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- TreaSu￿r
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
Be￿een 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$gar¢h Inltlatlves
Innovative Small Bov￿1 Reconstruction
This project is making significant progress, with a focus on advancing bowel
re¢on51ruction technique5. Dr. Simon Gabe from St. Mark's Hospital is leading the
efft?rts
Currènt Statu$.. 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 BiosC￿nG￿, 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$sg￿0te￿ Restrkiel Untesty1rt￿
Fur￿$
Fu￿5
Fu￿J5
25
Fund5
Total Fun
IN¢OklE ANO ￿PENDmIRE
F￿￿5
Fu￿5
2024
Lknab0n5ar￿fraTrts
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
ExpETrJ1t￿￿e UPL￿.
R?1>￿ F￿NIS
16.7201
16.031
13.DI1,￿l
16.031
{1025,9821
12.124,0561
{4L,￿l 13.D53.2851
Im￿￿Thent0f ￿Ked Assets
13.YJ7.3491
13.W7,3491
T*xal Expwdlthre
NetQin51lLD￿I on I￿￿stMents
26.6BLI
(726.6BII
NétIncomélIEx￿￿dl￿rn}1tt*r
6aknsii￿s$es)
L￿$(￿ Rev4luatlonofAx& Awts
(37.0741
1548.1151
15.640.433)
55.070
15.585.363)
Is.Noi
Transfer5 *iween F￿d5
NetmO¥eThi￿Is1￿ Fu￿1$tO￿v
1528.2))
119.8921
154S.liSI
15.&15.4331
55.070
15.W.3631
Net Fu￿S at L Wll 2024
207.197
I1.￿3.054)
3,535.182
3,687.309
Net Fu￿$ *31 ￿rth 2025
2 63B474
2451 169
21

THE GRIFFIN INSMTUTE
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND ExPEN￿TuRE Aecoumrs
FOR THE YEAR ENDED 31 MARCH 2025
Total Funds
Total Funds
Unrestrfcted Dtslgnated Restrlcted YearEnded Unrtstrfthd De51gnated RestsScted y￿rENde￿
Fun
Funds
Funds
2025
Funds
Funds
Funds
2024
Nét Int(MMèAhd Ex￿Nditur•
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 Fo￿r
Attribute tr) the c￿rity
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 expe￿iture 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 R￿1Ved
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 COn￿lidation
The Group financial ststements consolidate the financial ststements of the Charity and its
subsidiary undertaknng, Griffin Paste Research Limited, which ComMen￿d 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, bala￿es, and
unrealised gains on tran￿CtionS 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 ne￿Ssary, 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
pur￿SeS 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
re￿ived.
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 r￿1ved, ex￿pt 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 in￿ntiveS 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 re￿rted 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 u￿ge.
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 reC￿niSed 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. cha￿e5 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 tran￿ctIOn 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 re￿Ipts 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 g￿￿S 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 c￿dItorS 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
di￿harged 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
Servi￿S 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 le￿r, 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 Un￿rtaInty 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 Un￿rtaIn. 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 re￿IVed 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 di￿01Ved 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 (CoM￿nY number 12500698, registered Offi￿ Y Blixk, Northwick
Park & St Marks Hospitsls, Watford RI￿d, Harrow, HAI 3UJ) Commen￿ trading on l July
2020 but was dormant throughout the previous financial year and was di￿01Ved 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
Defer￿d 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$r￿￿￿OnbehaIffOff
rouryeprokyderto delivw
Mr Lamont OBS and Gynae
Research Funds
9,131
9,131
Dr Mouyis
Fund$re￿￿eLlfrorn 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
Gr3nttopU￿6sen￿dKèl
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
Re￿UrceS
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 a￿ts
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 a￿ets/(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
Be￿een 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 {r￿litOrs. 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 be￿een 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