis of net assets between funds - prior year**<br>Unrestricted<br>funds<br>2021<br>Restricted<br>funds<br>2021<br>£<br>£<br>Tangible fixed assets<br>75,656<br>-<br>Debtors due after more than one year<br>598,520<br>-<br>Current assets<br>1,850,805<br>769,910<br>Creditors due within one year<br>(283,540)<br>-<br>**Total**<br>2,241,441<br>769,910<br>**19.**<br>**Reconciliation of net movement in funds to net cash flow from operating activities**<br>**2022**<br>**£**<br>Net income/expenditure for the year (as per Statement of Financial<br>Activities)<br>**(621,880)**<br>**Adjustments for:**<br>Depreciation charges<br>**18,119**<br>Bank interest received<br>**(11,725)**<br>Decrease in debtors<br>**393,008**<br>Increase in creditors<br>**136,068**<br>**Net cash provided by/(used in) operating activities**<br>**(86,410)**<br>**20.**<br>**Analysis of cash and cash equivalents**<br>**2022**<br>**£**<br>Cash in hand<br>**1,909,682**<br>**Total cash and cash equivalents**<br>**1,909,682**|Total<br>funds<br>2021<br>£<br>75,656<br>598,520<br>2,620,715<br>(283,540)<br>3,011,351<br>2021<br>£<br>300,031<br>20,854<br>(30,204)<br>251,217<br>212,536<br>754,434<br>2021<br>£<br>1,985,441<br>1,985,441|
|---|---|



Page 40 



**Pulmonary Vascular Research Institute** 

## **(A company limited by guarantee)** 

## **Notes to the financial statements for the year ended 31 December 2022** 

## **21. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 1**<br>**January**<br>**2022**<br>**£**<br>**1,985,441**<br>**1,985,441**|**Cash flows**<br>**£**<br>**(75,759)**<br>**(75,759)**|**At 31**<br>**December**<br>**2022**<br>**£**<br>**1,909,682**|
|---|---|---|---|
||||**1,909,682**|



## **22. Operating lease commitments** 

At 31 December 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows: 

||||**2022**|2021|
|---|---|---|---|---|
||||**£**|£|
|Not later than|1|year|**5,904**|-|



## **23. Related party transactions** 

Consultancy fees were paid to P Corris, a Trustee, in the year ended 31 December 2021 of £15,000 for his role as Chief Medical Scientific Officer. No such fees were incurred during the year ended 31 December 2022 

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

## **24. Controlling party** 

The Charity is controlled by the Board of Trustees. 

Page 41