2022-03-31-accounts

Honorary	President	President	John Griffin
Trustees			Professor Robin Kennedy				MBBSFRCS —Chair
			Mr Bruce Mauleverer			QC	FCIArb MA —Vice Chair
			Ms Kate Forster Chartered FCIPD
			Professor Anthony		Goldstone CBEFRCP
			Dr Gavin Jell MSc	PhD PG Cert Ed
			Mr Mark (Bertie) Leigh
			Professor Vivek Mudera PhD
			Ms Bonella Ramsay
			Mr Hugo Robinson		MA FCA - Treasurer
Company	number		03445616
Charity number			1129348
Principal	address	and	Northwick Park and		St Mark's Hospitals
registered	office		YBlock
			Wafford Road
			Harrow
			HA1 3UJ
Auditor			Knox Cropper LLP
			65/68 Leadenhall	Street
			London
			EC3A 2AD
Bankers			Lloyds Bank PLC
			286-288 Station Road
			Harrow
			HA1 2EB
Solicitors			Bates Wells
			10Queen Street Place
			London
			EC4R 1BE

OC'0 4 lu	N 0	ill	o CO OI N CFI	m CFI O		ID O CO	Ch CO Ul	CI P M	'lF FM LA OI OI	ICI CI Ol CI		Cl CI lfl N	M M	Cl CI LA N		Ifl OI	Ifl 'lF ID CO CI
DS										Pl
LOc $4		w	IA 'll								CI I		O		M CI	N X	CO Ul M IANN	Itl F
									lft 'll				CF IA CF			ID Pl ID	IO N
m	IL								CF P|			Ch Pl		CI OIN IO	OI M	Ch M IO
CI
	IO'0c 4	w	LA ul IA CO	M m M OIO PI		O CO	OI CO O	ID m	LA Pl CI IA	P\CI	M OI CI O	CIO LA	IFI LA Pl lfl IFI	CI CI lfl	m CI m IO	O CO OI Ul	IA N	LA Ch F LA
0 CI C~C IL IU	H FC 0	W	CO	OI Ul IO MO N	Ch	Pl 'lF LA	M 0 LAO 'lF N	ID NN	IA M ID N	N M M m		O! CO IA	P OI Ul				CO O
I
			N 'lF						IA PI				M			m
'Ccw			O CO						LA		m		Pl			M		M
O	4
Z
Clew
5	IL
O
	OIZcw II		O ID	'IO OI 'ID CI N	Ch	M IAN N	N N IO N Pl N	FCl	O IA ID OI CI	ID CO M		Ch IXl FM	CO M CFI			FF CO M OI	LD IA Ch IA
			M
		OZ

					Group	Group	Charity	Charity
					2022	2021 f	2022 f	2021 f
Fixed Assets
Tangible Assets				9	7,041,530	7,092,830	7,041,530	7,092,830
Intangible Assets				10	5,000	5,000
Investments in Subsidiaries							5,000	5,000
Investments				12	753,904	891,723	753,904	891,723
					7800434	7989553	7800434	7989553
Current Assets
Debtors				13	4'l2,805	241,256	442,805	241,256
Cash at Bank and in		Hand			710,119	462,352	709,536	337,499
					1152924	703608	1 152 341	578 755
Creditors: Amounts		Falling Due
Within One Year				14	(2,027,760)	(840,894)	(2,027,760)	(840,894)
Net Current Assets					874 836	137286	875'l19	262 139
Total Assets Less	Current Liabilities				6,925,598	7,852,267	6,925,015	7,727,414
Creditors: Amounts		Falling Due After	than
One Year				15	(2,000,807)	(1,961,549)	(2,000,807)	(1,961,549)
					4924 791	5890718	4924 208	5765 865
Income Funds
Restricted Funds				17	137,045	171,157	137,045	171,157
Designated Funds				18
General Unrestricted		Funds		19	4,784,954	5,654,634	4,787,163	5,594,708
TotaICharity Funds					4921 999	5 825 791	4 924 208	5 765 865
Minority Internet	Share ofSubsidiary		Net
Assets				16	2,792	64,927
TotalFunds					4 924 791	5890718	4 924 208	5 765 865

THE GRIFFIN INSTITUTE INCORPORATED	THE GRIFFIN INSTITUTE INCORPORATED	THE GRIFFIN INSTITUTE INCORPORATED	THE GRIFFIN INSTITUTE INCORPORATED
CONSOLIDATED		STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31MARCH 2022
			2022	2021
			E	F.
Cash Flows from Operating Activities
Cash Generated from/(Used by) Operations			775,121	177,738
Investing Activities
Purchase ofTangible Fixed Assets			(461,878)	(455,180)
Proceeds on Disposal ofTangible Fixed Assets				2,650
Intangible Additions
Interest Received			1,191
Net Cash used in Investing Activities			460687	452 530
Financing Activities
Loans Received/(Repaid)			(66,667)	500,000
Net Cash Generated from Financing	Activities		66667	500000
Net Increase in Cash and Cash Equivalents			247,767	225,208
Cash and Cash Equivalents at Beginning ofYear			462,352	237,144
Cash and Cash Equivalents at End ofYear			710119	462 352
Cash Generated from Operations
Deficit for the Year			(965,927)	(1,195,717)
Adjustments for:
Investment Income			(1,191)
Fair Value Gains and Losses on Investments			137,819	122,500
Depreciation and Impairment ofTangible	Activities		513,178	425,065
Loss on Disposal ofTangible Fixed Assets				26,166
Minority Interest Share of Subsidiary Net	Income/Loss			(127,500)
Movement in Working Capital:
Decrease/(Increase) in Debtors			(201,5'i9)	165,182
Increase/(Decrease) in Creditors			1,292,791	762,042
Cash Generated from Operations			775 121	177738
			21

				Unrestricted	Unrestricted	Designated	Restricted
3	Donations		ErGrants	Funds		Funds	Funds	Total
								2022
						E	E	E
	Donations		S.Gifts
	Voluntary	Donations		14,655			21,912	36,567
	Fundraising		Events	46,651				46,651
				61,306			21~912	83~218
	Grants Analysis
	Wolfson Unit						1,700	1,700
	Paste						13,000	13,000
	Wound Healing						13,800	13,800
	Liver and Bowel						30,000	30,000
							58,500	58,500
	Donations	and Gifts		61,306			21,912	83,218
	Grants						58,500	58,500
				61,306			80,412	141,718
				Unrestricted		Designated	Restricted	Total
				Funds		Funds	Funds	2021
	Donations		8 GIRs
	Voluntary	Donations		14,705			4,950	19,655
	Fundraising		Events	3,160				3,160
				17,865			'l,950	22,815
	Grants Analysis
	RAFT						97,355	97,355
	John Fisher		Foundation				25,000	25,000
	James Tudor Foundation						13,000	13,000
	Kirby Laing		Foundation				10,000	10,000
	IMET 2000						7,500	7,500
	Other Grants				700		16,610	17,310
					700		169,465	170,165
	Donations	and Gifts		17,865			4,950	22,815
	Grants				700		169,465	170,165
				18,565			174,415	192,980

Charitable Activities Income	Charitable Activities Income	Charitable Activities Income	Unrestricted	Designated	Restricted	Total
			Funds	Funds	Funds	2022
			E		E	E
Training Courses and
Facilities			1,134,928			1,134,928
Contract Research Projects			883,353			883,353
Other Income			18,412			18,412
			2,036,693			2,036,693
			Unrestricted	Designated	Restricted	Total
			Funds	Funds	Funds	2021
			E		E
Training Courses and
Facilities			641,727			641,727
Contract Research Projects			522,041			522,041
Other Income			45,565			45,565
			1,209,333			1,209,333
Charitable	Activities Expenditure
				2022	2021
				E	E
Direct Costs				2,145,052	1,865,694
Staff Costs				990,851	1,077,043
Support and	Governance	Costs (note	6)	75,132	52,637
				321I 035	2~995(374
Analysis by fund
Unrestricted	Funds			3,096,510	2,450,335
Designated	Funds				349,454
Restricted Funds				114,525	195,585
				3,211,035	2,995,374

				2022	2021
6	Support and Governance		Costs	E
	Audit Fees			36,596	18,381
	Legal and Professional			38,536	34,256
				75,132	52,637
7	Net income/(expenditure)		for the year
				2022	2021
				f	f
	This is stated after charging:
	Depreciation			513,178	425I065
	Lease rental payments	for	premises	513,305	513,305
	Auditor' Remuneration,
	Prior Year			21,442
	Current Year			15,155	18,381
	Non-Audit Services

		2022	2021
		No.	No.
	E60,001 - E70,000
	E70,001 - E80,000
Tangible Fixed
Assets
Group and Charity			Fixtures,
	Leasehold	Plant 8	Fittings	Er
	Improvements	Machinery	Equipment		Total
	E	F.	E
Cost
At 1 April 2021	8,949,693	1,571,970			10,521,663
Additions	414,958	46,920			461,878
Disposals
Transfers
At 31March 2022	9,364,651	1,618,890			10,983,541
Depreciation
At 1 April 2021	2,035,712	1,393,121			3,428,833
Charge for the year	460,355	52,823			513,178
Disposals
At 31March 2022	2,496,067	1,445,9'l4			3,942,011
Net BookValue
At 31March 2022	6,868,584	172,946			7,041,530
At 31March 2021	6,913,981	178,849			7,092,830

		2022	2021
		E	E
Profit and loss
Turnover
Expenditure		(124,270)	(125,147)
Loss		(124,270)	(125,147)
Balance sheet
Intangible Fixed	Assets	5,000	5,000
Current Assets		583	124,853
Total Net Assets		5,583	129,853
Called up Share	Capital - Griffin
Paste Research	Ltd	100	100
Share Premium		254,900	254,900
Profit and Loss		(249,417)	(125,147)
		5,583	129,853
The Charity's share of		2,792	64,927
Net Assets is

12	Fixed Asset Investments	Fixed Asset Investments	Fixed Asset Investments							Unlisted
										Investments	Total
										E	E
	Cost or valuation
	At 1April 2021									891,723	891,723
	Revaluations									(137,819)	(137,819)
	At 31 March 2022									753,904	753,904
	Carrying amount
	At 31 March 2021									891,723	891,723
	At 31 March 2022									753,904	753,904
										2022	2021
										E	E
	Investments at Fair	Value Comprise:
	Videregen Ltd									726,681	864,500
	Proterris Inc									27,223	27,223
										753,904	891,723
	Details ofthe Institute's		unlisted		investments		at	31 March 2022 are as
	follows:
	Name of Undertaking	88	Nature of business							Class ofshares	% Held
	Location
	Videregen Ltd - UK		Development			of	Stem Cell			Ordinary
			Organ Regeneration							Shares
			medicine
	Proterris Inc - USA		Clinical Development					of		Common Stock	0.47%
			Therapeutic			Applications
As disclosed in note 2,the		valuation		of	unlisted	investments			is	based on information	such as share
price applying to a recent		fundraising		and a recently			issued IRS409A valuation certificate. The most
recent	valuations for the above		holdings		were	provided		directly		by Videregen Ltd and	Proterris Inc.
13	Debtors									2022	2021
	Trade Debtors									362,495	203,270
	Prepayments and Accrued Income									80 310	31886
										442 805	241 256

		Group	Group	Charity	Charity	Charity
		2022	2021		2022	2021
		E	E
Trade creditors		494,948	234,885		494,948	234,885
CBILS Loan	(note	100,000	75,000		100,000	75,000
15)
Other creditors		367,331	268,443		367J331	268~443
Accruals It
Deferred Income		1~065~481	262 566		1065481	262 566
		2,027,760	840,894		2,027,760	840,894
Creditors:	Amounts	Falling Due After	More Than	One Year
				Group		Group
				2022		2021
Trade creditors (see below)				1,667,474		1,390,599
CBILS Loan	(see below)			333	333	425,000
Other creditors						145,950
				2,000,807		1,961,549

payable	by 3uly 2026.
16	Minority Interest	Share ofSubsidiary	Net Assets
				Group Total
				E
	Cost or valuation
	At 31 March 2021			64,927
	Share capital issued
	Share premium issued
	Net income/(loss)	for the period		(62,135)
	At 31March 2022			2,792

				THE GRIFFIN INSTITUTE	THE GRIFFIN INSTITUTE	THE GRIFFIN INSTITUTE
				NOTES TO THE FINANCIAL		STATEMENTS
				FOR THE YEAR ENDED 31		MARCH	2022
17	Restricted	Funds		Balance					Balance
				At 1April					At31March
				2021		Expenditure		Transfers	2022
							E	E	E
Wolfson	Unit			850	1,700		(2,550)
Dr LTurner-Stokes				46,519	177912		(11,635)		52,796
Tropical	Diseases Prevention
Unit
Course	administration	service		2,044					2,044
Mr Lamont OBSand		Gynae
Research Funds				21,727					21,727
Dr Mouyis				3,967					3,967
Wound	I-lealing Project			29,871	11,800		(31,211)		10,460
				61,229			(64,753)		(3,524)
Bowel					30,000		(2,974)		27,026
Capital	Equipment			4 950 171157	19000 80412	1402 ~124525			22 548 137044
Restricted Funds
				Balance at					Balance
				1April					At 31
				2020	Income	Expenditure		Transfers	March
									2021
Wolfson	Unit			88,207	8,060		(95,417)		850
Dr LTurner-Stokes				46,519					46,519
Tropical	Diseases Prevention		Unit	6,999			(6,999)
Course	administration	service		3,796			(1,752)		2,044
Mr Lamont OBSand		Gynae
Research Funds				21,727					21,727
Dr Mouyis				3,967					3,967
Wound	Healing Project			23,225	64,050		(30,767)	(26,637)	29,871
				30,918	97,355		(60,650)	(6,394)	61,229
Capital	Equipment				4 950				4 950
				225,358	174,415		(195,585)	(33,031)	171,157

				THE GRIFFIN INSTITUTE	THE GRIFFIN INSTITUTE	THE GRIFFIN INSTITUTE
				NOTES TO THE FINANCIAL STATEMENTS
				FOR THE YEAR ENDED 31MARCH			2022
18	Designated		Funds
				Balance at					Balance at
				1Apr	Incoming	Resources			31Mar
Group &Charity				2021	Resources f	Expended		Transfers f	2022 f
Leasehold		Improvements
				Balance at					Balance at
				1April	Incoming	Resources			31Mar
Group 8		Charity		2020 E	Resources f	Expended f		Transfers f	2021
Leasehold		Improvements		6,639,626			(349,454)	(6,290,172)
				6,639,626			(349,454)	(6,290,172)
19	Unrestricted		Funds
				Balance					Balance at
				at 1April	Incoming		Resources		31Mar
				2021	Resources		Expended	Transfers	2022
Group
General	Unrestricted		Funds	5,654,634	2,324,621		(3,194,301)		4,784,954
Minority	Interest Share of Sub Net
Income				64 927			62 135		2 792
				5 719561	2 324 621		3256436		4 787 746
				Balance					Balance at
				at 1Apr	Incoming		Resources		31Mar
				2020 f	Resources f		Expended f	Transfers f	2021 f
General	Unrestricted		Funds	221,451	1,531,444		(2,421,464)	6,323,203	5,654,634
Minority Income		Interest Share of Sub Net				~62 573		127 5DD	64 927
				221 451	1 531444	~2484 937		6 45D 7D3	5719561
				Balance					Balance at
				at 1April	Incoming		Resources		31Mar
Charity				2021	Resources f		Expended f	Transfers f	2022 f
General		Unrestricted	Funds	5,594,708	2,324,621		(371327166)		4,787,163
				5,594,708	2,324,621		(3,132,166)		4,787,163
				Balance					Balance at
				at 1April	Incoming		Resovr'ces		31Mar
				2020 f	Resources f		Expended f	Transfers	2021
General		Unrestricted	Funds	221,451	1,533,944		(2,483,890)	6,323,203	5,594,708
				221,451	1,533,944		(2,483,890)	6,323,203	5,594,708

20	Analysis ofNet Assets Betw	een Funds
	Group	Unrestricted	Designated	Restricted
		funds	Funds	Funds	Total
		E		E	E
Fund balances held at 31 March 22 are
represented	by:
Tangible assets		7,041,530			7,041,530
Intangible	assets	5,000			5,000
Investments		753,904			753,904
Current assets/(liabilities)		(1,011,880)		137,044	(874,836)
Long term	Liabilities	(2,000,807)			(2,000,807)
		4,787,747		137,044	4,924,791
Group		Unrestricted	Designated	Restricted
		funds	Funds	Funds	Total
			E	E
Fund balances held at 31 March 21are
represented	by:
Tangible assets		7,092,830			7,092,830
Intangible	assets	5,000			5,000
Investments		891,723			891,723
Current assets/(liabilities)		(308,443)		171,157	(137,286)
Long term	Liabilities	19615'l9			1961549
		5,719,561		171,157	5,890,718

	2022	2021
	f.
Within one year	256,653	608,557
Between One and Two Years	513,305	690,096
Between Two and Five Years		698,028
	769,958	1,996,681