The Griffin Institute ForgJrgi¢alTTrining Charity registration no.. 1129348 Company registration No: 03445616 NORTHWICK PARK INSTITUTE FOR MEDICAL RESEARCH (Trading as THE GRIFFIN INSTITUTE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE GRIFFIN INSTITUTE CONTENTS Legal and Admlnlstratlve Informatlon Tru$tees Report 3-17 Ind&ndsnt Auditor's Raport Statèmant of Financial Activitiès 21-22 Balance she•t 23 Cash Flow Ststement 24 Notes to the financlal $tstem&nts 2&42
THE GRIFFIN INSTITUTE LEGAL AND ADMINISTRATIVE INFORMATION Honorary Pre$id&nt John Griffin Trustees Richard Atienza-Hawkes PG Dip OL IOxon}, FCIPD, FRSA- Chair Hugo Robinson MA, FCA- TreaSur Annemari Merilainen-ottridge Deborah Spencer 8Sc, MSC, EMBA, PhD Company number 03445616 Charity number 1129348 Principal address and r8gister&d offica Northwick Park and Sl Mark's Hospitals Y Block Watford Road Harrow HA1 3UJ Auditor Knox Cropper LLP 65168 Leadenhall Street London EC3A 2AD Bankers Lloyds Bank PLC 286-288 Station Road Harrow HA1 2E8 Solicitors Bales Wells 10 Queen Street Place London EC4R 1BE
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 OUR VISION AND MISSION The Griffin Institute for Surgical Training & Research ITGII trains the next generation of surgeons and provides a hub for conducting pioneering research lo benefit patients, the NHS, and the wider healthcare community by". Delivering cutting-edge, tsilored training in roboti¢ surgery and other advanced Minimally Invasive Surgery IMISI techniques.. microsurgery, laparoscopy, and endoscopy,. equipping surgeons with the skills they need to operate al the highest standard Delivering Pre-clinical studies and supporting translational research that advances patient health We invest in the future by giving patients healthier. safer outcomes and support the NHS by underpinning advances in healthcare. Wa aim to d8liv&r our mission through: Delivering High Quality Surgical and Clinical Educalion Advancing research on tissue engineering and regenerative medicine approaches Creating a Preclinical Research Hub and Centre of Excellence Providing advanced training surgeons enabling them lo remain al the forefront of surgical skills development Delivering Human Cadaver training lo complement our leaching resources lin vivolsurgical simulationsl other modelsl Foremost Robotic and Minimally Invasive Surgery training centre that promotes advanced training and contributes lo assessment and accreditation by working with training bodies. A preclinical facility and scientific surgical expertise Customised in vitro analysis to complement preclinical experimentation Creative ¢ollabor8lions between Academics, NHS Trusts, SMES, and commercial partners. Developing novel wound-healing portfolio Grealing functional lissuesltsrgans Improving the quality of life for sufferers of gut disorders partnership with Sl Mark's Hospital Foundation).
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENTS AND PERFORMANCE Meetings The Chief Executive and other members of the Senior Executive Team held a number of important meetings with key stakeholders meetings throughout the year. These meetings led to important di$cussions for fLJlure partnerships and ¢ollaboration$. LondoTr North West University Healthcare NHS Trust {'T17e Trust'i Discussions with The Trust progressed well throughout the year. Trustees Worked on Govemance, various policies and procedures lo strengthen the foundation of the Charity Recruited new members for the Trustee Board. Training Relaunched flagship Microsuryory cours8s and various other new courses in surgical sknll straining The Home Office Inspector attended the first session of Microsurgery. The session went really well Collaborated in an official MOD support programme, Inlefflex, for surgeons from Ukraine.. A delegation of six surgeons, together with four interpreter5 allended training at TGI in November 2024 Welcomed a group of firsl-year medical students from China, who enjoyed a lour of the facilty and gained valuable surgical training experience in Roboli¢s and Microsurgery Successfvlly mel and negolialed with London Deanery. NHS Health Education England and Intuitive Surgical stakeholders regaiding delivering iobotic training for their trainees The Pilot Training programme is due lo Commence in January 2026. Increasing The Reach of The Griffin li)stitute Reached out lo all medical schools, universities (public and privatel offering training and internships-. Imparial College London responded and were keen to work together UCL is already a current partner Queen Mary London expressed an Interest in sending a group of students to study at TGI next year Mapped local hospitals Iprivate and publicl and other academic institutions in London in order to reach out lo all major cenlres to promote training. General Revised the Charity's business model HR, Health & Safety and Risk Register Policies established Worked to publicise TGI'S benefit and importance to the NHS Prepared a marketing strategy Revised the c051ings model of the Charity.
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 THE GRIFFIN INSTITUTE'S EXPERIENCE & FACILITIES Suryi¢al Training Significant Experience.. UK Home Office Licences & Human Tissue Authority licenced facilities upholding the highest standards of safety and ethics Trained anaeslhelisls, technicians, and surgeons Substsnlial experience in le¢hni¢al support for robotic, laparoscopic. and mi¢ros¢opi¢ surgery plus CT imaging. State-of-The-Art Facilities.. Robotic Surgery Training Theatre Laparoscopic Surgery Training Theatre 2 x General Purpose Theatres with prep and exit rooms Imaging Theatre ICT scanner and mobile CT arml A diverse range ol surgical training models, including in vivo, human cadaveric, and general surgery simulations We are the only training organisalion in the UK that offers all models. Research & Development and Preclinical Significant Exp&ri&nc&'. In the last 7years to date we have undertaken 180+ research studies A skilled team of researchers. State-of-The-Art Facilities.. Microbiology Laboratory Cell CLJlture and Tissue Engineering Laboratory Immunohistochemistry Laboratory Histology Laboratory Biomaterial Laboratory
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 TRAINING Execiitive Summary Beeen April 2024 and March 2025, TGI achieved one of rts most productive and strategically important years to date. Despite significant disruption CaLJsed by ongoing facility-related restrictions, and the pressure from the pending departure of our Surgical Training Conlractwilh Inluilive, the Institute delivered an exceptionally strong pcirtfolio of surgical education, high-impact research, and strategic international engagement. During this period.. Nearfy 700 surgeons and trainees received education and simulation based training al TGI. Training revenue exceeded £686,000, one of the highest annual totals in the Institute's history from training TGI expanded its national and international profile through major collaborations, invited lectures, and global partnerships New microsurgical and robotic programmes were designed, piloted, and successftjlly delivered The In51ilule 5trenglhened ils research excellence through new grants, high-volume publications, and PhD completions TGI hosted influential visitors, including the President of the Royal College of Surgeons, and fomied new strategic alliances wrf(h universities. industry, and global partners. This report showcases a year defined by innovation, resilience, and strategic growth. Educational Dglivory and Training Activity Despite limitations in preclinical activity, TGI delivered a full and diverse training programme, attracting strong national and intemational participation. Training Volume and Income -700 delegates were trained over the 12-monlh period Total training income exceeded £686,000, even with multiple courses cancelled or postponed due lo facility constraints which since then have been resolved. Und&rgraduats and Postgraduats Education Delivered a highly successful UCL training programme, including teaching for24 IBSC students, who provided exceptional feedback Continued to run UCL undergraduate and postgraduate courses at scale, reinforcing TGI'S central role in London's surgical skills education network. Robotic and Laparoscopic Training Delivered multiple ALSGBI Robotic Driving Li¢en¢e programme$ wf(h excellent feedback even following changing the tutor, under the new Fellow Continued to SLJPPOrt robotic simulation training in partnership with industry collaborators.
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Microsurgery Education Successfvlly completed Home Office enforcement interviews Designed and delivered a new Introduction to Microsurgery course, which rapidly gained popularty Ran the first Basic Microsurgery Course under updated regulations, ensuring ongoing compliance with UK standards Implemented prtsgressive changes in microsurgical training methods, including introduction of new preclinical models. CadavÈric Surgery Trainrng Significant increase in ulilisalion of human cadaveric material to support complex advanced surgical skills programmes The second London Flap Course was successfully delivered, attracting senior plastic and reconstructive surgeons Ran the first robotic cadaver colorectal and other 5pecialily courses. Regulation, Compliance, and Inspections The Home Office conducted a full inspection to review changes implemented wthin microsurgery courses The inspection outcome was fully satisfactory, confirming TGI'S continued compliance with licensing and procedural requirements All new training models and protocols were validated and approved for ongoing use. Strategic Development and Partnerships & liistitutional and Academic Engagement Hosted a high-profile visit by the President of the Royal College of Surgeons of England, whose team expressed strong admiration for TGI facilities and educational standards Engaged with the Deanery of London Medical Schools to explore unified pathways for surgical education across inslilulions, which has resulted In a successful collaboration to commence soon. Industry Collaboration Conducted strategic meetings with Stryker, Medtronic and other key industry partners to expand collaborative training, research, and technology integration Began early discussions to expand TGI'S educational reach into the Middle East, induding exploration of scalable training hubs and faculty development programmes. International Profile and Recognition Awarded Honorary Membership of the Society of American Gaslrointeslinal and Endoscopic Surgeon5 ISAGESI, a pre5tigiou5 international recognition Delivered invited talks at a number of international conferences, reinforcing TGI'S leadership in surgical education and MIS training.
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Research, Innovation. and Academic Output l Grant Funding and Research Initiatives Secured a major collaborative granl1>£200,0001 with formal VVEISS (Hawkes Inslitulel to study Al driven assessment of robotic surgical skills, including support for a TGI funded PhD fellow Launched two educational research grants.. 3D-Printed Vessels for Microsurgery Training- completed HUMIROS (Human-machine Interaction in Robotic Surgery) in collaboration wlh UCL on going. Academic Achievements Maintained exceptional scholarly productwity, wth over 15 manuscripts published in the last year Supported completion of a fellow's PhD, followed by Dnboarding of another one as the new academic fellow Strengthened partnerships between TGI and experts in simulation $ryen¢e, Al, 30 printing. and surgical skills, assessment Continued to deliver high-quality mentorship and support for UCL and external postgraduate researchers. Overall Iinpact and Achievements Over the past 12 months, TGI has.. Maintained its position as a leading UK centre for advanced surgical training Demonstrated high adaptability and consistent excellence despite operational constraints Expanded inlernalitsnal recognition, research impa¢l, and strategic influence Delivered sustained, high-quality training to hundreds of surgeons while strengthening the Inslilule'5 long-lerm research and educational foundations.
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Partners Suryical Training Contracts: East Suffolk & North Essex NHS Foundation Trust IESNEFTI Medtronic Olympus Medical Suryical Training Partnars: Association of Coloproctology of Great Britain and Ireland Association of Laparoscopic Surgeons of Great Britain & Ireland IALSGBII British & Irish Association of Robotic Gynaecological Surgeons IBIARGSI The Dukes, Club (for colorectal surgical trainees) EAES- European Association for Endoscopic Surgery Elhi¢on Health Education England London North West University Healthcare Trust ILNWUHTI The Royal College of Surgeons of Edinburgh The Royal College of Surgeons of England University College London IUCLI
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 RESEARCH & DEVELOPMENT Curr¢nt Rg$gar¢h Inltlatlves Innovative Small Bov1 Reconstruction This project is making significant progress, with a focus on advancing bowel re¢on51ruction technique5. Dr. Simon Gabe from St. Mark's Hospital is leading the efft?rts Currènt Statu$.. Phase I has been successfully completed. involving the decellularisation of over 50 cm of bowel tissue. We are now Iransilioning into Phase11. 2. Pasts Wound Healing Initiative (Completed Phasè) Despite financial challenges, we remain committed to completing the RNA sequencing and proteomics aspects of thi5 project. Edu¢atlonal Partnershlps and A¢hl&vemonts University College London IUCLI This year, we hosted three MS¢ proje¢ls within the Division of Surgery. 2. Collaboration with Imperial College London Two MRes research project proposals were offered to students. 3. Collaboration with Tha Francis Crick Instituts We hosted two PhD students from the Francis Crick 1n5ts.lule for their placements, fostering collaborative learning and resear¢h. Achlevemet7ts Research Assistant Bealrvz Gil Garrido was awarded the Best Oral Presentation Prize al the prestigious Surgical Research Meeting held in Cambridge. Publications 11 Gil, B., Perez, P., Gabe, S., & Sawadkar, P. 120251. Development of a perfusion-based technique to engineer a> 504 21 Torres-Bautista, A., Gil Garrido, B., Torres, M., Gonzaiez-valdez, J., & Sawadkar, P.120251. 3D In Vitro Model of Human Burn Wound.. A Platform for Evaluating Macrophage Response and Angiogenesis In Surgical Treatment. In Brrtish Joumal of Surgery. Oxford Academics. doi'10.10931b'slznaf042.083 31 Patel, K., Keskin Erdogan, Z., Sawadkar, P., Aliaa, N. S., Shannon, M. R., Patel, M., Kim, H. -W. 120241. Oxidative stress modulating nanomaterials and their biochemical roles in nanomedicine. Nanoscale Horizons. doi.'10.10391d4nh00171 k 41 Owji. N.. Kohli, N., Frost, O. G., Sawadkar, P., Snow, M., Knowles. J. C., & Garcia-Gaieta, E. 120241. Ex Ovo Chorioallantoic Membrane Assay as a Model of Bone Formation by Biomaterials. ACS Macro Letters, 131101, 1362-1368. doi'.10.10211acsmacrolett.4c00343 51 Priya, S., Boyd, A. S., Torres-Bautisla, A., Sawadkar, P., Mosahebi, A., Narayan Ralh, S., & Kalaskar, D. M. 120241. A¢¢elerating vascular graft development." Adipose-derived stem cells and PODS@ (Polyhedrin delivery system with tiSSLJe-specific growth factors) - Enhanced 3D bioprinting for fvnctional blood vessels. Chemical Engineeiyng Joumal, 494. doi'.10.10161".ce.2024.152934 io
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 11 Sawadkar, P., Greco, K., Rombouts, K., Hua, J., & Lali, F. 120241. Development Of Fibrin Enriched Dermal Paste As A Treatment For Chrtsnic Non Healing Wounds Biomaterial For Treatment Of Chronic Non Healing Wounds. In 7th TERMIS Wortd Congress. WA, Seattle. 21 Sawadkar. P., Mandakhbayar, N., Patel, K. D. Owji, N.. Rajasekar, P., Sarama, R., Garcia- Gareta, E. 120241. 3D Porous Binary Composites of Collagen, Elastin, and Fibrin Proteins Orcheslrale Adipose Tissue Regeneration. MacromoleGular BiosCnG, 12 page5. doi".10.10021mabi.202400073 PRECLINICAL RESEARCH After refurbishing the facilities, requests for preclinical work have increased significantly.. We have completed a study evaluating a newly developed material designed to attach to the pancreas and directly release drugs. The success of this project could have a major impact on improving treatments for pancreatic cancer and other diseases 2. One ongoing biomaterial study aims lo enhance bone tissue regeneration forthe Irealmenl of bone defects and dental conditions 3. Four additional studies have been confirmed, focusing on the development of new robotic medical devices for diagnosis and Irealmenl 4. More studies are planned for next year. One confirmed project will evaluate a direct drug delivery system into the oe$ophagus and is scheduled lo start in April. Other studie$ are currently in progress. Our work continues to make a significant contribution to evaluating next-generation medical devices and advancing cutting-edge science. li
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 STAFFING- RECRUITMENT, RETENTION & WELLBEING Reasonable pay rises were given to non-managerial staff at the beginning of the financial year. The new Executive Assistant was promoted lo Facilities & Office Manager, in recognition of their transformational contributions on health & safely, risk management, facilities management and information govemance. Recruitment was kept to a minimum during this period, and staff departures were not replaced where feasible. However. a new technician was appointed in August 2024 to replace one tsf the leavers, and part-time consultants were engaged to provide support in business development and bookkeeping, following the departure of the Business Development Manager and Finance Manager. The reduced workforce continued to pose operational challenge5 and re5ulled in role expansion for certain members of staff. The Training, CRO and R&D departments continued lo provide work experience lo a number of studen15 and interns, which continues lo generate interest in the work carried out al TGI. An HR Committee was estsblished and began reviewing the organisalion's HR policies. INTERNS & VOLUNTEERS Five members of the Trustee Board reached the end of their terms of office and retired during this period. A new Chairman was appointed, along with one new Trustee. The Trustee Board continued to have regular meetings and discussions regarding the direction of the charity. PREMISES The landlord ILNWUH Ttusll provided financial assistance lo address specific facilities repairs, and works ¢ommenced in January 2025. The project was completed on schedule, and a rigorous testing period is due to commence in the next financial year. These works will enable the charity to resume a number of its core business activities. Extensive discussions were held with LNWUH regarding the proposed restructuring of the Lease, resulting in several drafts of revised terms. These negotiations have now been completed. The management and ulilisalion of space within the prèmises continue to be refined lo ensure greater effi¢ien¢y. RISK MANAGEMENT TGI'S new Risk Management Policy and Incident Management Policy were finalised and approved during the period, with staff training and implementation embedded across the organisalion. TGI continues lo identify and assess all risks, lo ernsU ¢ompliance. The principle corporate risks for 2024125 related to operations, finance and staff retents'on due to the ongoing financial situation. The heayth and safety risks have mostly all been assessed, bul the most pressing iisk continues to be the need lo address the fire dampers and passive fire management system, which require maintenance. 12
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 TGI began a comprehensive review of ils GDPR and information asset management arrangements, establishing the foundation for new policies, procedures and risk assessments designed lo enhance data protection and regulatory Compliance. HEALTH & SAFETY The comprehensive review of health and Safety across TGI progressed signrficanlly during the year, ¥Mlh the implementation of a structured risk management system, new poli¢ies. and training for staff and tenants. Fire Wardens have been identified and trained, and regular fire safety inspections have been established. A positive health and safely mindset has been encouraged, and staff and tenants are demonstiating increased attentiveness lo safe practices across the organisalion. Health and safety standards were upheld throughout the building works. Health and safely, risk management, premises oversight and general compliance continue lo be refined as these systems mature. FUNDRAISING ACTIVITIES Fundraising proved difficult during this period, due lo the financial climate. The Fundraising Officer raised £15,000 in grants from charitable trustslfoundations, together with surgical equipment for the microsurgery training courses worth-£20,000. A legacy of £3,600 was also received. She also prepared fundraising collateral, including proposals, PowerPoinls, reports. newsletters, and presentations. London Marathon 2024 For the third year running, The Griffin Institute participated in The TCS London Marathon, with ten runners who together raised £19,587. 13
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Northwick Park Institute for Medical Research (trading as The Griffin Institute) (the Institute) is company limited by guarantee (company number.. 034456161 and registered charity (charity number.. 11293481. All Of the Trustees a members of the Institute and guarantee to Contribute £10 each in the event of a wnding up. The Secretary of Slate has given permission to omit the word Limited. from the company name. The Institute is a registered charity and as such exempl from corptsralion lax on all activities. The MemorandLJm and Articles of Association were last amended by special resolution 28 June 2019. Companies House gave permission in June 2019 for us to use the trading name 'The Griffin Institute, in honour of our Honorary President, John Griffin. There have been no changes to the objectives and policies of the InstitLJte in the year. The Trustees, who are also the directors for the purpose of Company law, and who served during the year and up lo the dale of this report were.. Mr Richard Alienza-Hawkes PG Dip OL (Oxonl, FCIPD, FRSA- Chair lappoinled 5April 20241 Mr HLJgo Robinson MA FCA- Treasurer Ms Deborah Spencer BSC. MSC, EMBA, PhD (appointed 30 October 20241 Professor Robin Kennedy MS FRCS - Chair (resigned 28 May 20241 Mr Bruce Mauleverer KC, FCIArb MA- Vice Chair (resigned 27 November 2024 Ms Kate Forster Chartered FCIPD (resigned 28 May 20241 Professor Anthony Goldstone CBE FRCP {resigned 31 Augus120241 Mr Mark (Bertie) Leigh FRCA and FRCPGH FRGOG ad eundem (resigned 31 August 20241 The Trustees have the power to delegate tasks to sub-committees as well as the day-ttrday management lo a chief executive or other managers. The delegated power shall be lo manage the Institute by implementing the policy and strategy adopted by and within a budget approved by the Trustees and lif applicable) to advise the Trustees in relation lo such policy, strategy. and budget. The Trustees are responsible for setting strategies and policies for the Institute and for ensuring these are implemented. To assist with this work, the Trustees have estsblished three committees and one advisory board lo supervise the management and supervision of the Inslilule which are." Finance Commrttee Human Resources Committee Governance Committee The Finance Commrttee is responsible for reviewing and overseeing the financial management of the Instilule. 11 will consider the Inslilute's financial slotegy and budgets (both annual and medium lerml and recommend these to the Trustees. It will monitor perfomiance against budgets and suggest and monitor action plans where remedial steps are necessary. The overall purpose of the Human Resources Committee is to actively iniliale, help develop, mtsnilor, and evaluate strategic HR actions and policies that will enhance and embed the Institute's reputstion as an employer, and enable us to recruit, develop, engage, and retain the best staff, volunteers, and Trustees. The overall purpose of the Governance Committee is to ensLJre there is an appropriate and effective governance framework which complies with best practice and Charity Commission guidelines and to advise the Trustees on matters of governance. 14
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees continue to consider the Charity Commission Code of Governance to ensure we comply th best practice. The day to day running of the Institute is delegated lo the CEO and Direclorale, consisting of the Director of Training, Director of Surgery and Science, Head of Finance and Facilities & Office Manager. A wider team of senior managers also meets on a regular basis. Trustee Recruitment and Training Any person who is wlling lo act as a trustee, and who would not be disqualified from acting as such, may be appointed lo be a TrLJslee, by the Board's decision. During the year Professor Robin Kennedy, Mr Bruce Mauleverer, Ms Kale Forster, Professor Anthony Goldstone, and Mr Mark IBertiel Leigh resigned as Trustees and were replaced. We thank them for their significant ¢ontributions. The TrLJStee Board has a range of skills and experience including medical expertise, leadership of public sector health organisations, HR, finance, and commercial collaboration wlh private sector medical organisalions. All the Trustees have a professional background and are already familiarwlh the practical work of the Instilule. New Trustees are also provided with an information pack which includes general charity publi¢ations, a briefing note, budget. past minutes. and a ¢opy of the Charity Commission's 'Essenlial Trustee booklet. An induction meeting is held with the CEO. The Insb'tute will support any formal training requested by ils Trustees. The Trustees keep the composition of the Trustee Board under constant review and seek lo recruit Trustees lo fill any perceived skills gaps as and when they arise. Senior Management Pay The remuneration of senior management is set by the Trustee Board after benchmarking with similar organisations. The remuneration of other staff is sel by the senior management of the ¢harily, albeit that the rewards and benefits strategies are subject lo the HR sub Committee's oversight. 15
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 Financial review The financial year ended 31 March 2025 was very challenging as a result of continued operational difficulties due lo building infrastructure failures. Total income was reduced lo £1.61 m12024.' £2.20ml, due lo both a significant reduction in training activity and almost no pre-clinical projects. Expenditure on charitable activities was £2.1 m 12024.. £3.1 ml, reflecting the downturn in income, together with further restructuring and cost saving measures. Staff numbers at 31 March 2025 were a total of 18, compared to 21 at 31 March 2024 and an average of 19 in the year. The net deficit for the yearwas £548,11512024.' £5,590,363- including fixed asset impaimientcharges of £3,997,349). Vvhile this is a good improvement given the severe downturn in income, il continues lo be disappointing. The significant steps in repairing the building infrastructure that completed jLJSt after the year end will enable the Charity lo regain its income, from both training and p-¢linical research activities and move towards breakeven. Good progress is being made on OLJr long-term plan to return the institute to surplLJS over three years, ending 31 March 2026 with grtswth Coming predominantly from training. During the year we started the refurbishment and repair of our building infraslruclure, which was completed in mid 2025. This has resulted in signs that Dur income is recovering. This is envisaged to continue in the forthcoming year of 2025126. In addition we concluded negotiations wth our landlord to restructure our lease which has addressed the long-tem liability and has pla¢ed the Charity on a firmer financial fooling for the future. Investments The Institute holds shares in Videregen Ltd and Proterris Inc. These are both unlisted companies that have taken forward pre-clinical research and IP created at the Institute. The value of Videregen was written off last year and in the year ended 31 March 2025 the Trustee5 look the decision lo also write off the value r)f Proterris Inc al a Cost of £27.223 sin¢e il is al$0 fa¢ing funding challenges. Going Concern The Ttuslees closely moniloi financial performance and future projections on a monthly basis and are satisfied that with the benefit of various payment arrangements with creditors there is sufticienl cash flow to meet the financial obligations as and when they fall due. For this reason the trustees are satisfied that it is appropriate to prepare the accounts on the going concem basis. Reserves Policy The Trustees are disappointed ID report a further deficit in the year which has continued lo mean that unrestricted free reserves are negative. Our reserves policy is lo generate a sufficient level of reserves to enable normal operating activities to continue over a period of six months, should a fall in income occur. The policy also takes into account potential risks and contingencies that may arise from time lo lime. We estimate this al £1.1m, wrth a minimum free reserve of £300,000. To meet our financial improvement plan we are likely to sustain a further, smaller, deficit in 2025126 but expect a modest surplus in 2026127 and further growth thereafter contributing lo rebuilding our unrestricted free reserves back lo the required level. 16
THE GRIFFIN INSTITUTE TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control a5 the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraLJd or error. In preparing the financial slalemenls, the Trustees are responsible for.. Selecting suitable accounting policies and then apply them consistently Making judgments and eslimales that are reasonable and prudent Observing the re¢ommendalions of the SORP FRS 102. SLJbjecl lo any material departures disclosed and explained in the financial statements stating whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained In the financial slalements Preparing the financial statements On the going concern basi5 unless Il is inappropriate lo presume that the charity will continue its activities. The Trustees are responsible for keeping adequate records that disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also sponsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware". There is no relevant audit information of which the charitable company's Auditor is unaware", and They have taken all steps that they ought to have taken to make themselves aware of any relevant audf( information and to establish that the Auditor is aware of that information. SMALL COMPANY EXEMPTION This report has been prepared In accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. This Report was approved by the Board of Trustees on 29January 2026 and signed on their behalf by". Richard Atienza-Hawkes Chair of Trustees 17
THE GRIFFIN INSTITUTE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial slalemenls of Northwi¢k Park Institute for Medi¢al Resear¢h trading as The Griffin Institute I'the company'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities (incorporating the Summary Income and Expenditure Accountl, the Balance Sheet, the Cash Flow Statement, and notes lo the financial statement5. Including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements". give a true and fair view of the stsle of the charitable company's affairs as of 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Pracli¢e'. and have been prepared in a¢¢ordan¢e with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appli¢able law. OLJr responsibilities under those standards are ftjrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wlh the ethical requirements that are relevantto our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢¢ordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material uncertainty relating to going concern We draw your attention lo note 23 r)f these financial statements thi¢h indicates that the In$lilute is dependent on the support of its principal creditors and improvements to its financial performance to continue to operate. Al the time of approving these financial slatemenls, lease negotiations with its landlord, London North Vvesl University Health Care Trust Ilhe NHS Trusll, are in their final 51ages. This wll result in sutrendei of the existing lease, debt al the 31 March 2025 of some £1.668m being written off by the NHS Trust and commencement of a new, more favourable, lease. Agreements are also in place for the phased repayment of debt to the Instf(ute's other main creditors. The recommissioning of training facilities is also expected to increase future income streams. Currently a material uncertainty exists that may cast signrficant doubt on the Institute's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Other infomiation The other information Comprises the information included in the annLJal report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not coverthe other infomiation and, except to the extent otherwse explicitly slated in our report, we do not express any form of assLJrance Conclusion Ihereon. In connection wth our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial slatemenls, or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material in¢onsistencies or apparent material misslatemenls, we are required lo detemine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 other information, we are required lo report that fact. We have nothing to report in thi5 regard. 18
THE GRIFFIN INSTITUTE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Opinions on other matter$ prescribed by the Companies A¢t 2006 In our opinion, based on the wr)rk undertaken in the course of the audit.. the information given in the trustees, annual report for the financial year for which the financial slalement5 are prepared is con51slent wlh the financial slalemenls, and the Iruslees, annual report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained In the course of the audit, we have not identified material misslalemenls In the directors, report included ¥Mthin the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audrt have not been received from branches nDI visited by us., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Iru51ees' remuneration specified by law are not made., or we have not received all the infomation and explanations we require ftrr our audit or the trLJStees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption in preparing the Trustees, Annual Report and from preparing a Strategic Report. Rosponsibilitios of trust&os As explained more fully in the trustees, responsibilities statement set out on page 18, the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for assessing the charitable company's abilty lo Continue as a going ¢on¢ern, disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the trLJStees either intend to liquidate the charitable company or lo cease operations or have no realistic altemalive but to do so. Auditor's responsibilities for tho audit of th¢ financial $tatsmonts Our objectives are tc) obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level tsf assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI wll always delecl a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. 19
THE GRIFFIN INSTITUTE INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 In line with our re5ponsibililie5, outlined above, to delecl material mi5slalements in respect of irregularities, including fraud. The extent lo whi¢h our pro¢edLJres are capable of dele¢ling irregularities, including fraud is detailed below.. The Charitable Company is required to comply wlh both company law and charity law and, based on our kno¥Medge of its activities, we identified that the legal reqLJirement to accurately account for restricted funds was of key significance. We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, piocedures and controls. The aLJdit team, which is experienced in the audit of charities, considered the charitable company's susceptibility lo material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that restricted income was properly identified and separately accounted for and lo ensure that only valid and appropriate expenditure was charged to restricted fund$. Thi$ included reviewng journal adjustments and unusual Iransa¢tions. There are inherent limitations in the audit procedures described above and, the further removed non- compliance wilh laws and regulations is from the events and transactions reflected in the financial slatemenls, the less likely we would become aware of it. The ii5k of not detecting a material misstatement due to fraud is higher than the risk r)f not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of tsur responsibilities for the audit of the financial statements is lo¢aled on the Financial Reporting Council's website at'.ww.frc.org.uklauditorsresponsibilities . This description fomis part of our audilorfs report. Use of our report This report is made solely to the charitable company's members, as a body. in accordance rith Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the company's members those mallers we are required lo slate lo them in an auditor's report and ftsr no other purptsse. To the fullest Èxtent pemitted by law, we do not a¢¢ept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit worf(, for this report, or for the opinions we have formed. Richard Billinghurst FCA (Senior Statutory Auditor) for and on behalf of Knox Cropper LLP, Slatulory Auditor 65168 Leadenhall Street London EC3A 2AD Dale." 29January 2026 20
THE GRIFFIN INSTITUTE CONSOUDATED STATEMEMf OF FINANCIAL AemVlmES INCLUDING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Tolal PU Unrestsicw De$sg0te Restrkiel Untesty1rt Fur$ Fu5 FuJ5 25 Fund5 Total Fun IN¢OklE ANO PENDmIRE F5 Fu5 2024 Lknab0n5arfraTrts 61.0 277,203 24,44S ChantabeAcbvi 1.056.568 l.D56.568 1.791.39S 1.791.39S vestwt Iru 54 l Tfflcon 276,OS9 276.059 269.853 269.853 Tthl Tncon 185 ExpETrJ1te UPL. R?1> FNIS 16.7201 16.031 13.DI1,l 16.031 {1025,9821 12.124,0561 {4L,l 13.D53.2851 ImThent0f Ked Assets 13.YJ7.3491 13.W7,3491 Txal Expwdlthre NetQin51lLDI on IstMents 26.6BLI (726.6BII NétIncomélIExdlrn}1ttr 6aknsiis$es) L$( Rev4luatlonofAx& Awts (37.0741 1548.1151 15.640.433) 55.070 15.585.363) Is.Noi Transfer5 iween Fd5 NetmO¥eThiIs1 Fu1$tOv 1528.2)) 119.8921 154S.liSI 15.&15.4331 55.070 15.W.3631 Net FuS at L Wll 2024 207.197 I1.3.054) 3,535.182 3,687.309 Net Fu$ 31 rth 2025 2 63B474 2451 169 21
THE GRIFFIN INSMTUTE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND ExPENTuRE Aecoumrs FOR THE YEAR ENDED 31 MARCH 2025 Total Funds Total Funds Unrestrfcted Dtslgnated Restrlcted YearEnded Unrtstrfthd De51gnated RestsScted yrENde Fun Funds Funds 2025 Funds Funds Funds 2024 Nét Int(MMèAhd ExNditur• ftwfjains1llwsos1 AttribLrte to the Charity Attribute to the Minorily InlerE# {548.1151 15,642,776) 55,070 {5,587,7ffi1 2,657 5 590.363 528.223 5,645,433 55,070 Totsl Fynd5 ¢grried For Attribute tr) the crity Attribute to the Minonty Intere 12,638.4741 187.305 207.197 2,638,474 187,305 2,451,169 207,197 1,903,054 The5talemert of finanoal ittiyitie5 Incluth all gain5and b55e5 recogn15ed In the year. All Incorne expenditure derive IrDm continuiry artiviti. The statement of fiD8noal attivitses a19) complies with the requirements foran ITKO(ne and expeiture accourt under the Companies Act 20ffi. The notes on pages 25 to 43 fomi partofihese financK31 statements. 22
THE GRIFFIN INSTITUTE INCORPORATED CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2025 Group 2025 Group 2024 Charlty 2025 Charlty 2024 Fixed Assets Tangible Assets 1,944,024 2,052,615 1,944,024 2,052,615 IntsngSble ksets io Inve5tsllents in Subsidiaries li Invesbnents 12 27,223 27,223 1944 024 2 079 838 1944 024 2 079 838 Current Assets Debtors 13 369,074 190,361 369,074 190,361 Cash at Bank and in Hand 49,363 2{,361 49,363 209,361 418 437 418 437 399 722 Creditors.. Amounts Falling Due Within One Year 14 {2,681,1171 12,191,769) 12,681,117) 12,191,769) Net Current Liabilities 2 262 680 1792 047 2 262 680 1792 047 Totsl Assets Less Current Llabllltles 1318,6561 287,791 1318,656) 287,791 Creditors.. Amounts Falling Due After than One Year 15 {2,132,5131 12,190,845) 12,L32,513) 12,190,845) Net Liabilities 2451 169 1903 054 2 451 169 1903 054 Income Funds Restricted Funds 16 187,305 207,197 187,305 207,197 Designated Funds 17 General Unrestrirted Funds 18 {2,638,4741 12,110,251) 12,638,474) 12,110,251) Total Funds 2451 169 1903 054 2 451 169 1903 054 These financial staternents were prepared in accordance with the special provision5 of part 15 of the Companies Act 2006 relating to small companies. These financial statements were approved by the Board of Trustees and authorised for issue on 29January 2026. Rich8rd Atienza-Hawkes, Chair of Trustees Company Number.. 03445616 Charity Number.. 1129348 23
THE GRIFFIN INSTITUTE INCORPORATED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash Flows from Operating Activities Cash Generated fromllused by) Operations 199,1281 188,1831 Investing Activities Purchase of Tangible Ftxed Assets 12,5911 (271 Interest R1Ved 54 810 Net Cash used in Investing Activities 782 Financing Artivities Loans ReceivedllRepald) 158,3331 iioo,0001 Net Cash Generated from Finanting Adivities loo 000 Net Increase in Cash and Cash Equivalents 1159,9981 1187,4011 Cash Cash Equivalents at Beginning of Year 209,362 396,763 Cash and Cash Equivalents at End of Year 209 362 Cash Generatrd from Operations Deflclt for the Year 1548,1151 (5,590,363) Adjustments for: Investment Income (541 (8101 Fair Value IGainsllLosS on Inve5ttnents 27.223 726.681 Depreciation and Impairment of Tangible Activities 111,182 4,564,932 Loss on Disposal of Tangible Fixed Assets Minority Interest Share of Subsidiary Net IncomelLoss Movement In Worklng Capltal: Decreasel(Increase) in Debtors 1178.7131 202,162 Increasel(Decrease) in Creditors 489,349 4,215 Cash Generated from Operations 24
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity information Northwick Park Insbtute for Medical Research {trading as The Griffin Institute {the Institute)) 15 a private company limited by guarantee incorwrated in England and Wales. As a company limited by guarantee each of its members commits to contribute £10 to the company's debts, liabilities, and cost5 in the event of the company being wound up. The registered office is Northwick Park and St Mark's Hospitals, Watford Road, Harrow, Middlesex, HAI 3UJ, United Kingdom. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applioble to charib.es preparing their accounts in accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from I lanuary 2019}- The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in steding, which is the functional currency of the Charity. Monetary amounts in these financial Statements are rounded to the nearest £1. The finanaal statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting poliae5 adopteA are set out below. 1.2 Ba515 of COnlidation The Group financial ststements consolidate the financial ststements of the Charity and its subsidiary undertaknng, Griffin Paste Research Limited, which ComMend trading in July 2020, for the year. Throughout the year ended 31 March 2024 and subsequendyi Griffin Paste research Limited has remained dormant and was dissolved on 15 October 2024. All financial statements are made up to 31 March 2025. 1 intra-group transactions, balaes, and unrealised gains on tranCtionS between group enkn"ts"es are eliminated on consolidation. Unrealised losses are also eliminated unless the transartion provides evidence of an impairment of the asset transferred. Where neSsary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group. The summary financial statements of Griffin Paste Research Limited are shown in note ii. 1.3 Going concern Although the current financial position and forecasts indicate that a material uncertainty relating to going concern exists, the Trustees consider that it Is appropriate to prepa these financial ststements on a going concern basis. See note 23 for further details. 25
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.4 Funds Restricted funds are subjert to specific conditions by donors as to how they may be used. The purSeS and uses of the restricted fund5 are set out in the notes to the finanaal statements. Designated funds a amounts set aside by the Trustees for a specific project or purpose and do not form part of the Institute's general unrestrirted funds. General unrestricted funds are available for use at the discretion of the Trustees in furtheran of the charitsble objectives unless the funds have been designated for other purposes. 1.5 Incoming resources Income is recognised when the Institute is legally entitled to it after any performance conditions have been met, the amounts can be measured reliablyi and it is probable that the income will be reived. Donations, legacies, grants, arKI other forms of voluntsry income are recognised a5 incoming resources when the charity has entitlement, any tErfomiance conditions have been met or alternatively when r1ved, expt insofar as they are incapable of financial measurement. Incoming resour$ from charitable activities, where related to perfomiance and specific deliverables, are recognised as the Institute earns the right to consideration by its performance. Investment i[Ome Is included when 1ved. Rental income from operating leases (net of any inntiveS given to the lessee5) is recognised on a straight-line basis over the lease term. 1.6 Resource5 expended Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be ftjlly recovered, and is rerted as part of the expenditu to which it relates. Cost of generating funds comprises the cost associated with attratting voluntsry income. Charitable expenditure comprises those costs incurred by the Institute in the delivery of its activities and service for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirert nature necewry to support them. Governance costs indude those costs associated with meeting the constitutional and statutory requirements of the Institute and include the audit fees and costs linked to the strategic management of the Institute. I costs are allocated belmeen the expenditure tegOrieS of the SOFA on a basis designed to reflert the use of the resour. Costs relating to a partiajlar attivity are allrKated directly, others are apportioneA on an appropriate basis e.g. floor areasi per capita or estimatexj uge. 26
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.7 Tangible fixed assets Tangible fixed assets are initially measureA at cost and in the case of donated assets, at market value and are subsequently measured at cost or market value, net of depreciation and any impairment losses. Depreaation is recognised so as to write off the cost or market value of assets less their estimated residual values over their useful lives on the following bases.. Land and buildings - Straight line basis over the term of the lease Plant and machinery- 25D/o per annum on reducing balan basis Fixtures, fittings & equipment - 25010 per annum on reducing balance basis The gain or1055 arising on the di5P05al of an asset is determined as the differenTr between the sale proceeds and the rryIng value of the asset, and is reCniSed in the statement of financial activities for the year. At each rewrting end date, the Institute reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the Impairment loss (if any). 1.8 Fixed asset investments Fixed asset investments are initially measured at transattion price excluding transaction costs, and are subsequenvy measured at fair value at each reporting date. chae5 in fair value are recognised in the statement of financial ath"vikn"es for the year. Transaction costs are expensed as incurred. 1.9 Intsngible assets Intangible assets represent the intellertual propety rights and are measured at cost less accumulative amortisation and any accumulative impairment losses. 1.10 &sh and cash equivalents Cash and cash equivalents indude cash In hand, deposits held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdraft5. Bank overdrafts are shown within rrowIng5 in current liabilities. 1.11 Financial instruments The Institute ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Institute's balance sheet when the Institute becomes party to the contrartual provisions of the instrument. 27
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net bags or to realise the asset and settle the liability simultaneously. 1.12 Basic financial assets Basic financial assets, which indude debtors and cash and bank balances, are initially measured at tranctIOn price including transartion costs and are subsequently carried at amortised cost using the effertive interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reIpts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 1.13 Basic financial liabilitie5 Basic financial liabilities, including creditors and knk loans are initially remgniseA at transaction price unless the arrangement constitutes a financing transacbon, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amorb.sed cost, using the effective interest rate method. Trade creditors are obligations to pay for gS or services that have been acquifftd in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade cdItorS are recognised initially at transaction pri and subsequently measured at amortised cost ugng the effective interest method. 1.14 Derecognib"on of financial liabilib.es Financial liabilities are derecognised when the Institute's contrartual obligations expire or are diharged or cancelled. 1.15 Em 0Yee benefits The Institute operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the Institute. The annual contributions payable are charged to the statement of financial artivib'e5. The cost of any unused holiday entiuement is recognised in the period in which the employee's ServiS are received. Termination benefits are recogni*d immediately as an expense when the Institute is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 28
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1.16 Operating leases Rents applicatAe to operating leases, where substantially all the benefits and risk of ownership remain with the ler, are charged to the statement of financial acbmties over the tkri(xJ in which the cost Is incurred. Critical Accounting Estimates and Judgements In the application of the Institute's accounting poliaes, the Trustees are required to make judgements, estimates and assumptions about the fdrrying amount of assets and liabilities that are not readily appartnt from other sources. The estimates and associated assumpts.ons are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the perii)d in which the estimate is revised where the revision affects only that period, or in the period of the revision and future peri(K15 where the reM5ion affects tK)th current and future periods. The key source5 of estimation UnrtaInty that have a signifiiBnt effect on the amounts recognised in the financial statements are described in the accounting policies and are summarised below.. Unlisted investments - the Institute had previously recognised a carrying value in two unlisted companies in which it has a shareholding. Determining the value of private companies which are not traded on an open market is inherently UnrtaIn. The valuations are based on information such as the share pri applying to a recent fundraising, a rewew of future expectations andlor a recently issued IRS 409A valuation certificate. The true value of the Investments may it higher or lower and will depend on the success of the companies in exploiting the IP they are currendy developing. At 31 March 2025, th investments had been written down to zero because there is no eviden of future value. At eath reporbng end date, the Institute remews the carrying amounts of its trdngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset Is estimated in order to determine the extent of the impairment loss (if anyl- As part of a review and restructuring of the Institute's propety lease arrangements, a depreciated replacement cost assessment of the carrying value of capitalised leasehold improvements, plant and machinery was carried out as at 31 Ortober 2024 to assess impairment. This was reflected in the carrying value of fixed assets as at 31 March 2024. The Trustees assessment of going concern depends on estimates and judgements as to the Institute's future income and expenditure streams, the signing of the new lease and agreement by creditors of the protK)sed repayment plans. This is explained in more detail in note 23 to the financial statements. 29
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Designated Restricted Funds Funds Funds Donations & Grants Total 2025 Donations & Gifts Voluntary Donations Fundraising Events 53,988 53,988 53,988 53,988 Gr7nts Analysis Liver and Bowel EU Grant Surgical Robot Training 61,000 61,000 162,215 162,215 162,215 223,215 61,000 Donations and Gifts Grants 53,988 162,215 216,203 53,988 223,215 277,203 61,000 61,000 Unrestricted Designated Restricted Funds Funds Funds Total 2024 Donations & Gifts Voluntsry Donations Fundraising Events 23,998 450 24,448 23,998 450 24,48 Grants Analysis "ver and Bowel EU Grant 43,500 53,365 96,865 43,500 53,365 96,865 Donations and Gift5 Grants 24,448 24,448 96,865 121,313 96,865 96,865 24,448 30
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charltable Actlvltles Income Unrestricted Designated Restiicted Funds Funds Funds Total 2025 Training Courses arKI Facilities Contrart Research Projects other Income 934,456 23,745 98,367 1,056,568 934,456 23,745 98,367 1,056,568 Unrestricted Designated Restricted Funds Funds Fund5 Total 2024 Training Courses and Facilities Contrart Research Projects Other Income 1,582,471 211,927 1,582,471 211,927 1,794,398 1,794,398 Charitable Activities Expenditure 2025 2024 Direct Costs staff Costs Support and Governan Costs (note 6) 1,292,077 784,964 47,OL5 2,124,056 2,039,040 964,440 49,805 3,053,285 Analysis by fund Unrestricted Funds Desgnated Funds Restricted Funds 2,025,982 3,016,372 98,074 2,124,056 41,795 3,058,167 31
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Support and Governance Costs Audit and Accounting Fees Legal and Profesyonal 18,250 28,765 47,OL5 29,001 20,804 49,805 Net incomel(expenditure) for the year 2025 2024 Thls Is stated after charglng: Depreciation Impairment Lease rental payments for premises Auditors, Remuneration, Current Year 111,182 27,223 375,827 567,583 3,997,349 344,510 18,250 18,250 Trustees No trustees reIVed any Munerab.0n or expenses during the year or prewous year. staff Costs and Numbers 2025 2024 Gross salaries - Institute Staff Gra laries- Seconded Staff Employer National Insurance Contributions Pension Cost5 683,346 17,049 810,156 47,978 70,793 82,827 784 963 Staff redundancy costs of £2,852 (2024.. £7,068) were paid during the year. The average monthly head count of em 0yeeS are as follows: 2025 No. 2024 No. Institute Strff Seconded Stsff 18 23 19 24 The Institute's key management personnel Comprises the trustees and senior management team. The totsl emduments paid to key management personnel were £240,940 {2024- £237,414). 32
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 The number of employees whose gross benefit fell ittween the fdlowing bands.. 2025 2024 No. No. £110,001- £120,000 £120,001- £130,000 Tangible Fixed Assets Group and Charity Fixtures, Fittings & Equipment Leasehold Improvements Plant & Machinery Total Cost At l April 2024 Additions At 31 March 2025 9,364,651 1,654,916 2,591 1,657,507 11,019,567 2,591 11,022,158 9,364,651 Depreciation At l April 2024 Charge for the year Impairment At 31 March 2025 7,352,139 100,626 1,614,813 10,556 8,966,952 111,182 7,452,765 1,625,369 9,078,134 Net Book Value At 31 March 2025 1,911,886 32, 138 1,9H,024 At 31 March 2024 2,012,512 40, 103 2,052,615 33
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 io Intangible Fixed Assets Group 2025 2024 Cost At April 2024 Written down At March 2025 5,000 (5,000) The intangibles related to patents as of Griffin Paste Research which was di01Ved on 15 October 2024. li Fixed Asset Investments in Subsidiaries The profit and loss and balance sheet of Griffin Paste Research, in which the charity had an investment at the balan sheet date of 50% (2024.. 50%) of the share capitsl of Griffin Paste Research timited is as follows.. 2025 2024 Profit and loss Turnover Expenditure Loss (5,312) (5,312) Balance sheet Intsngible Fixed Assets Current Assets Total Net Assets Called up Share Capital Griffin Paste Research Ltd Share Premium Profit and Loss loo 254,900 {255,000) The (harity's share of Net Assets is Griffin Paste Research Ltd (CoMnY number 12500698, registered Offi Y Blixk, Northwick Park & St Marks Hospitsls, Watford RId, Harrow, HAI 3UJ) Commen trading on l July 2020 but was dormant throughout the previous financial year and was di01Ved on 15 October 2024. 34
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12 Fixed Asset Investments Unlisted Investments Total Cost or valuation At l April 2024 Revaluations At 31 March 2025 27,223 {27,223) 27,223 (27,223) Carrying amount At 31 March 2024 At 31 March 2025 27,223 27,223 2024 2023 Investments at Fair Value Comprise.. Videregen Ltd Proterris Inc 27,223 27,223 Details of the Institute's unlisted investments at 31 Marth 2025 are as follows: Name of Undertaking & LIKation Nature of business Class of shares 0/0 Held Videregen Ltd - UK Development of Stem Cell Organ Regeneration medicine Clinical Development of Therapeutic Applications As disclosed in note 2, the valuation of unlisted investments is based on future expettations and supporting inft)rmation supplied directly by Videregen Ltd and Proterris Inc. Ordinary Share5 9.77% Proterris Inc - USA Common Stock 0.47Wo 13 Debtors 2025 2024 Group and parent Trade Debtors 280,915 121,250 Prepayments and Accrued Income 369 074 35
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Credltors: Amounts Falllng Due Wlthln One Year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors CBILS Loan (note 151 other creditors Accruals & Deferred Income 1,531,084 loo,000 354,991 996,909 loo,000 112,158 1,531,084 loo,000 354,991 996,909 loo,000 112,158 695,042 982,702 873,800 695,042 2,681,117 2,191,769 2,681,117 2,191,769 Deferd income at the year-end amounted to £339,706 {2024: £551,299) of which £150,000 was a capital donab'on for the planned refurbishment (2024.. £150,000). The balance of deferred income consists of training fees in advan and contract research in adVall, to be recogni5ed in subsequent periods. 15 Creditors: Amounts Falling Due After More Than One Year Group 2025 Group 2024 Trade creditorslsee below) CBILS Loan (see below) 2,057,512 75,000 2,132,512 2,057,512 133,333 2,190,845 Trade creditors falling due after more than one year relate to rent arrears due to the Institute's landlord, London North West University Healthcare NHS Trust. The Institute is currentyy in the final stsges of negotiation with the landlord over the surrender of the current lease, write off of outstanding arrears and agreeing a new more favourable lease (see note 231. The CBILS loan was repayable over 5 years but has been renegotiated and has been extended for a further 48 month5. Interest 15 charged at 1.18% pa over base rate. It is repayable by December 2030 and includes fixed and floating charges against the net assets of the Inth"tute. 36
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16 Restrlcted Funds Balance At l April 2024 Balance At 31 March 2025 Income Expenditure Transfers Dr L Turner-StokÈs (17,1821 17,182 Conferencespe3lingfeeson beh31fofils Ttsmer3ndStok&¥ Cornp1etk tpf eJch conferen a¢tefjdbn Course administration service Fee$rOnbehaIffOff rouryeprokyderto delivw Mr Lamont OBS and Gynae Research Funds 9,131 9,131 Dr Mouyis Fund$reeLlfrorn ABBVIEto Wound Healing Projerts ReseJrchproJects£levelwng teJétrnentstsinwove wound 10,460 10,460 orsurg RA 59,640 59,640 Re5eJrchwoJedsdeveloyng tré6iméntsforkÈlokls¢&rtiSSUè 8nd8ttem3tives ro bre8St nplants 7Ie creditag31n>texpenthtu relate5toJ creditnrte i55uedin the urréntyé8r Bowel ReseJrchproJectsmtosma/ibowe/ trJnsplanlatyon 85,526 61,000 (61,000) 85,526 Capital Equipment 22,548 22,548 Gr3nttopU6sendKèl Equiprnent EU Grant P8fyenténdpubllcp8rtnP8kna 37,074 (37,074) 207 197 187 305 37
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16 Restrlcted Funds- comparatlve Balance At l April 2023 Balance At 31 March 2024 Income Expenditure Transfers Dr L Turner-stokes Course administration service Mr Lamont OBS and Gynae Research Funds Dr Mouyis Wound Healing Projects RA Bowel Capital Equipment EU Grant 29,338 2,044 (46,520) (2,044) (17,182} 17,929 3,967 10,460 23,815 42,026 22,548 (8,791) (3,967) 9,131 10,460 59,640 85,526 22,548 37,074 35,825 43,500 53,365 (16,291) 152 127 207 197 17 Deslgnated Funds Balance at IApr 2024 Balance at 31 Mar 2025 Incoming Resources Resources Expended Transfers Group & Charity Leasehold Improvements Balance at l April 2023 Balan at 31 Mar 2024 Incoming Resources Resources Expended Transfers Group & Charity Leasehold Improvements 38
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18 Unrestricted Funds Balance at l April 2024 Resources Expendedl Revaluations Balance at 31 Mar 2025 Incoming Resources Transfers Group General Unrestricted Funds Minority Interest Share of Sub Net Income 12,110,251) 1,548,884 {2,059,925) (17,182) (2,638,474) 2 110251 1548 884 2 059 925 2 638 474 Balance atlApr 2023 Balance at 31 Mar 2024 Incoming Resources Resources Expended Transfers General Unrestricted Funds Minority Interest sha of Sub Net Income 3,532,525 2,657 2,101,320 {7,744,096} (2,657} (2,110,251) 3,535,182 2,101,320 {7,746,753} (2,110,251) Balance at l April 2024 Balance at 31 Mar 2025 Incoming ReUrceS Resources Expended Transfers Charity General Unrestricted Funds 2 110 251 2 110 251 1548 884 1548 884 2 059 925 2 059 925 2 638 474 2 638 474 Balance at l April 2023 Balance at 31 Mar 2024 Incoming Resources Resources Expended Transfers General Unrestricted Funds 3,532,525 3,532,525 2,101,320 2,101,320 {7,744,096) {7,744,096) (2,110,251) (2,110,251) 39
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19 Analysls of Net Assets Between Funds Group Unrestricted funds Designated Funds Restricted Funds Total Fund balanTrs held at 31 March 25 a represented by.. Tangible ats Investments Current as5etsl{liabilitie5) Long term abilItieS 1,944,024 1,944,024 (2,449,985) (2,132,513) (2,638,474) 187,305 12,262,680) 12,132,513) 12,451,169) 187,305 Group Unrestrirted funds Designated Funds Restrirted Funds Total Fund bala[eS held at 31 March 24 are represented by: Tangible assets Investments Current aets/(lIabllltle5) Long term abilItieS 2,052,615 27,223 (1,999,244) 2 190 845 (2,110,251) 2,052,615 27,223 (1,792,047) 2 190 845 11,903,054) 207,197 207,197 20 Operating Lease Commitments Under the current lease, operating lease commitments amount to £375,927 due within one year (2024.. £375,927),. between l and 2 years ££375,927 (2024.. £375,927),. between 2 and 5 years £752,854 12024.. £1,128,781). However, as explained in note 23, the Institute is in the final stages of negotiations Wlth its landlord, London North West Universty Healthcare Trust Limited, to surrender its current lease and commence a new lease. The new lease will be for 10 years with break clauses after one and five years. Annual nt will be £250,000 and a six month rent free period has LEen negotiated. Rent will increase annually in line with RPI. 40
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21 Operating Lease Income The Institute has entered into a number of leases with subtenants which provides for future minimum lease income under non-cancellable operab.ng leases, which fall due as follows.. 2025 2024 Within one year Beeen tr40 and five years 93,597 93,597 187,194 As part of the new lease arrangements, the sub-leases will be transferred to the NHS Trust. 22 Analysis of Changes in Net Debt lance at l April 2024 Balance at 31 March 2025 Cash flows Cash and $h equivalents Borrowings Due vvithin one year Due after more than one year 209,361 (159,998) 49,363 (ioo,0001 (133,3331 (23,9721 (ioo,0001 (75,0001 (125,6371 58,333 (101,665) 23 Material Uncertainty relating to Going Concern The ability of The Griffin Institute to remain a going concern is dependent on a number of fartor5, l. The renegotiation of its lease agreement with the London North West University Health Care Trust (NHS Trust). As indicated in note 24 to these financial statements, the surrender agreement and new lease are in the final stages of approval. 2. The continued support of the NHS Trust in the Institute's day to day activities. 3. Negotiation and finalisation of repayment agreements with it5 Other material {rlitOrs. These negotiations are now in place. 4. Increased future income from training and research actimties as a result of marketing, partnèr collaboration and expanded training facilits"es. 5. Careful control over expenditure. 41
THE GRIFFIN INSTITUTE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23 Material Uncertainty relating to Going Concern (continued) The Institute has considered the above factor5 and its financial forecasts, being at least for a period of 12 months from the date of approval of these financial statements, indicate a return to profitability. Rems forecasts are prepared arKJ reviewed by Trustees on a regular basis and cashflow monitored. 24 Post Year End The Institute is in the final stages of rt5 negolialion5 wf(h ils landlord, London North West University Health Care Trust (NHS Trust) and will shortly sign both a surrender agreement in respect of ils former lease and a new less onerous lease agreement. Under the terms of the surrender agreement the Institute will transfer ownership of ils tangible fixed assets to the NHS Tru51 in exchange for the Trust writing off the oulslanding debt owed lo il by the Inslilule. The tangible fixed assets represent primarily leasehold improvements.The difference beeen the OLJtstanding debt and the carrying value of the tangible fixed assets transferred wll be disclosed as a donation to the Institute in the 2025126 statutory accounts of the Institute. Should this transaction have been completed as at 31 March 2025, nel liabilities would have decreased by £1.587m, from £2.451 m to £884k. As explained in note 20, the terms of the new lease are more favourable to the Institute and include a 6 month rent tree period. 42