The Griffin Institute Owrlty re8lstratw)n no.. 1129348 Cornpany reBlstrath)n No: 03445616 NORTHWICK PARK INSTITUTE FOR MEDICAL RESEARCH (Trading as THE GRIFFIN INSTITUTE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE GRIFFIN INSTITUTE CONTENTS Legal and Admlnistr¥tive Infiwmatjon Tru8t¢eg R¢port 3-16 Independent Audltorfs R•port 17-19 ststemgnl of Fln•nclal Aclmlles 20-21 8alanca sht 22 Cash Flow Slalomort 23 Notes to th• financlal 8tat8m•nts 2441
THE GRIFFIN INSTITUTE LEGAL AND ADMINISTRATIVE INFORMATION Honorary Pr•sid•nt Jhn Griffin Tru8t•es Richard AlZa-H¥keS PG Dip OL (Oxonl. FCIPD, FRSA- Chair Hugo Robinson MA, FcA-"fi¢asu[ Deborah Spencer BSC. Msc, EMBA, PhD Company number 03445616 Chaflty numb•r 1129348 Princlpal address and roglsterod offlco Northwd( Park and Sl Mwk'8 Hospitali Y Block Warford Road Harrow HA1 3UJ Audftor Knox Cropp8r LLP 65ffj8 Leadenhall Street LOr¢)n EC3A ZID 8ank•rn Lbyd8 Bank PLC 2288 slatv Road H8rrow HA12E8 8ollcltor• Bates Wdls 10 Queen Street Pkne London EC4R ":8E
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 OUR VISION AND MISSION The Griffin Instttute for Supiul Training & Rèsearch tsxin8 tr nex1 generalK of surgn$ 8nd ProVe$ a hub lof conducting ph)rwing research to benefft pab'enls. the NHS, and the wKler heatthcare cvmmunily by". ProvKling bespoke training in robot surgery and other advarKed minimally invasive #urgèry (MISI techniques.. l¥aroscopy, èndoseopy, and microsuigery. Supporting translational and in1VatNe researth that a0*ne patient health. Delivwing hyh44ualty and novel pInal stud. We invest in the fLrture by givirKJ patients h1th1O1. •of•r oulcomM and tho NHS by und•rplnnlng advancos In h•alth¢ar•. Wè alm to d•llv•r our mF881on through: Dollverlng Hlgh Quallty Surylcal and Cllnlcal Educatlon Advanclng rns•arch on tls¥ue •ngln•èring •nd r•goner•tlvo modlclne •ppro•chg8 Croatlng a Prn¢llnS¢•1 R•Jgarch Hub and Centre of Exeollence Provlding advanced training lo surgeons enabling Ihem lo rema at the forefront of surgical skills development Delivering Human Cadaver training lo complement our leachlng SQUi¢o8 (In vivolguFgtcal •Imulation Otr ImdeI Foremost Robot and Minlmalty Invaslve Surgery training c•rrtre that pIonte8 adVaed tranlnp and conlribLrtes10 and ¢r¢dit"o1ft by workirKJ with Iraining b¢1$. A preclinic4 lacilty and scientffK surg1 exp8th.se Cu8tomised In vitro •natys15 to complemert preclinical experim8rtatlrJn Creative coIIBborgtion8 beeen AcadenThc6. NHS Ttusts, SME and commereial p8rtn8rs Devgbplr¥J a novel wound.h•atlrvJ ptyNol Crealing funclional ti8sueslorgans Improving the qualty of lrfe for suffeTers of 9uI disorders lin P8rtnership wllh St Mark'$ Hospital Foundalwl.
THE GRIFFIN INSTITLifE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Summary of the year Th8 yw 2023r2024 1clUded with The Giiffin IrAtitule feelin9 OPtini8tic about the fLrtwe. A Second round of redUran¢ in Awust 2023 ¢tribUted lo fvrther cost 8aving• Thè nurtjer of surgeons attendlng cwr889 ro8e to 945 108& 27 SpalS. Indirj 599 who fc¢used on robotic surgery We expanded our wovision 41 Mbat suryery Vrfe maintained our status as the onty or9•t¥ In th• County offering training in mkrosurg8ry Our research continued in the areas of wound healing al the devdowent of functlorwl ti88ue in Ihe18boratory We renowed OUT Hmn Tw$AttKty Htyne Offe Ll¢ens We eng8ged with other highgrofilo training and reSeh orgwwtions lo explgrfj collaboralfvjns and partnership8 We ostabli$hèd Strong eonn8ctK>ns wfth bcal M8ntsrs of Parflamant who vlsited our facilty and wfill be making repsentatIOn lo the Department of Heatth & Sockil Care ¢)n our beha domi$ our IT sy$t¢ff ond 8w>porL Switching lo a provilw off8r8 ongol Support al a reasonable cost and delprnrs intemet services at a more lavourable rate We have reviewed our Policie$ and Prtt8du to •urn théy arè cb••r. comprehensiv•. and accessbk lo all staff mell We developed Tems of Reference for various c))mmitlees We Conducted a Str8tegyAway Day to dis¢uss the iyg•nL8atDn's str•t•gic direction and our next steps We updated our logo str8plino to rn8d"The Griffin Institute frJr sury11 Trainlng & R6¥earch' lo better convey the scope of our work Arthough the unexpected failure of IheAir Handling Units IAHUS) resulteil in the postponomont or cancelLqtion of mary training courses and muth of our pracliniul wY)rk, we were able lo recoffffience somg Irainiry courses arKI preclinul r8Soarch using surgr41 simulations, human cadavers, and other models. Work will start shortly to oddress the neSsary facilrty repairs, wrth ¢ompletK)n antripated in April.
THE GRIFFIN INSTITLrrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 THE GRIFFIN INSTrruTE'S EXPERIENCE & FACIUTIES Surgical Training Slgnlflcant Exp+rien. UK Hom8 Office Licenc88 & Human fmue Authcrfty licenced facilities Trained 8naes1hetts, lechnKians, and surgeon5 Subslanlid experienc4 in thnl supwt for robL*, laparos¢opi¢, and Mro$cop surgery plus CT im&3ing ststMl.ThArt Facllltl88: Ret01 Surgery Training Theatre Laparoscopic Surgery Training Theatre 2 x General Purpose Theatres wrth prep and exit rooffA Im&Jing Theatre ICT scanner and mobile CT am) A dNers6 range of 8urgieal lfabning nde18, including in human ¢adaveit. and 9eneral surggry simulati¢)n8 We arn the onty training OrganOtbtin in th8 UK that offer8 all these training models Research & Development and Pr•cllnlcal Slgnlflcant Expgrlonc•: In the L9sI 6 years to date we hove urwJ¢rtak¢n 18 research stLKlie8 A skilled learn cl re8earchers stst•-Thfj-Art Facllltles: MicrObl09Y Labat¢)ry Ceu Culture and Tissue Engineering Labry ImmunohlslcKQM1Stry Labof8tory Hi$tol¢>ay Laboratory Biomalerigl Loboratw.
THE GRIFFIN INSfLrrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 TRAINING Despite the dIsrUpOn of our trainlng aclivttl86 due to air handling Issues. we delrvered $urgical training course8 to 945 trainees. Further detsils of the training a¢twities arg prowded b6lch¥. Re-81ructUrj and ddivered 8n upd8ted mKrosurgery Gourse with PLrtNe feedback both the Fk)me oifKe and trainee8 Expanded robotic tralning to indude the Robot Dthng Licer. a gener robotic 8ki118 course auned at senior surgeon5 and $urgul fellryws Expanded the &adern programme wth the ctstion of a PhD for one Fellry4Y and approval lo appoint h¥0 new PhD Felkw The educational research team continued lo delnfftr high Xadern output tncludlry a large number of publi110n5 and pr8sentatK>nB With top pres•ntatn 8wor(18 at international confererKas Held several 81r8tegic meetings with key 8l&kehokders and acbjemk partneTs lo support the ¥u$tsinabilty and Kal8bility of tsjr trainlng xtivlt8, indudirwj the Royal Colb29 of Surg8ons. Irnp8rial Coll8g8. and Stryker. Type of Course Number of Tralnees 5f19 81 141 73 51 Endoscopy Laparo Number of Trainees Robotjc v En005copy • &por05copy MKr¢>sur8ery R Other &IrKl
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Partners Surglcal Trninlng Contr•¢ts: East Suffolk & North Essex NHS FourKlation Tn1 {ESNEFT) Intuthive SurgThl Medtron Otympus Medul Surylcal Tralnlng Partners.. ASsc¢ial of Coloprc¢tthgy of Great Britain and Ireland A88coatn of Lapar03copic Surgeons of Gfeal Britain & Ireland (ALSGBI) British & Irish As810110n of Robot Gynaecobgical Surgwi$ {BIARGS) The Dukes, Club (for cobrectal $urgKal traineé8> Elhlcc Health Education EngLgnd KLS Martin Group Lawmed Lmdon North Wesl Univer5ty Healthre Trust (LNWUHT) The Royol College of SuffJeons of England UnNer8ty Col*e Lond IUCL)
THE GRIFFIN INSTrriJrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 RESEARCH & DEVELOPMENT Research Inilialives 1. Innovatlvo Small RKon8lnKtk•n.' This project hcuses on p#)ne8riffj novel approaches in bowel rl$trudIon, Soeking to address compbx clinul no•Js in ga8tr0inlesbnal surgery. Under the exF•rt mentorship of Or Sinx)n Gabe from Sl Mark's Hosprtal, our research aims to explore novel m8theAs and malerHl¥ foi effectwe wn811 bowel rKonstruct¥)n. U"m91ety inwroving outcome8 in indNiduals facing s&Jnrfnt tvel damagg or ksS$ 2. Plonwrlng 3D Burn Mod•l D•v•lopm•nt: This project marks a 5wnfficant strKJe in bum cwe fesearth. It aims to cr8at8 a novol, more effeGtive 3D model for bum treatment. enh8nclng th8 currert wthtsJok)gies in burn care 3. COmpl•t Past• Wound Heallng Inltlatlv&'. The Paste Wound Healing InittiVe has rexhed key mikntones in #s research ph86e. tsrgeling athnced methojs lo prrynole li88ue regeneration and wound he81ing. However. we are currentty facing financkql challenges that limrt our abilty lo c¢%npte the RNA uencing and proleomK8 studies essential for the Inr¢tr¥8'5 prc¥3f888lon. Wrth as8i8tsnce from the Fundraisir¥ ofrttr, we have submitted applutKJns to mullipk foundots'ons to 8tture the funding needed lo finalise this woth. These cnticd 8nalyges wll allcw u8 to refine our gpproach and enhance our und¢rst•nding ol the molecu1 m¢chgnismB invofved in und hoaling, ultim8t8ty ¢1)ntributing vgluabb in¥yht$ to the fkl. Educ3tionil Partner%hip% 2nd AthieveTr?nt8 CollaboratFon whh Unlv•rnlty Coll•q• London {UCL).' Successfulty SuperSed three Msc studen18 frC UCL'S Ne){ for Mumimodal Research {NRM) eourne, resurting in iwo distinctn$ and one merrt. a lestam8nl lo the team'$ Cnmrtrnent lo fostering academ eXcelnCe The tewn prcp)sed three inall¥e project concepts for Students, dem¢)nslrating our ongoing cc4rmrtment to Contributing lo résaorch and fostering new talent. Collal)oratk)n wllh The Frnnch Crkk In•tityt• Currenly, we are hostirwj Ihrg• Pho ¥tud8nl$ frtyn Th• Cri¢k IlitU18 for thwr research plxement. Awards and Conforences or d our talerrted M& students received the Surgical Research s¢¢tY ISRSI Young lnvestpa1orAA at thoAnnual Meeting of the SRS held al Sl Calharina* c1 in CambrKl9e Our team had a strcfflg prw&erKe at the Twue and Cel ETrJin¢ering SOC {TCES) Conferen at the UnNWSty of Manchester A lomwr Msc stent arKI Researth Assistsnl attgndod Ihe 7th TERMIS ts$u8 Engineering & Regenerative medic1r) Iwknld thgre$5 in Seattle, Kts8hinOon. She was honoured with a travel award. Our Prciecl Coordin8tor dNed a ItUre aiy)ul The Griifin Institute lo the Bpjmedvl MaterlalB s"enCe Cohcrt at the Univwsty d Blmingh.
THE GRIFFIN INSTITufE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Publications 1. Swadkar, P.. Lali. F.. & Jayasing. S. N. {224). B v)-jetted human adipo8&d8rived 8tem cells remain viable. Nexl M810ri8ls. 2. doi'.10.1016t nxmate.2024.100108 2. Pfry8, S., Boyd, A S.. Torres-Baulta, A., Sawadkar. P.. Mosahebi, A., Narayan Rath, S., & Kalaskar, D. M. (20241. Acceleting vascular graft devebpment.. Adipo8848rivad stam calls and PODS@ (Potyhedfin delrlery system Mth tissue-specific growth tactert)- Enhanced 3D bprintIng for funclional blood vessels. Ch•mlcal Englngerlng Joumal. htt s'.Ildoi.or 10.10161 24.1 3. Patel, K., Keskin Erdogan, I, Sawadkar. P., Alk38, N. S.. Shannon, M. R.. Patel. M., Klm. H. -W.120241. OxitlatNe stress modulaling narKJmateria15 ard their bMxhemicg1 roles In nanomedicine. N•noscal• Horliorbs htt s.'Ildoi or 10 1o3g4NHO0171K 4. Smdkar. P., Mandakhbayar. N.. Patel. K. D.. I.1, N., Raiasekar, P., Sarama. R.. . . . Garciaar813. E.12024I. 3D Pcrfous Binary Composrtes of Collayn. ELgslin, and Fibrin PfOtein$ Orchestrate Adipose Tts8ue Regenerat)n. mr0m)IeI8r 810sc. 12 page8. htt s.Ildoi.or 10.10021mabi.20240007 5. 8h88kar8, N. V.. Lali. F., Rws8is. N.. 8 Hua, J. S•wadknr. P., 120241. Advancing Surglcal Innovat*)ns." A Novel Approach lo Enginaering an Off-Th•-Shetr Bone-Tendon Junction Scaffokl Suitable for Transplantthon. In BRITISH jOuRlL OF SURGERY Vol. 111 Ipp. 1 pag8}. ENGLAND, Cwnbridge: OXFORD UNIV PRESS. s".Ildoi.o lo.1093 slznae046.005
THE GRIFFIN INSTiTiifE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 PRECUNICAL RESEARCH Our strong Ik record arKI experbse in PTeclinul research has attracted numerous projects from industy and ac•JeM institutions. many of ar8 in t1 pipeline forthe ming year We manage eh research pK4ect Professnalty. ProV1n9 a full, comprehensivts, cu8lcffli8ed serv8 tailored to specrfK fequinrnnts. wrth all our 8urgl tr. facllrtw, and laboratories hobj a M&4icines & Heathcare Products RegulatoryAgery IMHR4} c8rtific8le for Good Laboratory Practice and a rerett IenSe under the Human TissueAclAuthority Durlng the pedod 1 Aprll 2023 to 31 Mar¢h 2024, w¢ Supported the followlng resoarch proJects: loyed study for innovatvm ostsoinlegrnttyjn matwial Ongolng stuay for In vlvo taste assessment of FaMCeUtl compound8 U81ng a bri61 8Gce88 taste averslon IBATAI Model Evaluatic of a novel, trans-nasal aFproach for neurosurgery (human c•Javgri¢ $p¢¢imenBI Evaluati¢)n of a novel approach for the weparatKJn of flap8 for18ck?l rnc0n8truCtk (human Cadaver research) Te8llng a r1 8caffokl to prthYKle oe8ophwl ropair Pilot studies on thg use of a rKNel tibk91 Thplant coBtiig to reduce irrfect In vivo assessmenl of a rVe1 blood Iltrat 8ensor to monitor tissue ischagmi Inlrnmsal dosirvJ studs for nanopaitle drug delivery io
THE GRIFFIN INSTrruTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 STAFFING - RECRUITMENT, RETENTION & WELLBEING The Grffin Institute underwent a secorbj revithv and restructure process in August 2023, during which four members of staff %4ere made redundant. Small pay increases were given lo retained Staff throughout the year. Rfurtnt was kept to 8 minimum, but a Ex&utive Assistant & Faciiflies Manager was appointed In janu 2024. a fo that had been wxant for several months. The Study Lead Icok on a second role as TWe Managér. and now managgs two Sgparats team¥. INTERNS & VOLUNTEERS A full-tim6 intern began workin9 wilh tho Pfedinul team in Octobw 2023 and18 Still wth us. Tho Training. Preclin81. and R&D departrrents have continwl to prove work expemnce opportunit$ for (her inteTn¥ Ond studerts, generating signff9nI inlere81 in work. PREMISES The vantllalbn plant fald in August 2Q3 kading to an operndonal breakdcwi affecting our maln SOUT¢e$ of incom8. Anhough the pLqnl was fixed in Janugry 2024, the HVAC engineefs suggested thgt the Air Handling Units (AHUS) In the Bh)S0gThl Servw Unit IBSUI Vfo not fft for purFxxe. The CEO has developed a gc(J rel8tion¥hip with LNIAIUHT. culminating in a mooling bthoon our Trustee Board and key members of Il Tru in March 2024. have agreed lo finance the rep8lr8 lo the AHUS. Positive and produdbve reL•tKnBhlp8 with our Tenants continu•. EALTH & SAFETY A thorough r6vl6w of heeth and safety 18 being condu¢ted and an entwe overhaul Is undeaY, involving 0 risk management system, a new Hgath & Safety Polbty, communuling withleducating staff and tsnants. and regular health and sofety ¢ks. li
THE GRIFFIN INSTITiTfE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 FUNDRAISING ACTivmES Fundraising Prov drUl1 during this to the ffinanckql clnn•te. The Fundr8i8irvJ Officer raised £22,000 in grarts fr¢Kn charit8bk tru5tsffCndat)ns. She also preped fundrai8ThJ ¢o118t•rnl. 1rdjIng proposth. P¢hverf>oints. rèports, nvw518ttors, ar pre¥entat¥)n6. Loiidoii Marathon 2023.. For the second yeor runnry, The Griffin Instrtute in TCS London Marathon. with a•ven runners toger r8i8ed £14.100. FUTURE PLANS To eommenco repair8 ofIAHU3 in January 2025, with a compl8tion data •XFrtted by April 2025 To restart our fvll trainirvJ progrwnn, r8888rch. and pr8dinlcal WO in •8rn8St To continue to deliver hyh-quality tr8inr¥J in surgery and her advarKed mlnlmally In¥88h6 prc¢edura8 To increase fundraising inccffie, both for unr•slrictod and rèstricted proj&ts and to raise further revenue from spon8cYshp ev¢nl8 $ueh a$ The LerfKJon Marathon To develq) th8 best 8taff teams wilhin re•8Jrch and training in the UK To roach oul lo •ll mad1 gctrLK>lB and NHS bodi88 to offer tralning and intwnships for $ludenls To be recognised as dIng surgal ITawiing c•rrtrn in UK, by central GLNemment and official NHS bod To e8tabllsh collabofatkn with kw 8lakeholder8. academ and Industrbal partMr8 To set a future vi$i¢)nary research strategy regarding Iran5pLwntatKJn and regeneralfv)n, which will ensure Ihol Ihg research 8fKI dévélopment at Th• Grrffin Instrtutè B Iranslath)nal in ornjer to offer dire(X benofft lo p•b'¢nts To develop r nalional and internat)?1 business plans To continue ConVwsat wth Nothwick Path frk>sWtd arKI Impwwl Colw London aboLrt opwtunit* for future collaborntoon. To conlinue lo rwew the rent and 18mis arKI Conditits atr for our tenants 12
THE GRIFFIN INSTITufE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr NOrthwk Park In$liiute for Medical ReseaTch ltradry as Tho Griffin Institute) (tho Instltuts) is company limrt8d by guarantee Icompany number. 034456161 and registered eharity Icharrty number. 11293481. All ofthe Trustees of the Institut8 gu¥artee to contribute £10 &ach in Ihe event of a winding up. The Secretary ol State has gb4en pem)i55ion to i)mit the th "Linited the company Tl Inslrtute is a registered charity and as SLKh oxempt from corporation lax on all xtNrtses. The M8morarKlum and Artic of Asse(kn were last nended by speehql resdution 28 June 2019. Permis5KJn was gwen by Ceffipanies House in June 201910 use the trading name 'The Grnyin Inslrtthe. in nOur of our Honorary President. John Griffin. There have been no changes to thè obiethes and policigs of the Instrtute in year. Th• Tru8tlXl8. who are 80 directors fry tho Purpose of company . and who served durbng the yéar and up to the dale of this rep)rt were.. Mr Rthard Atienza-H&¥ke8 PG Dip OL Ioxonl. FCIPD. FRSA- Char (app(xnted 14 March 2024 Professor Robin Kenn¢ty MS FRCS- Chair {sned 28 May 224) Mr Bruce maVer&r KC. FCIArb MA- w& Chair Ms Kale Fornter Chartered FCIPD (resigned 28 May 20241 ProlessorAnlhony Goldstone CBE FRCP (reSaned 31 August 20241 Prole880r Gavin Jell Msc PhD PG Cért Ed (reSne 22 February 2024} Mr Mark IBertiel Lwgh FRCA and FRCPCH FRCOG ad eundem Ire8ynad 31 Augu#l 20241 Ms 8onella Rrn (reSned 29 Novem1 2023) Mr Hugo Rots"nson MA FCA- Treasurer M8 Deborah Spencer Bsc, EM&4. Pho lappj'rfed 30 Octobw 20241 The Trustees have Ihe prywer to delegate tasks to sUb4rtIees 86 well as the d8y-to4ay m8nagament to a chief executrve other rnanagers. The delegated PU4¥er shall be to manage the Institute by irrolemenlin9 the poIY and Strat &Jopled by and wrthin a budget approved by the Trustees and (rf applicable} lo advise the Trustees In relatn to such Folicy, strategy, and budw. The Trustees are responsib for sthir¥J strategies and pol for the Instrtute and lor ensuring these are implemented. To assist with this work. the Trustees have established three commfftees and one adm8 board to superv the managwn8nt and supervision ol tha Institute whh are.. Flnance Committee Human Resources Commite? Governare Committee Scientrfic Advisory 8oard The Flnance Committeo responsib mitrwing and (wr$081g the finan(ial managèmént of tho Instrtule. 11 will consKJer the In$tilLrte's financk41 strategy and budgets (both annual and medium term) and recommend these to the Trustees. It will monitor perfomwice against budgets and sugge51 and mnrtor actKn plans where reffdkg1 steps are necessary. The overall purp of the Humen Resources cnMitte B to actibefy inith, help devekp, monitor. and evaluate strategic HR actNXts and policies that will enhance and embed the Instrtule's reputation as an omployoT, and enabie u5 to recruiL develop. eng•Je, and retain the best staff, volunteers, and Trustees. The over811 purpose of Ihe Govwnance Ccmittee is to ensLwe re is an approprth and effgrtrve governance fr8mthvork which ccYnplie$ wrth best prxlice and Charty Ccthmissicffj gukl8lin8s and to advise the Trustees on matters of govemance. 13
THE GRIFFIN INSTITLifE
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Scientrfic Advi80ry Board has been fornw to review the scienlfft prcgress of th& Inslitule,
provide advv on future directv)n and assisvfacilitate partnerships with xadeffl groups a¥ a way of
increasing the profile and funding opportunitie8 for the In81ilute.
The Tru8tee8 continue lo eonsiler the Charity Commissth C¢)de of Govemance 8nd during the
2020r21 year. a full wew of the CCJe was carrd out lo ensure we eompty with best practs'ce. The
day lo day running of the Institute 1$ dekgated to the CEO and 01(Yate, con8i8ting of the Dirèctor
of Training, Director of Surgèry and ScnCe. Head of Fingn¢e and Fa¢ilitt¥ & oifu Man&Jer. A
wbJ8r loam of 8èft managèr8 also a rogular basis.
Trustee Rccruitmcnt and Training
Any person who is willirvJ to act as a tnJ81ee, and wlv) would not be disqualffbj from setirq 88 Buch,
may be appointed lo be a Trustee, by the 80ord's decision.
During the year Professor Gavin Jell and Ms Bonelkq Ransay r6svJr*8d as Truste88 ond were
replaced in the year 24r25. We thank them for their signrfKanl conlribulion8. The Trust Board h
a range of 8kilL8 and experience including medical experh'se. leadership of Publ $tOr health
organl8ation8. HR. financè. and ¢ommw¢ial ¢¢llaborati¢Yb Wtlh prwalo 80(a¢Y ITd81 orgAni8atkin8.
All tho Trusto08 have a profes$ioMI b•ckground and are alre•Jy fomllkqr wrth the practlcal work of
the Instilule. New Trustees are al80 provided wrth an information pack whh includes general Charity
publications, a briefing note, budget, past minLrtes, arKI a copy of the Charrty Commission's
"Essenlkql Tru$lee' bookbt. An inducIn n1ra is hgld vmh the CEO. The Institute will support any
formal training requested by its Truslew. The Twstees keep the ccYrposi
THE GRIFFIN INSTITLrrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW The financial year to 31 March 2024 was very challengir¥J as a result of OPef8tional dIffvIl. Tol81 income was UCed lo £2.2m {2023.. £2.8m), rnain due to a sharp fall in Preclinul projects and $cthe1088 In Incom from Training. Expèndlture on charilable athvities was £3m12023.' £4. Im), rn11gcling the d¥nIrn in incomè. In 8ddrtion. 88 a resurt of the restructuriro eXerCe detailed bel(Y•V a one off charge of £4.c has been incurred for the impairment d leasehokl improvements and plant and machinery. Ignoring the impairmant charge and trJ8s cm hnve$trr*nl$. the net defici( for the year was £861,333 12023.. £1.2ml. While thi8 CiYi1inues to be diwpointing, rt is an improvement on previous yeaTr and InITnt steps have been taken lrywards adlieving breakevenl8urplus. Folth¥iNJ the 8Fwdnlment of our CEO in Janwy 2023 and a 8¥nifKant Testructure of tho orgèni88tion. we are moking gcth pr¢>ar8 on our long-term plgn lo relum the Institula to Surplus over three years with grovrth ccffiiro Pfedominatety from trainiry Incc¥nè. Having SU8lained a very difficutt year, our building infrastructure is n¥ being addressed arKI we ant1pate a return lo previou8 income levels in fin8nci81 year 2025r26. Adilitionalty, we art negot119 with our landlofd8 for a signrfunl re¥trudure of our whth will address knng-tem liabilty lo them and place Iho ¢harty on a firmer financial f)ling for the future. INhile thi8 neg(rt¢'atK)n ¢tinueS our landlord8 havo undertaken to 6UPPOrt us ty not cperatw)nal or finaneial 8tres888 on the organisation. Investments The In$lrtutè holds sha8 in Viderogen Ltd ar Protorris Inc. These are bolh unlislad comp8n that have taken forward pre-clinicgl research and IP Created at the Inslitule. Videregen Is facirrfj lunding chalng8S and as a consequence of this we have taken an exceptN)nal write off of £726,881 thi8 year$. Statement of Financial AclbVrti85. Going Concern Conswjering the dfftit incuThed in the yr and the net defKtt g•nofal unra8tricted reserves, the Trustee5 are keeping the finan81 rfofrnare of the Institute uTrJer ctInuOUS rèvlew. In partkular the current lease for our Pfemises is under re¥. Our Lqndbrd is SUPPOrtr of a new lea$e to en8bl8 us to relum to surplus and re(e our kng-lem) liabiltty to them. Thg proposal is lor a much- reducod b88e ront wth additional rnnl based on tumo¥er over a threshdd. A Time to Pay Agreement with HMRC concemirva PAYE arrears is in pl8ee whKh spre5 the liabilty over a Perb of 65 months. To date, have mtst ts obligatnng under this agreement. The Tnjslees continue to closety monitor financial perfomiance aThJ future prcyeciions monthly and are satisfied that %wth the benefrt of the PaynI arrangmnls noted above, have sufficient cash flow lo meet our obligations as arKI vthen they tsll due and for th18 reasc. are $8lrJfth that li i¥ appropri91e lo prepare the accounts on a going corK¥rn b450. 15
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 ResoNes Pollcy The Trustees are dwipointed to repvJt a further def1t in the year whkh has continu&J to mean that unrestricaed free reseeS are negatNe. Our Reserves Poly is to generate ond maint8in 8uffLient level of reserves lo enab Thjfftiel ¢weratSng actNr¢igs lo tInUe over a perK#J of six months, should a shortfall in inccffle Lxcur. The also takes wxourrt of pxential nsks and contingencies that may arise from lime to tm8. We e81imalè thi& at £1.1m. with a minimum fro& resm of £300,000. To our financial improvement plan, we will sustsin a further deficrt in 2024r25 but expect a mlxlest Surplus in 2025126 and further grrN#th thereafter contn'buts'ng lo rebuikling CUT unrestncted freo r¢sorve$ bgck to the required level. STATEMENT OF TRUSTEES, RESPONSIBILrriES The Tru8tees l%tho are alK the directors of the charitable ccffipony for the purpos0# of company l&wl Ore responsible for the preparati of thè financial 8tatemnts and for being Salfied that they gN8 true 8nd fair ew, and for such inlemal eontrol a8 the Tru8tee8 detemiine is necessary to enable the pr6paratlon ol financlal statements that are free frn mtsial mstatnent, whether due to fr¥ud or error. In preparing the financial st8tements. the Tntstees are responstble for. Selecting 8Urtable COUntIng and then appty them con8iJtenUy Making judgments and estimales that are reosonablg and prudenl Observing the recommendatn5 of the SORP FRS 1 2. sut4.ecl lo •)y ntsrio1 d8p8rtures di8cbsed 8nd expl81d in the financial statements Slating whether 8ppli¢&b UK a¢¢ounting standards have been foll¢yed, subj.ect to any matwial departures disclosed and explained in thè financi818tslem8nts Preparing the financial slatement8 on Ihe gciThJ conc8m ba815 unless rtls in8pproprnle to presume that the chanty will contsnu& its actm1. The Trustees are reSpC$Ie for keeping adequate records that disclose with reasonable xcuracy at any t7me the financial p)8ition of the charity and enab them to ensuie Ihot the accounts comply wllh the Conyni88 Act 20C6. They are also reswsibk for safegu3rfirvJ the a88et8 of the charity and nrA foi taking reasonse steps for the Prevent and offraud and iher irreguiarilie5. In so far 88 the Trustees are aware.. There no relevant audrt lnfcffm1tn of whh the chaiitable compary's Auditor is unww8re; They h8ve taken 811 steps th8t they oughl lo hove taken to mak6 themsefves aware of any reLgvant audrt information and lo eSl1$h Ihat the Auditor is awar6 cl that inform81ion. SMALL COMPANY EXEMPTION This report has been prepared in 8cccffdance with the 8peLyal pr(wion8 of Part 15 of the Comp8nie$ Act 20C6 relating lo small corryns. This Report was approved by the B08rd of Trustees on 20 D&0mber 2024 8nd 8P3ned cffl trir by". Rlchard Atienza-Hawk•s Chalr of Trustee3 16
IndepuKlent Auditors Rwrt For the ywr end 31 2024 Oplnlon We have audited the financHI statements of Ncvlhwith Pth Instituté for Medtsl ReSe8h trading as The Griffin InslitLtrte I'th8 company'} for the year eThJed 31 March 2024 which eomprise the Stslement of Financial Actmtw {incoworating the Summary Income and Expenditure Account}, the Balance Sheet, the Cagh FIN StatenI, and notes lo the financial statements, including 8 summary of signrficanl aGMuntsng policies. The financ1 reFQrting framewo that I been applied in their preparation is applicable law and United Kingclom Accounting Stsndards, induding FRS 102 'The Financwl Reportir¥J Standard Applicabl in UK and Republic of Ireland, (Unit1 King(kJm Generalty Accept&J AccrAmting PTXtKe). In opinion th6 financial statements.. give a and falr vitrw of the state of the Charitab cc¥npany'5 affalrs as of 31 March 2024 and of its incoming re8ourees 8nd appluttr)n of resources. includirMJ rt$ Incomè and expendkure, for the year then ended. have been prcperty prepaTwJ in Wbth Unlted KIngd Generawy Accepted Accounting Practice., and have l)een prepar&J In aCrdance with the requiremerlts ( tho CompanK# A£t 2006. Ba•1• for oplnlon We eonducled our audlt in acccdae with Intèmational Startdards on Auditing {UKI (1s IUK}18fKI applieable I. Our re8ponsibilrties und8r those stsndard8 ar8 further described in the Auditor's ra8ponsibilities for the audit of the financial $tst¢ffonl$ sectn of our rert. We are independenl of the charilablo ¢omp8ny in aecofdance with the ethical rg4uireTrnnts that are r8k8vanl lo our a11 ofthe financial Staternts in the UK. induding the FRC'S Ethal Standar(I, and have fu111ed our other elhKal responsibilrties in accordance with these requirenEnts. We believe that the audrt evthnce we have oblained is suftient approprbate lo provide a basi8 for our opinion. Matsrlal unc•rtalnty rnlatlng to golng conc•m We draw your attentn to nce 24 of thé88 finarLial ststanents which indicates that t Inslrtute is dependent on the support of rts principal credilors and its futurn financial perfomiance to continue to OForote. In partiular. poSite neg¢Xiations a continuiry with fts Lqndlcd, London North Wesl Unlversity Heatth Care Trust, lo restructure the Inslrtute's lea5irvJ arraNJ•nents whth wlll Invofve the tsarfer of Its setdd Improvements, F4ant aMI Mathr at an agreed val. The canyro value of capltsllsed lease1 Improvements, plant and machlnery has len asse5seJJ by S)vfills as at 31 ¢knA)er 2024 on a depreclated repl&effnt cost basls whoch resuhed in 8n impairment odju$tmonl of £3,997,349 an¢J overdrawn unrestrted fund8 of £2.110.251. Negotkqlions with the NHS Trust aTe expected lo be finalised in early 2025 at which line tho over(Iravm unrestricled lund6 are expecte(I to be substanlialty reverwj. Thi¥ indicate¥ that a materkgl urKertainty exists that may cast 5ignfficant doubt on the Itr'8 abilly to continue as a going concem. Our opin¥)n 18 not modified in res{ of this matter. Other InforniaUon The other information comprises the infOrffKJn inc1ed annual Tewl. other th the finonGial ststemenls and our audrtcy's report Iherem. The tnjslees are responsfole for the other information. Our opinion on the financial sts19rrnts do not Cover the other infonn8tion and, except lo the extent othgrwisg explicitly stated in our report, we do not express any form of assur8r r3)nclusM Ihereon. In conntttion with our audit of the ffinancral statements. our responsibilty is to read the other informats'on and, in doing $0, eonsthr whether the other inf0mial L% materially brnsIstenI with the ffinanci81 statements, or our kn(Mledge obtained in the audr¢ or OtrWIse appears to be materially missLed. If we Identrfy such m8terial inconsislerKie5 Qr apparent matwial mtsstatements, we are requirad to delarming whether tre is a matertal misstatgmont in the financi statements or a mater1 misslalement of the othgr information. If, based on the work we have perforrned, we conclude that there is a material mL8statement ofthi5 Other information. we we required to rewt that f&t. We have nothir4J lo reF•)rt regard. 17
Th¢ Gviffin Institute (InCwporat1) Ind¢pwKlent Auditi>rs R¢pDrt rmtinyed Fv the yeor •nd•d 31 Mor¢h 2024 Oplnlons oft Other matt•r8 pr•8crfb8d ty tha Companle8 Act 201)8 In our opinion. based on the work undertaken in the course of the audit.. the given in the tnjstees, annual reFort for the financigl year for which the finandal Statements are prepared is consistent 7Mth the finarKial statements". and the INsle88' annual report haB been rrtepared In wdarKe with applicable 18gal ruirementS. M•tt•r• on whlch w• ar• T•qulr•d to r•port by •xc•ptlon In the Ipaht of kn¢)wledge and understanding of the charrtable company and its environment obtained In the courne ofthe audit. we have ncrt Klontffied matsrid m$tementS in the dirKtry¥' report included ¥thin the trustees. 8nnu81 rep. Wo have nothirvJ to repct in respect of Iha folk)w'ng matters ¥•tre the Companies Act 2LK6 requ5 LM to report to you rf. in our opinion.. 8(leou•to gGcounting reGcYds not been kept. ry retums xlequate for our audit have not been recewed fr¢ branches not vit•Y by us.. or the financial slalements are nL in agreerrt with the xoJuntlThJ record8 and rdums; or certain dL8clo8ure8 of trugtee8' Trmunerntion speCid by are not made,. or we have not receNed 811 the inf¢)m)ètn 8nd expLqnations we requirg for our 8udii or the twslees were not entrt lo prepare the finarwl stalemenl8 in accordanc8 with the Jmall cc¥npanw' regime and take advanwe of the small companies. exemplkn in preparing the Trustg0s' Annual Rewl and frrrfn preparin9 a sirateg Report. R88pon8lbllltle8 of trust••8 A8 expL4ined Ie fully in the Iru8tees' rnsporffjlIth$ $tenwnt set cmjt on page 18. the tru$tee8 (who are also the director8 of the chantable company for the purposes of company kwl are r8sponslbl6 for the preparation of the finanaal statements and for being sattsfied that they gNe a true and fair view, and for Such internal contrd as Ihetrusteey determine neSary to enab the prepar8tp)n of finala1 statem8nt8 that are fra6 from ffoterial whather due to fraud or error. In preparing the financial slalemenls, the tnmlees are re8P(Hl8ibla ftx asses6iw the charitab company's ability lo wnlinue as a gTrng corwn, dBclosin9, 45 applble, mallern r6lalèd tts going oncern arbd using the going concern b85is of accounts"rrfJ nsS the trust erther intend to liquidalg tho charit8blo ¢1P8 or to OPgTatrJn$ or two Th) roaltK aMematNe to do $0. AudltoT'¥ respons11lItIeS ft>r the audlt of the flnancl41 sthtgmenls Our Oblte8 are to obtain reasonable assurance about whether the financial statements as 8 whole are free from material misststement, wh*ther due lo fraud or error. and lo igsue an audf(orfs report that Includes our opinion. Reasonabk assur8nce a high 1 ol assurance bul Ys not a guarantee that 8n audrt conducted in accordance wilh ISAS (UK) wll aws detect a matersal miSStatentWhen rt exists. Misststemenl8 can arise from fraud effor arKi a conshlered material rf, indNidualty or in aggregats. they coukl rea8onabty be expected lo infiuence the onom decisn of users taken cm the b8 of these financial statements. 18
Independt Audltots Rewt continued For the yoar 4nded 31 March 2024 IrTegularities, Including fraud. are instances of non-compliance with laws and regulations. We design procedures in line wflh our resFonsib1lrt. outlined abovfr. lo deled material mtsslatements in r8spect of irwularrties, including fraud. The extenl to whth our pr0dureS are Capab of detecting iTregularitrds, including fraud is detailed ts91cpK. The Charfl8ble Comparry is required to ccryty wrth bth company lthy and charty law and, based on our kncthledge of Its aclNities. we WAent that the legal requlrem&nl lo KuratelY account for restricted funds was of key nthn. Wt g8inod an understanding of hcrw the chantable ¢ory)any cryilied with its l•Jal and regulatory Iramework, including tha wuirement to properly account for reslricled funds, through di8eu88ions with marwjement and a review of the dccumented polic$, procedures ofKI eontrds. The audrt team, which is experienced the audrt of charilies, ny1deTed the charitable company'8 su¥cepkn'bilty to materi81 mis¥tatefftht and fraLKI may CfLur. Our constrderalrJn$ included the rok of management overrido. Our opproach was lo chk that re8tricted incoff was Property IdenIrf and $8pargtety accounted for and lo ensure that valid and 4)prOPrle expendrture was charged lo restrted funds. Thro included revBwirwJ loumal adjustments aj urwsu41 transact8. There 8r8 inhoront limitatiom in th audrt PTcthYure8 doscrthd above 8TrJ. the further renNwed non- compliance with laws and regulations r6 fm thè events ard tr8nsxtion3 refknted in tha financlal 81atemenls, the 1¢88 likety would bec aware of rt. risk of not dol¢¢b'ng o malerKql ml8Statemenl due to fraud is higher than the risk ol not detecting one resulting from 8rror, as fra may invofve delibw&e cowlrnnt by, for exarf4)b, forg8ry or intentional misrepre8enlatK)n8, or through collusx)n. A fvrther des¢ripllon of our respcnsibillios for the 8udft of the financiol statements Is located on thg Financial Reporting Council's webstte 8t.'www.Irc.¢yg.uklaudrtOTSrespon5ibilrties . This de8criplion forms part of our audito16 rewl. U•• of our report Thi$ report is made solety to the charitable componY$ members. as a bcrfjy, in 8ccordarKe wrth Chapter 3 of Part 16 oflhe compan Act 2C(6. Our audit WO has been undertaken 80 that we m¥3hl slate lo the company's members those matters we 8re required to state to them in an auditor'¥ report and for no elher purpose. To the fvIst extent pemlitted by I, we do not cept or assume responsibilty lo any party other Ih8n the charilabk MpanY antl chorrtabl& comp8ny'$ members as body, for our audit vk. for thi8 ieF*rt, or for Opinn$ V•t have fcrfmwj. Rlchawql Billinghurnt FCA Isenlor Statutory Audltor for and on behalf of Knox Cropper LLP. Statutory Auditor 65168 Leadenhall Street London EC3A 2AD Dale: 20 December 2024 19
OgLtrg6l é THE GRIFFIN INSTmirE INCORPORATED CONSOUDATED srATEmEf OF FINANCIAL POSMON FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 Group 2023 Charity 2024 Ch•rity 2023 Fixed A8Mts TarKJlt4e Assets 2,051615 6,617,$20 2,052,615 6,617.520 Intrnglt4e Assets io Inststments In Sutsldrles 5.0Tr) Inwstments 12 27.223 753,904 27.223 753,904 7 376 424 13 I,361 392,523 190,361 392,523 Cash at Bank In Hand 209,361 396,763 209.361 396,451 788 974 Credltsr•: Amourbts F•lllrf l>u• withln On•Ywr 14 (2,191,769) 12.127.746} (2,191.769) 12,127,745) 14•t Curr•nt Ll•bllltl• 1338 771 Totsl A••¢ts Curr•nt Llabllltl•B 287,791 6,037,964 287,791 6,046,265 Cr•dltor•: Amounts F•lllng Afttr th•n On• Ymr 15 (1,1,615) (2J50,655) (2,190,845) 12,350,655) N•t (U•bllltl)IA•••ts In¢•n* Fund• Re5trktoJ Funds 17 207.197 152,127 207,197 L52,128 18 cneral UThre#rk FuM1s 19 (1110,2511 3532.525 (2,110,251) 3,534,8e8 Tt)tsl th•rlty Fyn 1903 054 652 I S3 054 Mlnorlty Zrt•M•t Sh•r• •f Sub•ldl•ry N•t 16 Tot•1 Funds I s13 054 These financial st3tements were prepared in accordance with the special provisK)n5 of part 15 of the Companie5 Act 20J6 relatin8to small companies. fhese f1nancial statements were approved by the Board olTru5tees authorised for issue on 20 December 2024. Rithard Atienza-Hawkes. Chair of TNstees 22
THE GRIFFIN INSTMITE INCORPORATED CONSOUDATED STATEMENT OF CASH FLOWS FOR TIIE YEAR ENDED 31 MARCH 2024 2024 2023 Cash Generatey frrynl(U%d ty> (88,183) 1177,454) ¥e•tlry Acti¥4tl•• Pu[c$e of Tangl) Ftrrted Assets 127) {36,CK)O) Ingle Add$ Interest 810 98 782 Flnandnq ALtl¥ltl Ltsans R&eW{ReiKIlJ> (ILXJ,LVJ) iioo,000) Net CJ•h G•n•rated fr¢xn FlnandN4 Athlti {187,401) (313,356) Cash and Cath Equlvants at BeglMlrKJ rf Y 396.763 710,119 CJ•h and Ca•h EQUInts •t End of Yw Dendt for the Year 15,590,363) (1,237,482) Investment {810) 198) Falr Value Gakns a1 Losses on In¥esin n6,E41 Dewec&ittTr and Impalrment of Tanglble kYvlls 4.564.932 460,010 Lus C C15p)sal crf Ax1 Assets Minority Interest re of gJtllary Net M¢Jv•m•rt in Worklng Caphl: Ecrea5el{IrKrew) in tLows 202.162 50.282 lnmse1(D) In cdIt(S 4,215 549,832 Cash Generated from OpwJUons 23
THE GRIFFIN INSTrnITE NOTES TO THE FINANCIAL sfATEMENTS FOR TIIE YEAR ENDED 31 MARCH 2024 Accountlng polld•s Char(ty Informatjon Northwlck Park Inthrte for Medlc31 Reseth (tralw as The Grlffln Institute (tr Instite)) Is a private c(¥n3ry limited by guarantee 1rK(xwratl in ENJkrxl atxl Wales. As a company Ilmlta by guarantee &ith of its Trrnter5 commlt5 to contribute £10 to the companvs debts, l(aEIIIYes, a1 c05ts in event of company beirb3 wouNJ up. Tr registered Of is Northwid( Park aTrJ St Mark's H05tknls, Watt(d RoHd, Hrn, Mlddksex, HAI 3UJ, Unl1 [¥jdOm. 1.1 AccoLntlrvJ corNer The flnandal Statem ha been wepared In nce wlth the Owrltres P£t 2011, the Companles 2006 'knryJnOng and RepNUThJ (hrlues.. Ststement of RecfjmmerKled prac appltstrk to tharltses prepanThJ tsr accounts In tmth the Fir131 Reportlrg StsThJard applthbFe In the UK and Reputdlc of Irda1 {FPS 102)" (as ameThJed for accounfjrrfJ pericrtts commerKiNJ fr( l )wry 2019). Tr Ch¥lty Is a p1¢ Bert Enttty a5 defined by FRS 102. The flnandal Ststen$ are txepargj kn stwllrrfj, vétsch Is fiJKJonal currerLy of the OHrty. metrry anYJLrts In these flTrda1 stateMts a roLnled to the nearest £1. The IlnarKlal ststements e le prepared Lrthr 0)st c(nventlon, rTh)dlfied to lrnlude lts1 flnarflal Instrurrts at falr val. The pndpa1 acCOrj polldes &Jopted are set (xjt bel(M. 1.2 Ba5 of cNldaOn The GroLP flnarKJal St&rts aKsJldate tre fill1 statemeTts of the Charty and Its sut6ldlary undertaklro, Gdffln Paste Researth Umlted, %•thkth commentyj tradlng In July 2020, for the year. Througlhjrt the year ernled 31 March 2024 SubWy, Grtffin Paste researth Llmlted has remalrd (knmant and was dissol¥Ed 15 thber 2024. l flnandal statemerts are made up to 31 March 2024. All Intrn4Jroup transljor, balar$, and unrealls8J gaIr transacV(s 9roup erthes are dlrnlnated on con9)Ildatlcq). Unrealised losses are also ellmlnatejj unless transactIc provldes of an Impalmient of the asset transferred. Where rceSsary, adjUStmts are made to the finandal statements of sub5kllarles to brlng the &c(lunti tx)Iw used into li Yth trse used by ¢Jher members of the group. The sunmary finandal #atements of Grfffin Paste Researth Umlted are shn In note li. 1.3 G.rO concern thoLKJh the omrrt flTral ar¥J forecasts inthcate that a materlal unc*alnty latIng to gc4ng concem exists, the Trustees ccfflsklu that it is aFvopriate to prepa these financial ststements fj) a grArvJ (DnLEm ba51& See Th)te 24 fix fwther detall& 24
THE GRIFFIN INsllT NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 3114ARCH 2024 1.4 Jnd5 PLrpJses ard uses of the rethcted n$ a set In the to the finandal ststemerts. tsgnated funds are affKJnts set aside ty tre Tn6tees ts a sFvJfic ptyLt cr wrrM)5e a1 do not fm part Lrf the Irtsttbjte's gertrd unrestrlcted fuThJs. Gentral unre#rtcbJ are aVBilaLle ts use at dlscrdlon of the Trustees In fherdTr of the tharitat4e objecuves ftnls bew deslbwbj tr crther 1.5 InLThnlrwJ resource5 Inco Is wnlsed tr Insiitute Is legalty to It after any FefmarKe condltlons have been met, tr amounts LE rdlaiAy, arKI ttls wc&abSe tl% the IKome wlll be OrMatys, legades, grants, aTrJ ots fcms ( lUntsry a recognlseJJ as IncomlrvJ resour when tts th)rity has performarKe coThJllJons have been met or altemauvety wln recv, excert Ingjfar a5 fv a irKapat4e of flnaThJal m&isureme IrKcrfnlNJ re$T5 ch•ltstrAe alth1e5, WI related to perfornpn and spedflc dellveratle5, ¥e rect¥Jnlsed as tr Irststuts earr6 the rfght to conskatJon by Its [fn. Iestment IrK(MM Is IrKl kn recdvoj. Rental IrKowe from leases ( of any Ient glw to lessees) Is rwnlsèj on stralght-llre ba4s over the lease term. 1.6 Resour$ expen(Jed Expendlture Is reccJnlsed on an 11 ba5 a5 a Ilai411ty Is Irttjrred, Ex+tre IrKILKles ary VAT whlth caThN)t be fully reco%Ered, arMI1s rep)rteAI as part of exkYKliturE to whlch It relates. Cost cl gerthUr¥J fu1$ ctsnwlses the cost asx(lated with attract1 vdurtary In0). 13wdtab expendltwe ccrfnprises tlw costs I)rred ty the Insuiute in the dellvery of its attlvitles and SeN5 for Its benefK)'aries. It IndLMles tth costs that can k alktated 01c to suth acuvltles afj tse costs of an Indir&t rwtue necessary to suppxt them. rL¥]ulrements of Instttute aThl the fee5 arKI costs to the strateg managwnent of ITbtUte. All costs a alkKatl be*we expwKlitwe catego5 of the SOFA on a ba%5 designed to flect use of the rU. Costs rdatiry to a particukir actiwty are allrKated dirertly, oth¥5 e app(d an apprcyiate ba9s e.g. floor ayeas, Fer cat¥ts estimatal usage. 25
THE GRIFFIN INSTrnTfE NOTES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDED 31 MARCH 2024 1.7 TanglIe fix8J assets Taj[le fix&J assets are initialty Measu at cost and In the t2se of donated assets, at market Val and are sUbseqntI¥ measured at cost or market val, net of depaOn and any 1m1rMert losses. Depra7 Is re(ognlsed so as to wrlte off the a>or market value ofassets less thdrestlmated resdual values trr tsr usefvl I1 fc4lwrvJ bases: LarKI aThJ bkjI5. Stralght Ilne basls ovtr the terni of lease Plant aTrJ mathlnery - 25% rff annum on re<JuclrrfJ tsalan basls F[re5, fltUngs & equlwtnt - 25% per annlm) on balarKe bays The galn ¢Y1055 arising on the dlsp)sal of an ast Is (letemilwj as the dIffeIKe btheer¢ the sale prcKeeds arKi cartyry value of arKI Is rwnlsed In the statement of finaThal vltles for the lear. At reportirvJ e5 date, Instlbjts rtsle ts Carrj ants of fts tsnglt4e assets to deternilne Whet tkve Is ary iTrJic3b¢M that t assets have suffered an Impalrnnt loss. If any SLKh Indlcatton exlst5, recoveratAe arnOt of t at Is estlmated In order to detwmlne e%W of the Impalrnrt kss (If any). 1.8 Rxej asset In%tsbments FWI asset In¥estrents a Inmlaly at transactlon pr1 exdudlrvJ trar6acUon costs, and are sLbSeqLtlY measured at faSr Val at eath [#11 date. Chèroes In falr Val are recognlsed In tre stateffvt of flrnrthl admtles yBar. Transadlon costs are expmj as InCurd. 1.9 IrtsrYJlble assets LntsrKJlble assets represent ts Intd1&taI rfghts aTrJ a rrEasLYed at cost less 1.10 Cash osh equlrdlalts Cash and (ash 4ulvalents irKJude cash In hand, ld at call vlth banks, othw short. tem) IiqLNd invthnts wlth (Yiginal maturltles of three rr¥)nths or , and bank overdrafts. Ba overdrafts a stb)wn withln borvThr In curTent Ilablllljes. 1.11 nda1 Instnnknts The Irsvtute ha5 elect1 to apply the NIS1Or of SOn 11 'Basic FinarKial Instrument5, arn Section 12 OtheJ narKla1 InstrLThwts 1551E5' of FRS 102 to all of its firk4n(ial ithjrnts, Finandal Snstrurrtnts a recconlsed In the Insutute's balar lrtitute beccrfnes party to contractual of the 1nstrUffnt. Financial assets aThJ liabilltles a Lty the rt amunts presen in ts finanaal stat)ents, when there Is a lèjalty enforle rrfJht to *t off the recoJnlsed amounts arn the is an intenkn to sethe on a to reali5e the ass£t aTrd settte tts Ilabtlity simuitaneousty. 26
THE GRIFFIN INsrrni NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1.12 Baslc finandal a55ets Balc flnandal assets, wlith debtcffs cash arml bank bèlar, are initially measured at transathm pr IndudlTrJ tranSactn a>sts arnl are subsequenty carried at arrK)rfas&J c05t u4ng the eff&ve Intere meth)J urdess ts arrar#Jen constytfft5 a fin0rj trarLsath(m, wWe the transactlon Is measured at Ihe Fe$It value of the fubjre TeiPts discounted at market rate cl Interest. finaal a55ets da55111ed as wth"n ce year are not arnortisejj. 1.13 Baslc fina1 Ilabllbtrs Basc finandal Ivabillves, IndudlrYJ agjltors and bank loans a InallY regnISed at transathon ce unless anar¥Jement ccmslltutes a flnandng transathon, Whe the debt Instrunnt Is Measu at the present value of ts future payffnts dlscDLnbJ at a market rate cl Intttest. narnjal Ilat#litss das5ff as payatAe wlthn ore year a Trx amordsejj. Debt instrymwts are subseqwity cartsd at aMOrt L&rYJ the eVe lrterest rnte Trade credit(Ys a OblatIOnS to pay fty goc4Js ( serw1 tst N1ve ten èo]ulred In thè ordlnary course of oaonS from swpllers. Amounts payable a dassffl8J as current 1labll1es If paymentls due writhin orE year le If not, tW a kYesente(1 as non<urrent Ilalllltles. Trade credltots are rn1$&j Inlyally at traIth aThJ Sub7Vy measured at amortlsed cost the effecttve Interest methcJ. 1.14 Dwecojnltyon of flnandal Ilat411tles Rnarmial Ikabllltles are Ce¢(j$ed the InstIt¥S contrattual obllgatkr6 explre cr a dtstharged or cancelled. 1.15 Empbfft berdts The Inststute OFerates a defin&J contrlbjtlon reOn thne fcK employees. The assets of the xheme are held 5eparatdy from those of Its Institute. Tr annual contrbutyons payabk are tharged to 5tatdYnt of firwtKial avIe The cost of any urKJsed Idlday tillt ts recjnIsfj In tt* In whth the employee's Temlr4ity tenefits are rectyJnised InNredlately as an expTh In5UttJte 15 defTh)nstr&)ty commIttl to termlnate the employnrt of an em[A0 or to Pde termlnayon 1.16 CWaUrKJ leases Rents aptAlcatAe to Oarg l&ises, where 9jb5tantiaI all and rtsk of remain with the lessor. are tharged to the Statem fi781 thtles over the pedod In Ich the cost Is In(xffred. 27
THE GIUFFIN INsrmrrE NOTES TO THE FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31 MARCH 2024 Itk41 Accountlng Estlmates and jUdglents tn the of Ibjte's actwntitvj tloes, the TDJSt are Uired to make IJgeMents, t%timts arxl assvmkM%lS abtyjt carylr¥J amwnt of assets and liabille5 that are not readlly aryar&tt frcn other scCes. The esumates a55(KiatsJ assumFtions are basejj on hlstortral experfertt arJ ots fatttys that are cered to L rekn Actual rlts may dlffer frcth t estlmates. esbmate5 arKI WKknyirvJ assuMptiS are on an ong)ing ba515. Revlslons to aoUnting estlmates are recDJnised in the peri1 in %¥hth the esumate is r&sed where the relAon affttts only that peritsj, tr In the FefKAI of tr reAslon arthy futu wlrAls Whe the revlslon affects brAh current arml fure pwkAts. The key of estimation uncertalnty that have a signfficart effeit on the aMots c03n1Sed In the flnandal statements are dexdted in accowtiTrJ p¥JlhJe5 arKi are summarlsed below: Unlisted Investments - Institute recognLsed a value In two unllstal o)mpanles In whlch it has a sharehcAding. CterminlrvJ Wdlue of prlvate ttthpank5 whith are Tr)t traded an open market is inherenljy uncertaln. The valtIOrS are bas&4 on Informadon such as share pfi appIrj to a recent fuThYraIry, a review rf fuiwe exF¢thU$ arwor a recenuy Issu&J IRS 409A valuatknn c&flcate. Tr true value ol the Investrnents may k Ngher or lower arn1 wlll depend on the SLss of the Compan In ex¥AoMJrg IP ttry are del'ng. Invesbnents a written down whwe there Is m en of fthxe value. At each reForttng date, Irstitute reviews the carylry amounts of S tanglble to determlne whether there Is any Sndkation that those a55ets have Suffer an Impalrment loss. If any I11(aOn exlsts, the recoverab amourt of a55et Is e$brnal In order to d&ermlne the extent of the Impalmlt loss (If any). As part of a revlew a1 reStrtr4j of the Institute's proFerty lease arrangements, a dewedated rethemert C05t assessment of the Car0 value of capitalised leas+k1 Imw)vanents, plart ar#1 has been t*rièJ tyjt to assess Impahnent. 28
ThE GRIFFIN INSfrnl NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 3114ARCH 2024 Domtlons & Grants Funds Funth Fund• Total 2024 Donatlons & Glfts Voluntary f*)natior FuTrjrB1ryJ Everrts 23,998 450 24,448 23,998 450 24,448 Paste Wound HeallThJ Uver and B(Mtl Raft EU Grant 43,500 43,500 53,365 96,865 53,365 96,865 E¥)nalJons a1 Gfft5 Grants 24,448 24,448 96,865 121,313 96,865 96,865 24,448 Unrestrlct•d Dwlgn)t¢d Restrkted Funds Funds Fund$ Total 2023 Don•tlon• & Gl Vc4untary Donadons Fundralyry Events 114,631 9,416 124,047 114,631 9,416 124,047 Grants Anatysls Wolfson Unlt Paste WouTrJ H&illrKJ Lfver aTrJ Bvh RAft 15,C#JO 89,958 104,958 15,000 89,958 104,958 C¥)nallons aNI Glfts ants 124,047 124,047 104,958 229.005 104,958 104.958 124,047 29
THE GRIFFIN INSTrnITE NiyfES TO THE FINANCIAL sfATEMEpns FOR THE YEAR ENDED 31 MARCH 2024 Funds Funds Funds 2024 Tralnlr¥J Cwses and Fadlltles 1.582.471 211,927 1,582,471 211,927 1,794,398 1,794.398 UnrestrlLt•d Dtslgnat•d Rqstrfrted Funds Fun Funds Totsl 2023 Tralnlrq C(yJses èrKI Facilltles Contrdct Reseath prOts 1,748,783 596,878 1,748,783 596,878 2,345,661 2,345,661 awrltsble Actlvltles ExpwbdIrn 2024 2023 2,039,040 2,833,351 964,440 1,195,961 49,805 43,887 3,053,285 4,073,199 Stsff Costs SL4¥>Yt and GovffnarKe Co#s (te 6) Anaty¥l¥ by fund Unrestricted Fun(ts De4gnated FlS 3,016,372 3,983,324 41,795 3,058,167 89,875 4,073,199 30
THE GIUFFIN INSTrnJTE IK)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Audtt aryl Accountitvj Fees Legal and Pmfesslcfl 29,¢X)I 20,4 49,>5 17,425 26,462 43,887 Net Inv>m¢l(¢xpenthture) for th• yow 2024 2023 Th1• l• stated after tharylw: Depaon Impalrrnt Lease ntaI rffj*nts for wenlses Itors, Remwvatlon, Current Year 567,583 3,997,349 4,010 18,250 17,425 No trustees recelved any remuneratkn ly exptr6es durlrwJ Ihe year ty pyevknus ar. staff Colts and Numbers 2024 2023 Gross salar5 - Institute Stsff Gross salartes- seco Staff EM0yer Natlonal InsurarKe ContriLMJtlons Perfjk Costs 810,156 47,978 1,012,1 45,920 82,827 107,344 964 440 1195 961 In addltlm to tre athwe, #aff r&dundaTKy O)sts of £7,CW were paid in resFtxt of a re5trwtwlrffJ exerdse. The averBge monthly FEad Cnt of emplo are as follvNs: 2024 2023 Institute stsff 23 24 35 The Insyljrte's key managert $1 oxnKwbes the trustees aThJ 5enKY team. The totsl Jments pald to W mana1 £237,414 (2023: É119,202). 31
NOTES TO TME FINANCIAL sfATEMEKfS FOR ThE YEAR ENDED 31 MARCH 2024 The numter of eMrA0 gr055 knelt fdl betth tsa15.. 2024 Z023 £60,(KII - E70,OiKI £IIO,IXil - £120,OIXI Tanglbl• Flxed Group and Charlty Flxtur Flttlngs & equipment Plart & Machinwy Improvements Totsl Colt At l AtxII 2023 Addlvorns 9.364,651 1,654,889 27 11,019,540 27 At 31 March 2024 9,364,651 1,654,916 11,019,567 At l Ap¥ll 2023 a)arge for the ar Imorment 2,904,253 528,636 3,919,250 1.497,767 38,947 4,402,020 567,583 3,997,349 At 31 March 2024 7,352,139 1,614.813 8,966,952 P4et Book VJluq At 31 March 2024 2,012,512 40,103 2,052,615 At 31 March 2023 6,4fj,39B 157,122 6,617,520 As port of the Inslltutes reSInr@ exerdse tsr¥J1e fixed a55ets Ve teen Impalred to take Into accewnt the proSed surreTrJer of Its lease to LL1n North West Lknimerslty Healttthre NHS Trus¢ the lessor. See note 24 for mtye detsiLs. LO Int•ngibl• Fix•d Asmts Group At Aryll 2023 Wrltten dtrMI At Mar(h 2024 The i1bS r*ted to patts as part Griffln Paste Researth whith was dissofval on 15 CrtDber 2024. 32
THE GRIFFIN INSTrr NufES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 li Suhidi•ries The pmfft a1 loss and bdar(e sPeet of Grlffin Paste Research, In wNol the dprtty has an lThestsment at the balan sheet date of 50% (2023. 50%) of CAtrI of Grtffln Paste Researth Umlt8J Is as fd1¢y. 2024 2023 Profft and loss Tumover EXUre (5,312) (5,312) (271) {271) BJlJnc sheet IntsrrfJlble Flxed Assets Curr*)t Assets Tctsl Net Assets 312 5,312 Called up sha Catytsl . Grlffln Paste Researth Ltd Share Premlun Proflt Lc6S Ic 254, (255,000) 254, (249,688) 5,312 The CharfV5 of Net Assets Is Grfffln Paste Research Ltd (c(panY number I25698. [sted offlce Y Bkl Ncrtkmlck Park & St Marks Fs, Walford Road, Harrow, HAI 3UJ) commewl tradlng on l July 2020 was dcxThart thrcuJh¢xtt the currtt finan(ial sear wa5 dSssolved on 15 Cttoter 2024. 33
THE GRIFnN INSTrnr NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 Flxed AM4t Investments Unlisted Cost or valLOtIc At l Aprll 2023 Revaluatyons At 31 Marth 2024 753, (726.681) 27,223 753,9)4 Carying amount At 31 Marth 2023 At 31 Marth 2024 753,4 27223 753,9)4 753,9)4 2024 2023 Inments at Falr Value CorTylse: Vlderegen Ltd Proterris Ir 726,681 27,223 753,904 27,223 27,223 Detslls of IrSt,5 unllstd IntsEffnts at 31 Marth 2024 a as fdlov•S,' Name of Un(l•trry & Natu of Ixslr Lcotlon Vlderegen Ltd . IM aass of shares % Held De4d¢yw)t of Stan Cdl Ordlnary 9.77% medld a1Cl DlO[lnert of Proterrls Inc- USA Common StrKk 0.47% A5 di5d05&J in nrte 2, the valuation cl unlisted InbtStments is ba*J on fijture expetsoorts and sUFWrvj InfOrMaOn 5upplbJ dlrecyy by vk1ueg Ltd and Prot5 tnc. 13 Debtors 2024 2023 Gro parert Trade Cebtors 121,250 336,855
THE GRIFFIN INsrrnirE NOTES TO ThE FLNANCIAL sfATEMENTS FOR THE YEAR ENDED 3114ARCH 2024 14 Crndltors: Amounts Falling Du• Wlthln One Year Group 2024 Charity 2024 Char 2023 2023 Trale uedltor5 13ILS Loan (note 15) Ots tyedltors £CTuals & 492,537 IfX),LK 492,537 100,c IcK),000 100,CKK+ 112,158 283,885 112,158 283,884 982,702 1,251,324 2,702 1,251,324 2,191,769 2,127,746 2,191,769 2,127,745 Deferred Ino)me at t arer1 amount8J to £551,299 (2023: £W3,093) d whth £150,OfX) was a capltsl donatlon for the planned refurtAshment (2023: £150,000). Tr bala of defeThed income con515ts of tralnlng fees In advarKe and CtraCt rewth in afvarKe, to be recogn1 In thsequent wk)ds. Cr0$. Amounts Falllffj Due Aftw Morn Than One Yur Group 2024 Group 2023 Tr2Ae CredIto (see bdow) CBILS Loan (see bek)w) 2,057,512 2,117,322 133,333 233,333 2,I¢XJ,845 2,350,655 Trade tredltors falllrvj dl after MO than ore ar relate to rent arrears due to Insutute's laTrJlord, LMdon North West Unlvtt%ty HeatuK3 NHS Trust. The Insuth Is ajnty In newVaVon wlth the landlord over the $wer of the current lease, Wrlte off of outstandlng arreats and agthrrfJ a new more favourable lease. In the meanttme, the Landlord has confimioj Ihat r( wll cOntsn to be SuprtIVe ofThe Grfffin Instltute for foreseeable future a1 has m Intemtth to repayment of the Mt and Serm charye arrears before the erK1 of 0mter 2025 The CBILS loan Is repayable Lr 5 ys arKI lrtere5t 15 dwrged at 1.18% pa ¢Y base rdte. It Is repayable ty July 2026 Inducles fix&1 arKI floauro cF¥3rge5 agalrtst the ret assets of InS0te. 16 Mlnfft Intenst Share of Subsldlary Net Assrts Group Tot•1 Cost or valOn At 31 March 2023 re ca tal Issue Share bsL Net Incor(lOs5) for t At 31 March 2024 2,657 {2,657) 35
THE GRIFFIN Iiisrrn NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 Balance At 31 March 2024 Atiwi 2023 Dr L Tumer-stokes 29.338 (46,520) (17,182) C¢wrse admIStratl seTr (2,044) Mr Lamont OBS and Gynae Research Funds 17,929 (8,791) 9,131 Dr Mows 3.967 (3,967) WouThJ Heallng ProJKts 10,460 10,460 23,815 35,825 59,640 42.026 43,5CKI 85,526 Capltal Equlpment 22,548 EU Grant 53,365 (16,291) 37,074 152 127 96 865 207 197 36
THE GIUFFIM INsfrniTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 lARCH 2024 17 Rethkted Funds (contlnued) Balance Balance At31 March 2023 Incom• Exp•ltUre Trnnsfers 2022 Dr L Tumer-stokes (23,458) 29,338 Course adminlstravon servi Mr Lamont 08S Gynae Researth nts 21,727 (3,M) 17,929 MouOs 3,967 3,967 Wound Heallrrfj Je{ts 10,460 10,460 (3,524) 89,958 (62,619) 23,815 27,026 15,CO) 42,026 Casjtsl Equlpment (89,875 152 127 18 Dwlgn4t•d Funds B•lanc• at lanc• at 31 Mar 2024 Incomlng 2023 Expended Trnnsfers Group & Oxrity Lease1 Improvemerts B•laKe at l Aprfl 2022 Balance at 31 Mar 2023 Incomlng Grcmjp & Chadty Leasehold Improvemerts 37
ThE GRIFFIN INSTMI NOTES TO THE FINANCIAL ATEmENTs FOR ThE YEAR ENDED 31 MARCH 2024 19 Unr*lrtthl Funds 8alance at i Aprfl 2023 Bal)nce at 31 Mar 2024 Incoml Expwdedl Resources Revaluatlon$ Transfers Group General un$tcted Funds Mlnority Interest Share of Sub Net Inc(xne 3,532,525 2,657 2,101,320 (7.744,096) {2,657) (2,110,251) 3 535 182 2 101320 2 110 251 Balanc¢ atiApr 2022 Balanca at 31 Mar 2023 Trnnsfer4 Gw)eral Unrethcted TrJrKIs Minorlty Interest sha of Net Inc(xne 4,784,954 2,792 2,740,Ir (3,992,535) (135) 3,532,525 2,657 4,787,746 2,740,106 (3,992,670) 3,535,182 O•l•nc• tiAprfl 2023 B•lIn at 31 Mar 2024 Rerea EXpthd Transf•r• Charlty General Unrestrlcted FUN 2 101320 2 101320 7 746 753 2 110 251 2 110 251 Oalance •t i Aprfl 2022 Balan at 31 Mbr 2023 Trnnrfern Gera1 Unrethcta Furmts 4,787,163 4,787,163 2,740.IfK> 2,740,IC6 3,992,400) 3,992,4Crf] 38
THE GRIFFIN INSTrnT NOTES TO THE FINANCIAL sfATEMEiirs FOR ThE YEAR ENDe0 3114ARCH 2024 Analysis of Net Aomts B¢two•n Funds Gnjup funds Funds Funds Totsl Fund balae$ j at 31 March 24 are represented ty: Tanglble assets Intsnglble assets InVestMts Current assetsl(IlatJiitles) Long term UatAiitks 2.052,615 2,052,615 27,223 (1,999,244) (2,19J,845) (2,110,251) 27,223 {1,792,047) I2,1,845) 11,903,054) 207,197 207,197 (oup funds Funds Fun Totsl Jrvj balan held at 31 Marth 23 we rewesent&J by: Tangible assets Intarrfjlble assets Investrnents Current as5ets/(Ilabllltles) Lry temi Llabllloes 6,617,520 6,617,520 5,000 753,904 (1,338,459) 2 350 655 3,687,310 753.904 {1,4,587) 2 350 655 3,535,182 152,128 152,128 21 Op•rntlng L••# Commllmmts 2024 2023 Wthln Or year Betw fv arMI Years Bkne Two and Flve Years 375,927 375,927 375,927 375,927 1,128,781 1,127,781 1,880,635 1,879,635 Crm1Ments rqrnent the1635e agreurnt wlth the ]rtsbjte'S landlord, LoTr*)n North West Unlverslty HealtFKare Trust LIMI1, atKI the comfflltsw)ts up to the five year break dause. The leasels for 20 year5 bk dauses evwy five Ye5. IT&itute is ornljy seeklThJ to surre thls lease and rwUate a se (see 24). 39
THE GRIFFIN INSTmirE NOTES TO ThE FINANCIAL sfATEMEPITS FOR THE YEAR ENDED 31 MARCH 2024 22 Oporatlng Laase Income The Tnstitute has entered Into a numberof leases wlth sthtenantswhlch pdeS ftJJre mlrtmum lease Incx)me under r-Canclate operdUrwJ leases, whth fall due a5 folkms: 2024 2023 Withln orE year 93,597 187,944 ts¥o arnj yea 203 310 187,194 391,254 Under the proEwtl lease rwwayon tr SUleaSe5 wlll be transfrj to tt NHS Trust. Anatygls Changes In N•t D•bt Balance at Balance at 31 M•rch Z024 2023 Cash Ik• Cash arml osh equfvaknts BOrrOngS Due wlthln one year Due after more than one year 396,763 (187,402) 209,361 {l,c}) (233,333) 63,430 (loo,0) (133,333) (23,972) IrJJ.000 (87,402) 24 Mat•rf•l Unwtslnty relatlng to Gdng Concern The abllSty The Griffin Instituie io remaln a 9)Iw 0)ern is dependwtt on the supwt of Its landbrd, the North West Unty Heath Care Tntst (NHS Trust), Its sknr materfal credltors Its abS1ity to generate fuiwe Incu and cortrDI exFWKltture Ilrt wth its f(Sts fmeeable future, being at least for a per1od of 12 mcrths from date of apwoval rfItE5e finarKlal ststemerts. Negotiatio th the NHS Truto resirLLth leaslrwJ arrongwrEnts are expected to Ix flnallsed In earty 2025 and thls will substsntially improve ts Insutsjte's finaTrial tJ5rbon. As part of the restructsjrfro exercise, the Lnstitute 15 Iwtiating a lease arrOr0enrt with the NHS Tru whKth will Invdved the transfer of its leasehold improvements, plant Mh1Y at an agreed value. Tr caryng value of capltslised lehold imEYovements. nt and mathrory has been assessed by Savills a5 at 31 Crtoter 2024 CM) a dep0at reF4acfftnt cost basls. As a resu of thls, an ImpalrTh*rt adj of E3,997,349 been refiectgj in these finanaal statements tss to an OVerdrkn EM)4b"on on unre51ritt8J fiJThJs of £2,110,251 at the aTMt year eNI. Chce wotlatk)rs are flnalised earfy In 2025, 7At exrert ovttdrawn reseNes tion to be 5ubstsntrdlly reversed.
THE GRIFFIN INsrrrirrE NOTES TO THE nNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24 Matsrfal Uncertalnty reljtlng to Golnq Concqrn (contlnuod) In order to In¢Jease IncM)e gwErdtyon. In$tu Is approathing pjtenttal furnlers. It is also In the pro$ of waTrJlng tralnlTrJ facillYe5 wAth sOe fijndlry In Pl some tKenUal funding comlThJ from NHS Trust Remsexl fe(ast5 are prepa ar#J by Trustees on a regular tthis. The NHS Trust has given assLrarKe5, as part rviegotsakn erred to aty)ve, Ih3t they vlll continue to be supForbve ofthe Institute a1 that )ve intention to enfry paYment of nt service char9e arrear5 rf fvnds a rnt avallalse to tdore Cecember 2025. At the 31 March 2024 rent arJ Servi charge amounted to £2,041,01. 41