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2023-03-31-accounts

Honorary President President John Griffin
Trustees Professo: Robin Kennedy MS FRCS —Chair
Mr Bruce Mauleverer KC FCIArb MA —Vice Chair
Ms Kate Forster Chartered FCIPD
Professor Anthony Goldstone CBEFRCP
Professor Gavin Jell MSc PhD PG Cert Ed
Mr Mark (Bertie) Leigh FRCA and FRCPCH FRCOG ad eundem
Mr Hugo Robinson MA FCA —Treasurer
Company number 03445616
Charity number 1129348
Principal address and Northwick
Park and		 St Mark's Hospitals
registered office Y Block
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

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Group Group Charity Charity
2023 2022 2023 2022
E 6
Fixed Assets
Tangible Assets 9 6,617,520 7,041,530 6,617,520 7,041,530
Intangible
Assets		 10 5,000 5,000
Investments
in Subsidiaries		 5,000 5,000
Investments 12 753,904 753,904 753,904 753,904
7376424 7800434 7376424 7800434
Cununt Assets
Debtors 13 392,523 442,805 392,523 442,805
Cash at Bank and in Hand 396,763 710,119 396,451 709,536
789286 1 152924 788 974 1 152341
Creditors: Amounts Falling Due
Within One Year 14 (2,127,746) (2,027,760) (2,127,745) (2,027,760)
Net Current Assets 1338460 874836 I 338771 875'i19
Total Assets Less Current Uabilities 6,037,964 6,925,598 6,046,265 6,925,015
Creditors: Amounts Falling Due After than
One Year 15 (2,350,655) (2,000,807) (2,350,655) (2,000,807)
Net Assets 3687309 4 924 791 3686997 4 924 208
Income Funds
Restricted
Funds		 17 152,127 137,045 152,128 137,045
Designated
Funds		 18
General
Unrestricted		 Funds 19 3,532,525 4,784,954 3,534,868 4,787,163
Total Charity Funds 3684 652 4921999 3686996 4924 208
Minority Interest Share ofSubsidiary Net
Assets 16 2,657 2,792
Total Funds 3687309 4 924 791 3686996 4924208
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 32 MARCH 2022
2023
E		 2022I
Cash Flows from Operating
Activities
Cash Generated
from/(Used
by) Operations		 (177,454) 775,121
Investing
Activities
Purchase ofTangible
Fixed Assets		 (36,000) (461,878)
Proceeds on Disposal ofTangible
Fixed Assets
Intangible
Additions
Interest Received 98 1,191
Net Cash used in Investing
Activities		 35902 460 687
Financing
Activities
Loans Received/(Repaid) (100,000) (66,667)
Net Cash Generated
from Financing Activities		 100000 66667
Net Increase in Cash and Cash Equivalents (313,356) 247,767
Cash and Cash Equivalents
at Beginning ofYear		 710,119 462,352
Cash and Cash Equivalents
at End of		 Year 396763 710119
Cash Generated
from Operations
Deficit for the Year (1,237,482) (965,927)
Adjustments
for:
Investment
Income		 (98) (1,191)
Fair Value Gains and Losses on Investments 137,819
Depreciation
and Impairment
ofTangible		 Activities 460,010 513,178
Loss on Disposal ofTangible
Fixed Assets
Minority Interest Share of Subsidiary
Net Income/Loss
Movement
in Working Capital:
Decrease/(Increase)
in Debtors		 50,282 (201,549)
Increase/(Decrease)
in Creditors		 549,832 1,292,791
Cash Generated
from Operations		 177454 775 121

Unrestricted Designated Restricted
Donations 5.Grants Funds Funds Funds Total 2023
Donations ft Gifts
Voluntary Donations 114,631 114,631
Fundraising Events 9,416 9,416
124,047 124,047
Grants Analysis
Wolfsen
Unit
Paste
Wound
Healing
Liver and Bowel 15,000 15,000
Raft 89,958 89,958
104,958 104,958
Donations and Gifts 124,047 124,047
Grants 104,958 104,958
124,047 104'958 229I005
Unrestricted Designated Restricted Total
Funds Funds Funds 2022
Donations h 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 80I412 141I718

Charitable
Activities Income		 Charitable
Activities Income		 Unrestricted Designated Restricted Total
Funds Funds Funds 2023
f f
Training Courses and
Facilities 1,748,783 1,748,783
Contract Research Projects 596,878 596,878
Other Income
2,345,661 2,345,661
Unrestricted Designated Restricted Total
Funds Funds Funds 2022
f
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

2023 2022
f f
Direct Costs 2,833,351 2,145,052
Staff Costs 1,195,961 990,851
Support and Governance Costs (note 6) 43,887 75,132
4,073,199 3,211,035
Analysis by fund
Unrestricted Funds 3,983,324 3,096,510
Designated Funds
Restricted Funds 89,875 114,525
4,073,199 3,211,035

2023 2022
6 Support and Governance Costs E F.
Audit Fees 17,425 36,596
Legal and Professional 26,462 38,536
43,887 75,132
7 Net income/(expenditure) forthe year
2023 2022
E E
This isstated after charging:
Depreciation 460,010 513,178
Lease rental payments for premises
Auditors'
Remuneration,
Prior Year 12,943
Current Year 17,425 23,654

2023 2022
No. No.
9 Tangible Fixed
Assets
Group and Charity Flxtllres/
Leasehold Plant la Fittings L
Improvements Machinery Equipment Total
E E
Cost
At 1April 2022 9,364,651 1,618,889 10,983,540
Additions 36,000 36,000
Disposals
Transfers
At 31 March 2023 9,364,651 1,654,889 11,019,540
Depreciation
At 1 April 2022 2,496,068 1,445,943 3,942,011
Charge for the year 408,185 51,824 460,009
Disposals
At 31 March 2023 2,904,253 1,497,767 4,402,020
Net BookValue
At 31 March 2023 6,460,398 157,122 6,617,520
At 31 March 2022 6,868,583 172,946 7,041,529

Cost
At April 2022 5,000
Additions
At March 2023 5,000
The intangibles relate to patents as part of Griffin Paste Research.

2023 2022
E E
Profit and loss
Turnover
Expenditure (271) (124,270)
Loss (271) (124,270)
Balance sheet
Intangible
Fixed		 Assets 5,000 5,000
Current Assets 312 583
Total Net Assets 5,312 5,583
Called up Share Capital —Griffin
Paste Research Ltd 100 100
Share Premium 254,900 254,900
Profit and Loss (249,688) (249,417)
5,312 5,583
The Charity's
share of
Net Assets is 2657 2791

12 Fixed Asset Investments Asset Investments Asset Investments Unlisted Unlisted
Investments
f		 Totalf
Cost or valuation
At I April 2022 753,904 753,904
Revaluations
At 31 March 2023 753,904 753,904
Carrying amount
At 31 March 2022 753,904 753,904
At 31 March 2023 753,904 753,904
2023 2022
f
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 31March 2023are as
follows:
Name of Undertaking 8 Nature of business Class ofshares % Held
Location
Videregen Ltd - UK Development of Stem Cell Ordinary 13.30%
Organ Regeneration Shares
medicine
Proterris Inc - USA Clinical Development of Common
Stock		 0.47%
Therapeutic Applications
aluati ons
for the abo		 ve holdings
were provided
directly		 by Videregen
Ltd and Proterris		 Inc.
13 Debtors 2023 2022
Trade Debtors 336,855 362,495
Prepayments and Accrued Income 55 668 80310
392 523 442 805

Group Group Charity Charity 2022
2023 2022 2023
E E
Trade creditors 492,537 494,948 492,537 494,948
CBILS Loan (note 100,000 100,000 100,000 100,000
15)
Other creditors 283,885 367,331 283,885 367,331
Accruals ik
Deferred Income* 1,251,324 1,065,481 1,251,324 1,065,481
2,127,746 2,027,760 2I127,746 2,027,760

Credi tors:
Amounts
Falling Due After		 More Than One Year
Group Group
2023 2022
Trade creditors (see below) 2,117,322 1,667,474
CBILS Loan (see below) 233 333 333 333
2,350,655 2,000,807
y July 2 026.
16 Minority Interest Share ofSubsidiary Net Assets
Group Total
E
Cost or valuation
At 31March 2021 2I792
Share capital issued
Share premium
issued
Net income/(loss) for the period (135)
At 31 March 2022 2,657
THE GRIFFIN INSTITUTE THE GRIFFIN INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31MARCH 2023
17 Restricted Funds Balance Balance
At 1April At 31March
2022 Transfers 2023
E E F.
Dr LTurner-Stokes 52,796 (23,458) 29,338
Tropical Diseases Prevention
Unit
iCourse administration service 2,044 2,044
illlr Lamont OBS and Gynae
lResearch Funds 21,727 (3,798) 17,929
Dr Mouyis 3,967 3,967
Wound Healing Project 10,460 10,460
iRAFT (3,524) 89,958 (62,619) 23,815
Bowel 27,026 15,000 42,026
spital Equipment 22 548 22 548
137044 104958 89875 152 127
Restricted
Funds
Balance Balance
at At 31
1April Income Expenditure Transfers March
2021 2022
E E
Wolfson Unit 850 1,700 (2,550)
Dr LTurner-Stokes 46,519 17,912 (11,635) 52,797
Course administration service 2,044 2,044
Mr Lamont OBS and Gynae 21,727 21,727
Research Funds
Dr Mouyis 3,967 3,967
Wound Healing 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 95D 19 DDD ~1402 22 548
171157 807412 (1147525) 137,045
35

Balance at Balance at
1Apr Incoming Resources 31Mar
Group & Charity 2022 Resources Expended
f		 Transfers
f		 2023
f
Leasehold Improvements
Balance at Balance at
1April Incoming Resources 31Mar
Group & Charity 2021
f		 Resources
f		 Expended
F.		 Transfers 2022
Leasehold Improvements
19 Unrestricted
Funds
Balance Balance at
at 1April Incoming Resources 31Mar
2022 Resources Expended Transfers 2023
Group f
General Unrestricted Funds 4,784,954 2,740,106 (3,992,535) 3,532,525
Minority Interest Share of Sub 2,792 (135) 2,657
Net Income
4 787 746 2 740 1D6 3992670 3535 182
Balance Balance at
atlApr Incoming Resources 31Mar
2021 Resources
f		 Expended
f		 Transfers 2022
f
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 1April Incoming Resources 31Mar
Charity
General		 Unrestricted Funds 2022
f
4 787 163		 Resources
f
2 74D 1D6		 Expended
~3992400		 Transfers
F.		 2023
f
3534 868
4 787 163 2 740 1D6 3992400 3534 868
Balance Balance at
at 1April Incoming Resources 31Mar
2021
f		 Resources
f		 Expended
f		 Transfers
f		 2022
f
General Unrestricted Funds 5,594,708 2,324,621 (3,132,166) 4,787,163
5,594,708 2,324,621 (3,132,166) 4,787,163

20
Analysis ofNet Assets Betw		 een Funds
Group Unrestricb. d Designated Restricted
funds Funds Funds Total
Fund balances
held at 31 March 23are
represented
by:
Tangible assets 6,617,520 6,617,520
Intangible
assets		 5,000 5,000
Investments 753,904 753,904
Current assets/(liabilities) (1,490,587) 152,128 (1,338,459)
Long term Liabilities (2,350,655) (2,350,655)
3,535,182 152,128 3,687,310
Group Unrestricted Designated Restricb:d
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