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 sh￿t 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 Al￿Za-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 2￿288 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 surg￿n$ 8nd ProV￿e$ 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 in1￿VatNe researth that a0*ne￿ patient health. Delivwing hyh44ualty and novel p￿In￿al stud￿. We invest in the fLrture by givirKJ patients h￿1th1O1. •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￿ Ot￿r Imde￿I Foremost Robot￿ and Minlmalty Invaslve Surgery training c•rrtre that pIon￿te8 adVa￿ed tranlnp and conlribLrtes10 and ¢r¢dit"o1￿ft by workirKJ with Iraining b¢1￿$. A preclinic4 lacilty and scientffK surg￿1 exp8th.se Cu8tomised In vitro •natys15 to complemert preclinical experim8rtatlrJn Creative coIIBborgtion8 be￿een AcadenThc6. NHS Ttusts, SME and commereial p8rtn8rs Devgbplr¥J a novel wound.h•atlrvJ ptyNol Crealing funclional ti8sueslorgans Improving the qualty of lrfe for suffeTers of 9uI disorders lin P8rtnership wllh St Mark'$ Hospital Foundalwl. THE GRIFFIN INSTITLifE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE Summary of the year Th8 yw 2023r2024 1￿clUded with The Giiffin IrAtitule feelin9 OPtini8tic about the fLrtwe. A Second round of redUr￿an¢￿ in Awust 2023 ¢￿tribUted lo fvrther cost 8aving• Thè nurtjer of surgeons attendlng cwr889 ro8e to 945 ￿108& 27 Sp￿al￿*S. In￿dir￿j 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$￿A￿ttKty Htyne Off*e Ll¢ens We eng8ged with other highgrofilo training and reSe￿h orgwwtions lo explgrfj collaboralfvjns and partnership8 We ostabli$hèd Strong eonn8ctK>ns wfth bcal M8ntsrs of Parflamant who vlsited our facilty and wfill be making rep￿sentatIOn 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 sury1￿1 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 n￿eSsary 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 8naes1het￿ts, lechnKians, and surgeon5 Subslanlid experienc4 in t￿hn￿l supwt for robL*, laparos¢opi¢, and M￿ro$cop surgery plus CT im&3ing ststMl.Th￿Art Facllltl88: Ret01￿ Surgery Training Theatre Laparoscopic Surgery Training Theatre 2 x General Purpose Theatres wrth prep and exit rooffA Im&Jing Theatre ICT scanner and mobile CT am) A dNers6 range of 8urgieal lfabning n￿de18, including in human ¢adaveit. and 9eneral surggry simulati¢)n8 We arn the onty training Organ￿Otbtin in th8 UK that offer8 all these training models Research & Development and Pr•cllnlcal Slgnlflcant Expgrlonc•: In the L9sI 6 years to date we hove urwJ¢rtak¢n 18￿ research stLKlie8 A skilled learn cl re8earchers stst•￿-Thfj-Art Facllltles: MicrOb￿l09Y Lab￿at¢)ry Ceu Culture and Tissue Engineering Lab￿￿ry ImmunohlslcK￿QM1Stry Labof8tory Hi$tol¢>ay Laboratory Biomalerigl Loboratw. THE GRIFFIN INS￿fLrrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 TRAINING Despite the dIsrUp￿On 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-81ructUr￿j and ddivered 8n upd8ted mKrosurgery Gourse with PL￿rtNe 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 $urgul fellryws Expanded the &adern￿ programme wth the cts*tion of a PhD for one Fellry4Y and approval lo appoint h¥0 new PhD Felkw The educational research team continued lo delnfftr high Xadern￿ output tncludlry a large number of publi￿110n5 and pr8sentatK>nB With top pres•ntat￿n 8wor(18 at international confererKas Held several 81r8tegic meetings with key 8l&kehokders and acbjemk partneTs lo support the ¥u$tsinabilty and Kal8bility of tsjr trainlng xtivlt*8, 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 &IrK￿l THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Partners Surglcal Trninlng Contr•¢ts: East Suffolk & North Essex NHS FourKlation Tn￿1 {ESNEFT) Intuthive SurgThl Medtron Otympus Medul Surylcal Tralnlng Partners.. ASsc¢ial￿ of Coloprc¢tthgy of Great Britain and Ireland A88coat￿n of Lapar03copic Surgeons of Gfeal Britain & Ireland (ALSGBI) British & Irish As8￿10110n of Robot￿ Gynaecobgical Surgwi$ {BIARGS) The Dukes, Club (for cobrectal $urgKal traineé8> Elhlcc Health Education EngLgnd KLS Martin Group Lawmed Lmdon North Wesl Univer5ty Health￿re Trust (LNWUHT) The Royol College of SuffJeons of England UnNer8ty Col*e Lond￿ IUCL) THE GRIFFIN INSTrriJrE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 RESEARCH & DEVELOPMENT Research Inilialives 1. Innovatlvo Small RKon8lnKtk•n.' This project hcuses on p#)ne8riffj novel approaches in bowel r￿l$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&Jnrf￿nt tv*el 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 w*thtsJok)gies in burn care 3. COmpl•t￿ Past• Wound Heallng Inltlatlv&'. The Paste Wound Healing Init￿tiVe has rexhed key mikntones in #s research ph86e. tsrgeling ath￿nced methojs lo prrynole li88ue regeneration and wound he81ing. However. we are currentty facing financkql challenges that limrt our abilty lo c¢%np￿te 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 molecu￿1 m¢chgnismB invofved in und hoaling, ultim8t8ty ¢1)ntributing vgluabb in¥yht$ to the f*kl. Educ3tionil Partner%hip% 2nd AthieveTr?nt8 CollaboratFon whh Unlv•rnlty Coll•q• London {UCL).' Successfulty Super￿Sed three Msc studen18 frC￿ UCL'S Ne￿￿)￿{ for Mumimodal Research {NRM) eourne, resurting in iwo distinct￿n$ and one merrt. a lestam8nl lo the team'$ C￿nmrtrnent lo fostering academ￿ eXcel￿nCe The tewn prcp)sed three in￿all¥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 I￿litU18 for thwr research plxement. Awards and Conforences or￿ d our talerrted M& students received the Surgical Research s¢¢￿tY ISRSI Young lnvestpa1orA*A￿ at thoAnnual Meeting of the SRS held al Sl Calharina* c￿1￿ 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 st￿ent arKI Researth Assistsnl attgndod Ihe 7th TERMIS ￿ts$u8 Engineering & Regenerative medic1r￿) Iwknld thgre$5 in Seattle, Kts8hinOon. She was honoured with a travel award. Our Prciecl Coordin8tor d￿Ne￿d a I￿tUre aiy)ul The Griifin Institute lo the Bpjmedvl MaterlalB s￿"enCe Cohcrt at the Univwsty d Blmingh￿. THE GRIFFIN INSTITufE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 Publications 1. Swadkar, P.. Lali. F.. & Jayasing￿. S. N. {2￿24). B v)-jetted human adipo8&d8rived 8tem cells remain viable. Nexl M810ri8ls. 2. doi'.10.1016t nxmate.2024.100108 2. Pfry8, S., Boyd, A S.. Torres-Baul*ta, A., Sawadkar. P.. Mosahebi, A., Narayan Rath, S., & Kalaskar, D. M. (20241. Accelet*ing vascular graft devebpment.. Adipo8848rivad stam calls and PODS@ (Potyhedfin delrlery system *Mth tissue-specific growth tactert)- Enhanced 3D b￿printIng for funclional blood vessels. Ch•mlcal Englngerlng Joumal. htt s'.Ildoi.or 10.10161 24.1 3. Patel, K., Keskin Erdogan, I, Sawadkar. P., Alk38, N. S.. Shannon, M. R.. Patel. M., Klm. H. -W.120241. OxitlatNe stress modulaling narKJmateria15 ard their bMxhemicg1 roles In nanomedicine. N•noscal• Horliorbs htt s.'Ildoi or 10 1o3g￿4NHO0171K 4. Smdkar. P., Mandakhbayar. N.. Patel. K. D.. I￿.1, N., Raiasekar, P., Sarama. R.. . . . Garcia￿ar813. E.12024I. 3D Pcrfous Binary Composrtes of Collayn. ELgslin, and Fibrin PfOtein$ Orchestrate Adipose Tts8ue Regenerat*)n. m￿r0￿m)Ie￿I8r 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 jOuR￿lL 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 I￿k 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 e￿h research pK4ect Profess￿nalty. ProV￿￿1n9 a full, comprehensivts, cu8lcffli8ed serv￿8 tailored to specrfK fequinrnnts. wrth all our 8urg￿l t￿r￿. facllrtw, and laboratories hobj a M&4icines & Heathcare Products RegulatoryAgery IMHR4} c8rtific8le for Good Laboratory Practice and a re￿rett I￿enSe 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 F*aM￿CeUt￿l compound8 U81ng a bri61 8Gce88 taste averslon IBATAI Model Evaluatic￿ of a novel, trans-nasal aFproach for neurosurgery (human c•Javgri¢ $p¢¢imenBI Evaluati¢)n of a novel approach for the weparatKJn of flap8 for18ck?l rnc0n8truCtk￿ (human Cadaver￿ research) Te8llng a r￿1 8caffokl to prthYKle oe8ophwl ropair Pilot studies on thg use of a rKNel tibk91 Thplant coBtiig to reduce irrfect In vivo assessmenl of a r￿Ve1 blood Iltrat 8ensor to monitor tissue ischagmi Inlrnmsal dosirvJ stud*s for nanopaitle drug delivery io THE GRIFFIN INSTrruTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 STAFFING - RECRUITMENT, RETENTION & WELLBEING The Grffin Institute underwent a secorbj revithv and restructure process in August 2023, during which four members of staff %4ere made redundant. Small pay increases were given lo retained Staff throughout the year. R￿furt￿nt was kept to 8 minimum, but a Ex&utive Assistant & Faciiflies Manager was appointed In janu￿ 2024. a fo￿ that had been wxant for several months. The Study Lead Icok on a second role as TWe Managér. and now managgs two Sgparats team¥. INTERNS & VOLUNTEERS A full-tim6 intern began workin9 wilh tho Pfedinul team in Octobw 2023 and18 Still wth us. Tho Training. Preclin￿81. and R&D departrrents have continwl to prov￿￿e work expemnce opportunit￿$ for (*her inteTn¥ Ond studerts, generating signff￿9nI inlere81 in work. PREMISES The vantllalbn plant fal￿d 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 V**fo 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•tK*nBhlp8 with our Tenants continu•. EALTH & SAFETY A thorough r6vl6w of heeth and safety 18 being condu¢ted and an entwe overhaul Is unde￿aY, 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￿ d￿r￿Ul1 during this to the ffinanckql clnn•te. The Fundr8i8irvJ Officer raised £22,000 in grarts fr¢Kn charit8bk tru5tsffC￿ndat￿)ns. She also prep*ed fundrai8ThJ ¢o118t•rnl. 1rd￿jIng 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 toge￿r r8i8ed £14.100. FUTURE PLANS To eommenco repair8 ofI￿AHU3 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 mad￿1 gctrLK>lB and ￿ NHS bodi88 to offer tralning and intwnships for $ludenls To be recognised as ￿dIng surg￿al ITawiing c•rrtrn in UK, by central GLNemment and official NHS bod To e8tabllsh collabofatk*n with kw 8lakeholder8. academ￿ and Industrbal partMr8 To set a future vi$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 Conditi￿ts atr for our tenants 12 THE GRIFFIN INSTITufE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMEKr NOrthw￿k 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(k*￿n 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 {￿s￿ned 28 May 2￿24) Mr Bruce ma￿￿Ver&r KC. FCIArb MA- w￿& Chair Ms Kale Fornter Chartered FCIPD (resigned 28 May 20241 ProlessorAnlhony Goldstone CBE FRCP (reS￿aned 31 August 20241 Prole880r Gavin Jell Msc PhD PG Cért Ed (reS￿ne￿ 22 February 2024} Mr Mark IBertiel Lwgh FRCA and FRCPCH FRCOG ad eundem Ire8ynad 31 Augu#l 20241 Ms 8onella Rrn (reS￿ned 29 Novem￿1 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 sUb4￿rtIees 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 poI￿Y and Strat￿ &Jopled by and wrthin a budget approved by the Trustees and (rf applicable} lo advise the Trustees In relat￿n 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 wh￿h are.. Flnance Committee Human Resources Commite? Governar￿e Committee Scientrfic Advisory 8oard The Flnance Committeo ￿ responsib￿ mitrwing and (w￿r$081￿g the finan(ial managèmént of tho Instrtule. 11 will consKJer the In$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 actK*n plans where reff*dkg1 steps are necessary. The overall purp￿ of the Humen Resources c￿nMitte￿ 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 CC*Je was carr*d 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 Sc￿nCe. 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￿ $￿tOr health organl8ation8. HR. financè. and ¢ommw¢ial ¢¢llaborati¢Yb Wtlh prwalo 80(a¢Y IT￿d￿81 orgAni8atkin8. All tho Trusto08 have a profes$ioMI b•ckground and are alre•Jy fomllkqr wrth the practlcal work of the Instilule. New Trustees are al80 provided wrth an information pack wh￿h includes general Charity publications, a briefing note, budget, past minLrtes, arKI a copy of the Charrty Commission's "Essenlkql Tru$lee' bookbt. An inducI￿n n￿￿1r￿a is hgld vmh the CEO. The Institute will support any formal training requested by its Truslew. The Twstees keep the ccYrposin due to the ongoing debt srtuathjn and the closure of BSU The hoalh and sofety rEks are currently being a￿essed, but the most pre88ing IB the need to address the fire dampprB and Ventilation $y8lem. 14 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 dIff￿vIl￿. Tol81 income was ￿UCed lo £2.2m {2023.. £2.8m), rnain￿ due to a sharp fall in Preclinul projects and $cthe1088 In Incom from Training. Expèndlture on charilable athvities was £3m12023.' £4. Im), rn11gcling the d￿¥nI￿rn in incomè. In 8ddrtion. 88 a resurt of the restructuriro eXerC￿e detailed bel(Y•V a one off charge of £4.c￿ has been incurred for the impairment d leasehokl improvements and plant and machinery. Ignoring the impairmant charge and trJ8s cm hnve$trr*nl$. the net defici( for the year was £861,333 12023.. £1.2ml. While thi8 CiYi1inues to be diwpointing, rt is an improvement on previous yeaTr and I￿nIT￿nt steps have been taken lrywards adlieving breakevenl8urplus. Folth¥iNJ the 8Fwdnlment of our CEO in Janwy 2023 and a 8¥nifKant Testructure of tho orgèni88tion. we are moking gcth pr¢>ar￿8 on our long-term plgn lo relum the Institula to Surplus over three years with grovrth ccffiiro Pfedominatety from trainiry Incc¥nè. Having SU8lained a very difficutt year, our building infrastructure is n￿¥ being addressed arKI we ant￿1pate a return lo previou8 income levels in fin8nci81 year 2025r26. Adilitionalty, we art negot￿11￿9 with our landlofd8 for a signrfunl re¥trudure of our whth will address knng-tem liabilty lo them and place Iho ¢harty on a firmer financial f￿)ling for the future. INhile thi8 neg(rt¢'atK)n ¢￿tinueS our landlord8 havo undertaken to 6UPPOrt us ty not cperatw)nal or finaneial 8tres888 on the organisation. Investments The In$lrtutè holds sha￿8 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 chal￿ng8S and as a consequence of this we have taken an exceptN)nal write off of £726,881 thi8 year$. Statement of Financial AclbVrti85. Going Concern Conswjering the dfftit incuThed in the y￿r and the net defKtt ￿ g•nofal unra8tricted reserves, the Trustee5 are keeping the finan￿81 ￿rfofrnar￿e of the Institute uTrJer c￿tInuOUS rèvlew. In partkular the current lease for our Pfemises is under re¥￿. Our Lqndbrd is SUPPOrtr￿ of a new lea$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 spre￿5 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 Pay￿￿nI arrangmnls noted above, ￿ have sufficient cash flow lo meet our obligations as arKI vthen they tsll due and for th18 reasc￿. are $8lrJfth that li i¥ appropri91e lo prepare the accounts on a going corK¥rn b450. 15 THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024 ResoNes Pollcy The Trustees are dwipointed to repvJt a further def￿1t in the year whkh has continu&J to mean that unrestricaed free rese￿eS are negatNe. Our Reserves Poly is to generate ond maint8in 8uffLient level of reserves lo enab￿ Thjfftiel ¢weratSng actNr¢igs lo ￿tInUe over a perK#J of six months, should a shortfall in inccffle Lxcur. The also takes wxourrt of pxential nsks and contingencies that may arise from lime to tm8. We e81imalè thi& at £1.1m. with a minimum fro& resm of £300,000. To our financial improvement plan, we will sustsin a further deficrt in 2024r25 but expect a mlxlest Surplus in 2025126 and further grrN#th thereafter contn'buts'ng lo rebuikling CUT unrestncted freo r¢sorve$ 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 Sal￿fied 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 fr￿n mtsial m￿stat￿nent, 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 recommendat￿n5 of the SORP FRS 1 ￿2. sut4.ecl lo •)y n*tsrio1 d8p8rtures di8cbsed 8nd expl81￿d in the financial statements Slating whether 8ppli¢&b UK a¢¢ounting standards have been foll¢y*ed, 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￿$￿Ie for keeping adequate records that disclose with reasonable xcuracy at any t7me the financial p)8ition of the charity and enab￿ them to ensuie Ihot the accounts comply wllh the Conyni88 Act 20C6. They are also reswsibk for safegu3rfirvJ the a88et8 of the charity and nrA foi taking reasons￿e steps for the Prevent￿ and offraud and i*her irreguiarilie5. In so far 88 the Trustees are aware.. There no relevant audrt lnfcffm1t￿n of wh￿h the chaiitable compary's Auditor is unww8re; They h8ve taken 811 steps th8t they oughl lo hove taken to mak6 themsefves aware of any reLgvant audrt information and lo eS￿l1$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 corryn*s. This Report was approved by the B08rd of Trustees on 20 D&0mber 2024 8nd 8P3ned cffl tr*ir 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 ReSe8￿h 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 State￿nI, and notes lo the financial statements, including 8 summary of signrficanl aGMuntsng policies. The financ￿1 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, (Unit￿1 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 aC￿rdance with the requiremerlts (* tho CompanK# A£t 2006. Ba•1• for oplnlon We eonducled our audlt in accc￿da￿e 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 $tst¢ffonl$ sect￿n of our re￿rt. We are independenl of the charilablo ¢omp8ny in aecofdance with the ethical rg4uireTrnnts that are r8k8vanl lo our a￿￿11 ofthe financial Stater￿nts in the UK. induding the FRC'S Eth￿al Standar(I, and have fu￿111ed 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 attent￿n to nc*e 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. poSit￿e neg¢Xiations a￿ continuiry with fts Lqndlc*d, London North Wesl Unlversity Heatth Care Trust, lo restructure the Inslrtute's lea5irvJ arraNJ•nents whth wlll Invofve the tsar￿fer of Its setdd Improvements, F4ant aMI Mathr￿ at an agreed val￿. The canyro value of capltsllsed lease￿1￿ Improvements, plant and machlnery has l￿en asse5seJJ by S)vfills as at 31 ¢knA)er 2024 on a depreclated repl&eff*nt cost basls whoch resuhed in 8n impairment odju$tmonl of £3,997,349 an¢J overdrawn unrestr￿ted 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 I￿tr*￿'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 infOrff￿KJn inc1￿￿ed 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 sts19rr*nts 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 $0, eonsthr whether the other inf0mial￿ L% materially br￿nsIstenI with the ffinanci81 statements, or our kn(Mledge obtained in the audr¢ or Ot￿rWIse appears to be materially missL￿ed. If we Identrfy such m8terial inconsislerKie5 Qr apparent matwial mtsstatements, we are requirad to delarming whether tr￿e is a matertal misstatgmont in the financi￿ statements or a mater￿1 misslalement of the othgr information. If, based on the work we have perforrned, we conclude that there is a material mL8statement ofthi5 Other information. we we required to rewt that f&t. We have nothir4J lo reF•)rt regard. 17 Th¢ Gviffin Institute (InCwporat￿1) Ind¢pwKlent Auditi>rs R¢pDrt rmtinyed Fv the yeor •nd•d 31 Mor¢h 2024 Oplnlons oft Other matt•r8 pr•8crfb8d ty tha Companle8 Act 201)8 In our opinion. based on the work undertaken in the course of the audit.. the given in the tnjstees, annual reFort for the financigl year for which the finandal Statements are prepared is consistent 7Mth the finarKial statements". and the INsle88' annual report haB been rrtepared In wdarKe with applicable 18gal r￿uirementS. M•tt•r• on whlch w• ar• T•qulr•d to r•port by •xc•ptlon In the Ipaht of kn¢)wledge and understanding of the charrtable company and its environment obtained In the courne ofthe audit. we have ncrt Klontffied matsrid m￿$￿tementS in the dirKtry¥' report included ¥￿thin the trustees. 8nnu81 rep￿. Wo have nothirvJ to repc*t in respect of Iha folk)w'ng matters ¥•t￿re 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 v*it•Y by us.. or the financial slalements are nL* in agreerr￿t with the xoJuntlThJ record8 and rdums; or certain dL8clo8ure8 of trugtee8' Trmunerntion speCi￿d by ￿ are not made,. or we have not receNed 811 the inf¢)m)èt￿n 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 I￿e fully in the Iru8tees' rnsporffjl￿Ith$ $t*enwnt set cmjt on page 18. the tru$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 ne￿Sary to enab￿ the prepar8tp)n of fina￿la1 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 appl￿ble, mallern r6lalèd tts going oncern arbd using the going concern b85is of accounts"rrfJ ￿n￿sS the trust￿ erther intend to liquidalg tho charit8blo ¢￿1P8￿ or to OPgTatrJn$ or two Th) roal*tK aMematNe ￿ to do $0. AudltoT'¥ respons11￿lItIeS ft>r the audlt of the flnancl41 sthtgmenls Our Obl￿t￿e8 are to obtain reasonable assurance about whether the financial statements as 8 whole are free from material misststement, wh*ther due lo fraud or error. and lo igsue an audf(orfs report that Includes our opinion. Reasonabk assur8nce a high ￿1 ol assurance bul Ys not a guarantee that 8n audrt conducted in accordance wilh ISAS (UK) wll aws detect a matersal miSState￿ntWhen rt exists. Misststemenl8 can arise from fraud ￿ effor arKi a￿ conshlered material rf, indNidualty or in aggregats. they coukl rea8onabty be expected lo infiuence the ￿onom￿ decis￿n￿ of users taken cm the b￿8 of these financial statements. 18 Independ￿t Audltots Rewt continued For the yoar 4nded 31 March 2024 IrTegularities, Including fraud. are instances of non-compliance with laws and regulations. We design procedures in line wflh our resFonsib1lrt￿. outlined abovfr. lo deled material mtsslatements in r8spect of irwularrties, including fraud. The extenl to whth our pr￿0dureS are Capab￿ of detecting iTregularitrds, including fraud is detailed ts91cpK. The Charfl8ble Comparry is required to ccryty wrth bth company lthy and charty law and, based on our kncthledge of Its aclNities. we WAent￿￿ that the legal requlrem&nl lo ￿KuratelY account for restricted funds was of key ￿nthn￿. Wt g8inod an understanding of hcrw the chantable ¢ory)any cryilied with its l•Jal and regulatory Iramework, including tha wuirement to properly account for reslricled funds, through di8eu88ions with marwjement and a review of the dccumented polic￿$, 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 ch￿k that re8tricted incoff* was Property IdenIrf￿ and $8pargtety accounted for and lo ensure that valid and 4)prOPr￿le expendrture was charged lo restr￿ted funds. Thro included revBwirwJ loumal adjustments a￿j urwsu41 transact￿￿8. There 8r8 inhoront limitatiom in th audrt PTcthYure8 doscrthd above 8TrJ. the further renNwed non- compliance with laws and regulations r6 fm thè events ard tr8nsxtion3 refknted in tha financlal 81atemenls, the 1¢88 likety would bec￿￿ aware of rt. ￿ risk of not dol¢¢b'ng o malerKql ml8Statemenl due to fraud is higher than the risk ol not detecting one resulting from 8rror, as fra￿ may invofve delibw&e cowlrnnt by, for exarf4)b, forg8ry or intentional misrepre8enlatK)n8, or through collusx)n. A fvrther des¢ripllon of our respcnsibillios for the 8udft of the financiol statements Is located on thg Financial Reporting Council's webstte 8t.'www.Irc.¢yg.uklaudrtOTSrespon5ibilrties . This de8criplion forms part of our audito16 rewl. U•• of our report Thi$ 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 fvI￿st 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 ￿ Opin￿n$ 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 Og￿Ltrg6l 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,$20 2,052,615 6,617.520 Intrnglt4e Assets io Inststments In Sutsld*rles 5.0Tr) Inwstments 12 27.223 753,904 27.223 753,904 7 376 424 13 I￿,361 392,523 190,361 392,523 Cash at Bank In Hand 209,361 396,763 209.361 396,451 788 974 Credltsr•: Amourbts F•lllrf l>u• withln On•Ywr 14 (2,191,769) 12.127.746} (2,191.769) 12,127,745) 14•t Curr•nt Ll•bllltl• 1338 771 Totsl A••¢ts Curr•nt Llabllltl•B 287,791 6,037,964 287,791 6,046,265 Cr•dltor•: Amounts F•lllng Afttr th•n On• Ymr 15 (1,1￿,615) (2J50,655) (2,190,845) 12,350,655) N•t (U•bllltl*)IA•••ts In¢•n* Fund• Re5trktoJ Funds 17 207.197 152,127 207,197 L52,128 18 c￿neral UThre#rk￿ FuM1s 19 (1110,2511 3532.525 (2,110,251) 3,534,8e8 Tt)tsl th•rlty Fyn 1903 054 652 I S￿3 054 Mlnorlty Zrt•M•t Sh•r• •f Sub•ldl•ry N•t 16 Tot•1 Funds I s￿13 054 These financial st3tements were prepared in accordance with the special provisK)n5 of part 15 of the Companie5 Act 20J6 relatin8to small companies. fhese f1nancial statements were approved by the Board olTru5tees authorised for issue on 20 December 2024. Rithard Atienza-Hawkes. Chair of TNstees 22 THE GRIFFIN INSTMITE INCORPORATED CONSOUDATED STATEMENT OF CASH FLOWS FOR TIIE YEAR ENDED 31 MARCH 2024 2024 2023 Cash Generatey frrynl(U%d ty> (88,183) 1177,454) ¥e•tlry Acti¥4tl•• Pu[c￿$e of Tangl)￿ Ftrrted Assets 127) {36,CK)O) In￿g￿le 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 Equlva*nts at BeglMlrKJ rf Y 396.763 710,119 CJ•h and Ca•h EQUI￿￿nts •t End of Yw Dendt for the Year 15,590,363) (1,237,482) Investment {810) 198) Falr Value Gakns a￿1 Losses on In¥esin n6,E41 Dewec&itt*Tr and Impalrment of Tanglble kYvll*s 4.564.932 460,010 Lus C￿ C15p)sal crf Ax￿1 Assets Minority Interest ￿re of gJt*llary Net M¢Jv•m•rt in Worklng Caphl: E*crea5el{IrKrew) in t*L*ows 202.162 50.282 lnmse1(D￿) In c￿dIt(*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* Insti￿te)) Is a private c(¥n￿3ry limited by guarantee 1rK(xwrat￿l in ENJkrxl atxl Wales. As a company Ilmlta by guarantee &ith of its Tr￿rnter5 commlt5 to contribute £10 to the companvs debts, l(aEIIIYes, a￿1 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, Unl￿1 ￿[¥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 Fir￿￿131 Reportlrg StsThJard applthbFe In the UK and Reputdlc of Irda￿1 {FPS 102)" (as ameThJed for accounfjrrfJ pericrtts commerKiNJ fr(￿ l )wry 2019). Tr Ch¥lty Is a p￿1¢ Ber￿t Enttty a5 defined by FRS 102. The flnandal Ststen￿$ are txepargj kn stwllrrfj, vétsch Is ￿ fiJK*Jonal currerLy of the OHrty. m￿etrry anYJLrts In these fl￿Trda1 stateM￿ts a￿ roLnled to the nearest £1. The IlnarKlal ststements ￿e le￿ prepared Lrthr 0)st c(nventlon, rTh)dlfied to lrnlude ￿lts1￿ flnarflal Instrurr*ts at falr val￿. The p￿ndpa1 acCO￿￿r￿j polldes &Jopted are set (xjt bel(M. 1.2 Ba￿5 of c￿N￿lda￿On The GroLP flnarKJal St&￿r￿ts aKsJldate tre fill￿1 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 SubW￿￿y, Grtffin Paste researth Llmlted has remalr*d (knmant and was dissol¥Ed ￿ 15 thber 2024. l flnandal statemerts are made up to 31 March 2024. All Intrn4Jroup trans￿ljor￿, balar￿$, and unrealls8J gaIr￿ ￿ transacV(￿s 9roup erthes are dlrnlnated on con9)Ildatlcq). Unrealised losses are also ellmlnatejj unless transactIc￿ provldes of an Impalmient of the asset transferred. Where r￿ceSsary, adjUStm￿ts are made to the finandal statements of sub5kllarles to brlng the &c(lunti￿ tx)Iw used into li￿ Y￿th tr￿se used by ¢Jher members of the group. The sunmary finandal #atements of Grfffin Paste Researth Umlted are sh￿n In note li. 1.3 G￿.rO concern thoLKJh the omrrt flTra￿l ar¥J forecasts inthcate that a materlal unc*alnty ￿latIng to gc4ng concem exists, the Trustees ccfflsklu that it is aFvopriate to prepa￿ these financial ststements fj) a grArvJ (DnLEm ba51& See Th)te 24 fix fwther detall& 24 THE GRIFFIN INsllT NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 3114ARCH 2024 1.4 ￿Jnd5 PLrpJses ard uses of the rethcted ￿n￿$ a￿ set In the to the finandal ststemerts. t*sgnated funds are affK*Jnts set aside ty tre Tn6tees ts a sFvJfic ptyLt cr wrrM)5e a￿1 do not fm part Lrf the Irtsttbjte's gertrd unrestrlcted fuThJs. Gentral unre#rtcbJ are aVBilaLle ts use at dlscrdlon of the Trustees In f￿herdTr 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 OrMaty￿s, legades, grants, aTrJ ots fcms (* ￿lUntsry a￿ recognlseJJ as IncomlrvJ resour￿ when tts th)rity has performarKe coThJllJons have been met or altemauvety wl*n rec￿v￿, excert Ingjfar a5 fv a￿ irKapat4e of flnaThJal m&isureme IrKcrfnlNJ re$￿T￿5 ch•ltstrAe alth1￿e5, WI￿ related to perfornpn￿ and spedflc dellveratle5, ¥e rect¥Jnlsed as tr* Irststuts earr6 the rfght to consk*atJon by Its [￿f￿n￿. I￿estment IrK(MM Is IrKl￿ kn recdvoj. Rental IrKowe from leases (￿ of any I￿ent￿ glw to lessees) Is rwnlsèj on stralght-llre ba4s over the lease term. 1.6 Resour￿$ expen(Jed Expendlture Is recc*Jnlsed on an ￿￿11 ba￿5 a5 a Ilai411ty Is Irttjrred, Ex￿￿+t￿re 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 fu￿1$ 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 01￿c￿ to suth acuvltles a￿fj t￿se costs of an Indir&t rwtue necessary to suppxt them. rL¥]ulrements of ￿ Instttute aThl the fee5 arKI costs to the strateg managwnent of ￿ IT￿btUte. All costs a￿ alkKat￿l be*we￿ ￿ expwKlitwe catego￿5 of the SOFA on a ba%5 designed to flect ￿ use of the r￿U￿. 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 TanglI￿e fix8J assets Ta￿j[l￿e fix&J assets are initialty Measu￿ at cost and In the t2se of donated assets, at market Val￿ and are sUbseq￿ntI¥ measured at cost or market val￿, net of dep￿a￿On and any 1m￿1rMert losses. Depr￿a￿￿￿7 Is re(ognlsed so as to wrlte off the a>*or market value ofassets less thdrestlmated resdual values tr*r tsr usefvl I1￿ fc4lwrvJ bases: LarKI aThJ b￿kjI￿5. Stralght Ilne basls ovtr the terni of lease Plant aTrJ mathlnery - 25% rff annum on rests arnl are subsequenty carried at arrK)rfas&J c05t u4ng the eff&￿ve Intere* meth)J urdess ts arrar#Jen￿ constytfft5 a fin0￿r￿j trarLsath(m, wWe the transactlon Is measured at Ihe F￿e$￿It value of the fubjre T￿eiPts discounted at market rate cl Interest. fina￿al a55ets da55111ed as wth"n c￿e year are not arnortisejj. 1.13 Baslc fina￿￿1 Ilabllbtrs Basc finandal Ivabillves, IndudlrYJ agjltors and bank loans a￿ In￿allY re￿gnISed at transathon ce unless anar¥Jement ccmslltutes a flnandng transathon, Whe￿ the debt Instrun*nt Is Measu￿ at the present value of ts future payff*nts dlscDLnbJ at a market rate cl Intttest. narnjal Ilat#litss das5ff￿ as payatAe wlthn ore year a￿ Trx amordsejj. Debt instrymwts are subseqwity cartsd at aMOrt￿ L&rYJ the e￿￿Ve lrterest rnte Trade credit(Ys a￿ Obl￿atIOnS to pay fty goc4Js (* serw1￿ tst N1ve t*en èo]ulred In thè ordlnary course of o￿a￿onS from swpllers. Amounts payable a￿ dassffl8J as current 1labll1￿es If paymentls due writhin orE year ￿ le￿ If not, tW a￿ kYesente(1 as nonYt and GovffnarKe Co#s (￿te 6) Anaty¥l¥ by fund Unrestricted Fun(ts De4gnated F￿￿lS 3,016,372 3,983,324 41,795 3,058,167 89,875 4,073,199 30 THE GIUFFIN INSTrnJTE IK)TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Audtt aryl Accountitvj Fees Legal and Pmfesslcf￿l 29,¢X)I 20,￿4 49,￿>5 17,425 26,462 43,887 Net Inv>m¢l(¢xpenthture) for th• yow 2024 2023 Th1• l• stated after tharylw: Dep￿a￿on Impalrrn￿t Lease ￿ntaI rffj*nts for wenlses Itors, Remwvatlon, Current Year 567,583 3,997,349 4￿,010 18,250 17,425 No trustees recelved any remuneratkn ly exptr6es durlrwJ Ihe year ty pyevknus ￿ar. staff Colts and Numbers 2024 2023 Gross salar￿5 - Institute Stsff Gross salartes- seco￿ Staff EM￿0yer Natlonal InsurarKe ContriLMJtlons Perfjk￿ Costs 810,156 47,978 1,012,1 45,920 82,827 107,344 964 440 1195 961 In addltlm to tre athwe, #aff r&dundaTKy O)sts of £7,CW were paid in resFtxt of a re5trwtwlrffJ exerdse. The averBge monthly FEad C￿nt of emplo￿ are as follvNs: 2024 2023 Institute stsff 23 24 35 The Insyljrte's key manager￿t ￿$￿1 oxnKwbes the trustees aThJ 5enKY team. The totsl Jments pald to W mana￿1￿￿ £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￿ tsa￿15.. 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 6,4f￿j,39B 157,122 6,617,520 As port of the Inslltutes reSIn￿r@ exerdse tsr¥J1￿e fixed a55ets ￿Ve teen Impalred to take Into accewnt the pro￿Sed surreTrJer of Its lease to LL￿1n 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 i￿￿1b￿S r*ted to pat￿ts 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 a￿1 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 CA￿trI of Grtffln Paste Researth Umlt8J Is as fd1¢y*￿. 2024 2023 Profft and loss Tumover EX￿￿￿Ure (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 I25￿698. ￿[st￿ed offlce Y Bk￿l Ncrtkmlck Park & St Marks F￿￿s, Walford Road, Harrow, HAI 3UJ) commewl tradlng on l July 2020 was dcxThart thrcuJh¢xtt the curr￿tt 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 In￿ments at Falr Value CorTylse: Vlderegen Ltd Proterris Ir 726,681 27,223 753,904 27,223 27,223 Detslls of IrSt￿,5 unllstd IntsE*ff*nts at 31 Marth 2024 a￿ as fdlov•S,' Name of Un(l•tr￿ry & Natu￿ of Ixslr Lcotlon Vlderegen Ltd . IM aass of shares % Held De4d¢yw)t of Stan Cdl Ordlnary 9.77% medld a1￿C￿l D￿lO[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 sUFW￿rvj InfOrMa￿On 5upplbJ dlrecyy by vk1ueg￿ Ltd and Prot￿5 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￿ ￿arer￿1 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 C￿traCt rewth in afvarKe, to be recogn1￿ In thsequent wk)ds. Cr￿￿0￿$. 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 aj￿nty In newVaVon wlth the landlord over the $we￿￿r of the current lease, Wrlte off of outstandlng arreats and agthrrfJ a new more favourable lease. In the meanttme, the Landlord has confimioj Ihat r( wll cOntsn￿ to be Sup￿rtIVe ofThe Grfffin Instltute for ￿ foreseeable future a￿1 has m Intemtth to repayment of the Mt and Serm￿ charye arrears before the erK1 of 0￿mter 2025 The CBILS loan Is repayable L￿r 5 ys arKI lrtere5t 15 dwrged at 1.18% pa ¢Y￿ base rdte. It Is repayable ty July 2026 Inducles fix&1 arKI floauro cF¥3rge5 agalrtst the ret assets of ￿ InS0t￿e. 16 Mlnfft Intenst Share of Subsldlary Net Assrts Group Tot•1 Cost or val￿￿On At 31 March 2023 re ca ￿tal Issue Share bsL Net Incor￿(lOs5) for ￿ t At 31 March 2024 2,657 {2,657) 35 THE GRIFFIN Iiisrrn NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 Balance At 31 March 2024 Atiwi 2023 Dr L Tumer-stokes 29.338 (46,520) (17,182) C¢wrse admI￿Strat￿l seTr (2,044) Mr Lamont OBS and Gynae Research Funds 17,929 (8,791) 9,131 Dr Mows 3.967 (3,967) WouThJ Heallng ProJKts 10,460 10,460 23,815 35,825 59,640 42.026 43,5CKI 85,526 Capltal Equlpment 22,548 EU Grant 53,365 (16,291) 37,074 152 127 96 865 207 197 36 THE GIUFFIM INsfrniTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 ￿lARCH 2024 17 Rethkted Funds (contlnued) Balance Balance At31 March 2023 Incom• Exp•￿ltUre Trnnsfers 2022 Dr L Tumer-stokes (23,458) 29,338 Course adminlstravon servi Mr Lamont 08S Gynae Researth ￿nts 21,727 (3,M) 17,929 MouOs 3,967 3,967 Wound Heallrrfj ￿￿Je{ts 10,460 10,460 (3,524) 89,958 (62,619) 23,815 27,026 15,CO) 42,026 Casjtsl Equlpment (89,875 152 127 18 Dwlgn4t•d Funds B•lanc• at lanc• at 31 Mar 2024 Incomlng 2023 Expended Trnnsfers Group & Oxrity Lease￿1￿ Improvemerts B•laKe at l Aprfl 2022 Balance at 31 Mar 2023 Incomlng Grcmjp & Chadty Leasehold Improvemerts 37 ThE GRIFFIN INSTMI NOTES TO THE FINANCIAL ￿ATEmENTs FOR ThE YEAR ENDED 31 MARCH 2024 19 Unr*lrtthl Funds 8alance at i Aprfl 2023 Bal)nce at 31 Mar 2024 Incoml Expwdedl Resources Revaluatlon$ Transfers Group General un￿$t￿cted Funds Mlnority Interest Share of Sub Net Inc(xne 3,532,525 2,657 2,101,320 (7.744,096) {2,657) (2,110,251) 3 535 182 2 101320 2 110 251 Balanc¢ atiApr 2022 Balanca at 31 Mar 2023 Trnnsfer4 Gw)eral Unrethcted TrJrKIs Minorlty Interest sha￿ of Net Inc(xne 4,784,954 2,792 2,740,Ir (3,992,535) (135) 3,532,525 2,657 4,787,746 2,740,106 (3,992,670) 3,535,182 O•l•nc• tiAprfl 2023 B•lIn￿ at 31 Mar 2024 Re￿￿rea EXpth￿d Transf•r• Charlty General Unrestrlcted FUN 2 101320 2 101320 7 746 753 2 110 251 2 110 251 Oalance •t i Aprfl 2022 Balan￿ at 31 Mbr 2023 Trnnrfern Ge￿ra1 Unrethcta Furmts 4,787,163 4,787,163 2,740.IfK> 2,740,IC6 3,992,400) 3,992,4Crf] 38 THE GRIFFIN INSTrnT NOTES TO THE FINANCIAL sfATEMEiirs FOR ThE YEAR ENDe0 3114ARCH 2024 Analysis of Net Aomts B¢two•n Funds Gnjup funds Funds Funds Totsl Fund bala￿e$ ￿￿j at 31 March 24 are represented ty: Tanglble assets Intsnglble assets InVestM￿ts 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 Cr￿m1￿Ments rqrnent the1635e agreur*nt wlth the ]rts￿bjte'S landlord, LoTr*)n North West Unlverslty HealtFKare Trust LIMI￿1, atKI ￿ the comfflltsw)ts up to the five year break dause. The leasels for 20 year5 b￿k dauses evwy five Ye￿5. 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 p￿deS ft*JJre mlrtmum lease Incx)me under r￿-Canc￿lat￿e 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* SU￿leaSe5 wlll be transf￿r￿j 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 BOrrO￿ngS 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 Un￿ty 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 Tru*to resirLLth leaslrwJ arrongwrEnts are expected to Ix flnallsed In earty 2025 and thls will substsntially improve ts Insutsjte's finaTrial t*J5rbon. As part of the restructsjrfro exercise, the Lnstitute 15 Iwtiating a lease arrOr0en￿rt with the NHS Tru* whKth will Invdved the transfer of its leasehold improvements, plant M￿h1￿Y at an agreed value. Tr caryng value of capltslised le￿hold imEYovements. ￿nt and mathrory has been assessed by Savills a5 at 31 Crtoter 2024 CM) a dep￿0at 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 sO￿e fijndlry In Pl￿ some tK*enUal funding comlThJ from NHS Trust Remsexl f￿e(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 a￿1 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 ar*J Servi￿ charge amounted to £2,041,0￿1. 41