(A company limited by guarantee) Compally Registratlon Number 06752342 Charity Number 1130523 UNAUDITED REPORT AND FINANCIAL STATEMENTS For the yettr eDd¢d 30 November 2024
L4P ReseAreh Report and Fmantial Statements For the year ended 30 November 2024 Contents Pages: Report of the Trustees 2to5 R¢port of th¢ Independent Examiner Statement of Financial Activities Balanc¢ Shett Notes to the Financial Statements 9andlO Pagell
LAP Research Report and Financi Statements For the year ended 30 November 2024 Report of the Trustee$ The Trugte¢s ar pleased to pres¢nt their annual report logethcr with the firwi¢ial statetnents of the Chlty for the year ¢nd¢d JO November 2024 which are also wep2red to meet the requirements for a directors. report and accounts for Cotnpanies Act pUryses. The financial statements cOpIY with the Charitics Act 2011. the Companies Act 2006, the Memorandum and Anicles tsf Associatioll, and Accounting and Reportin•O by Charities.. Statem¢Dt of Recommended Pr&¢tice pplicable to chariiies preparing their Counts in Accordance with th¢ Financial RcportiTtg Standard applicable in the UK and Republic of TIelartd (FRS 102) (effective l January 2015). Purpose And Aetivitle$ LAPResearch was set up LD 2007 by two surgeons who specialise in the area of m¢dicine knovm as H¢patopancreaticobiliary medicine IHPB for short). Th¢y reco8nised th¢ ne¢d for t ch8Tity dedicMt¢d to r¢se8rch into the wide range of conditions and illnesses ihat affect all of these otgan& rather than focus on one particul organ or dtselse. They fornially i7LcorEKyrated the cliarity in 2008 the vision to fmd novcly preventative and curative tr¢atTnents for liver, pancreatic and biliary dise&8es 8nd the mission to fimd the highest quatity research into diseases of the liver> pantt¢&8 and biliary tree whilst educating healtt]¢are professionals ad others affected about outcomes. Th¢ liver. pancreas. gallbladder and biliary tree 8re affected ty illnesses that range from the simpl¢ and benig to the life changing and faial. AIthou8h most peopl¢ have heard of the Livcr in relation tr) news stories about alcohol ¢on8umpiioty fcw¢r peopl¢ have hea of the pcreaS Bnd its micial role in the body. whilst the blliary tree end 8allblBdder or¢ wmplete mysteries to mosL This relatively poor awareness of these organs and the tnedical spe¢ialtty that deals with them m8k¢s funding much-needed r¢search into their caltses and treatment very diificult. Th¢ need for this funding is clear.. liver concer and pancreatic cancer claim thousallds of lives in the UK ea¢h year. p8J]creatitis is a poorly understood condition that affects all age groups and rcmains a killer of young and old alikc; and canc¢rs of the biliary tree have some of th¢ lowest survivaI ratss of any tyFe of callcer. Pan¢rcati cancer will bc the fourth deadliesi forni in Britain by 2026 duc to late diagnosis. survival rates hav¢ not changed meaningfvlly for 40 years due to a la¢k of resegr¢h fundtng. In¢id¢nces of P3mLTe#titis arc increasin8 by nearly 3Yty per Ye and there is no knoThm curc. Whilst other organs and diseases have b¢en much higher in profil¢ over recent d¢cades and investmellt in r¢s¢8rch into these has produced siBnificanr advan(z5 in preventiotL diagnosis and treatn¢nts, the liver. pancreas and biliary tree have not been of siniilor focus. Financial review The charity is fimded by donation4 specifi¢ fimd-raising activities and supporte¢ in the rn&in. by volunt¢ers. The Trustees consider the r¢sults for the year to be satisfactory with net outgoing Tesoir¢es of £140,992 As compared io last y¢ar with a surplus of £28.040 gnd can continu¢ io tchicve their objectives bAs¢d on their accumulat¢d reserves position. As of 30 November 2024. there were net assets of £J47,911 wbtch all are urStrICted funds. The cornp8ny has a very low Icvel of expenscs to ]neet oth¢r th&J grants to fLd new pieces of rcscarch to promote public 2wareft of the discS Df the liver. pancreLS 2nd biIiary tree. Th¢ charity has no investma)ts or fjxed asset4 ail of its net asscts are held in baThL acwunts. Page12
LAP Research Report alld Financial Statements For the year ended 30 November 2024 Report of the Trustees {continued} Th¢ clty raised significamt amount froTn fidraising events over the l&%t couple of Ye¥ andthis has enabled some large graTrt5 ts be m8d¢ to bring one project particular project to near Completion- Drug discovery to inhibit cyclophilin D a treatment for acute pancreatitis. This is gn ar[eMIC project bcing run from Liverpool University Hospitsls NHS FOd"on Trust and a total value of £246,659 over 2-y¢ar& This is a world class acad¢mic team with a large academic expericn¢¢ in pancreatitis. Thc award was made to Mr R Mukherice MA (Cantsb), MB Bchir. PhD. FRCS (Gen) a Consultsnt Surg¢on. The policy of the charity is to build up its Teserves to promote individual #nd continuing rue&rch work. It both ha8 and, in the tyre, aims to hav¢ $uffici¢nt r¢serves to meet both immediate short-tertn needs and long-te]Tn commitsnents to futtwe research. The tntee$ also keep sufficient reserves to meet the next three months funding of expens¢s including those expenses incued to promote general awdreEL¢SS into Iiv¢T, pan¢reatic and bik dis¢ases. Trustt¢$, Structure, GoVernte gDd Management Tkn ¢omp&Jy w&s incorporated limited by guarantee on 18 November 2008. It is governed by the arti¢l¢s and erlloiandum of &8sociation. It is registered with the Charities Commission. A Board of Trustees govcms the chArity. The followin8 TnteS who served durirLg the yeor and up to the date of $igning of this report who were also appointed as Dire¢tors are: Mr G Bond-smith MT L Hutchins {re$i8ned 29 October 2024) Mr D All¢n Dr Willi9m AlazAWi continu¢s to b¢ supportive of the academic activities of LAPRcseorch. His rol¢ include5 vetting proposed project4 ensuring good clinicil governance, agt¢ed Lnilestones are achi¢ved &rul the projects are all completed in atimety manner. Th¢ Board of Trnstees is activ¢ly supwrted by a number of volunte¢TS who are well acquaint¢dwith the worknugs and ne¢ds of the charity. Ch#rity AdmlDi5Ération New trte¢S will E¢ appointed as and wben tbe charity needs additional trustee4 appointm¢nts are Tnadc by th¢ Board of Trustees. New mernbe will bc selected based up)n their existing skill$ 2nd experience. AppropTiate training is orgwllsed for rthew and existing trustees as necess. All new members will be provided with 8 pa¢k that explains their duti¢s to the charity and thell law1 responsibilities both membtrs and as TrLL8tc¢s. Risks and uncertainties Th¢ Trustees actively review the major risks that the Charity foces ort a regul basis ¥nd believe that maintaining reserves at cutrent level& ¢ombined with 8n Val revlew of finèncial systems will provide suIEcient resources in th¢ event of adv8¢ conditions. Page13
LAP Research Report 2nd Fijtial Statements For the year ended 30 Novejnber 2024 Report of th¢ Trusteu (¢oDtinued} Plans for Future Period$ The Charity cwrenlly has two live projects.. l) Drng diseovery to inhibit cydophilin D a$ a treatrnent for acutt pancreatitil As mentiorLed above this is an academic project being run from Liveryool University Hospits15 NHS Foundation Trust and is near completion. Further gr8nts in the region of£40.000 have been pledged for 2025. 2} Pro%astrill itudie3 In ¢olorectsl eaneer Thi5 is an Academic project being from Barts HeaIth NHS Trust and is for the value of £186,381 over 2- years-this will start in 2025. The award was made to Mr M Thaha SenioT Lecturer and Consultant Surgeon. Reserve$ Policy The Trust¢¢s are of the opinion thai the present level of resources together with the level of d¢signat¢d reserve$ is adequate to support the conlinu&uon of the Charities activities for th¢ medium ttmi. The Charity has a strategy to raise further moni¢s to fund some research projects. The Chgxity's web pages hav¢ been m2teriatly enhanced and are now up ts dat and much more illfonnative and the Chlty is now lookin8 for a consul¢ant with fundraising skills to s¢n¢rate reserves suffJ¢i¢nt for the longer-tern] projects. Refer¢nee and admlnlstr*¢ive Information Company nurnber 06752342 Charity nuinber 1130523 Resistered 01¢¢ 26 Stone Meadow& Stone Meadows, Oxford. OX2 6TQ Brendan P Byrne & Co Ltd- BPB Account£nts HSBC Accountants Bankers Trustees Rtspon$ibilitles Th¢ TnLStecs. lls dire¢tors are responsible for keeping proper a¢counting r¢cords that dis¢lose wffth rwonable a¢curacy at any time the fmattcial position ofthc cFwity and to enabl¢ ihern to enm that the financial statsments comply witb the Companies Act 2006. They are also respoL8ible for safegua]ng the assets of the charity and the 8roup and hence taking reasonable steps for the pievention and detection of fraud and other i]T¢gu10rilies. The Te$. as dire¢tors are responsible for the mainlenance and integrity orth¢ corporale and fm2n¢ial infornution inclllded on the charitsblc company's website. Page14
LAP Research Report And Financial StateMeDÉs For the year ended 30 November 2024 Report of the Trn&tee5 {continued) The Trwslees. as dircthQ are responsibl¢ for preparing an snnual report and financial statements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Gen¢i3lly Ac£q)ted AccountlDg Practice). CoTnp8ny law Eequwes the diredoTS to prepar¢ financial statements for e&ch year which give atsuc gnd fair vicw of the state of affairs of thc charitable ¢omp8ny aSLd of the incomillg Sourc¢S and application of resourc¢s, including the inwme and expenditur¢ for that perio& In prcparing th¢ fancial stat¢ments, the directors &re required to: s¢l¢ct suitable accounting policies and then apply theTn consistently> obserye tho metknds and principles in the ChItIeS SORP; make judgements and estitnates that att reasonable prLJdent; stftle wheth¢r applicable UK accounting standaxds have been followe(L subject to any materiaj d¢p&rtUF¢S disclosed and ¢xTrlained in the financial sta*Tnents' pr¢pare the fll]ancial statements OD the going concern basis unle$8 It is illappropriate to presume that th¢ charity will wntinu¢ IFL business. Stat¢m¢nt a8 to diJ¢lo$ure to our Ac¢ountantJ Jn so fax u the ThLStee8. &8 directors are aware at the tiJThe of approving our anAuo1 report: there is no r¢levant Informatio b¢in8 information needed by the 8ccountarLt in connection with preparing their repor4 of whi¢hthe aeeourtt8nt is unawwe. and having mad¢ ¢nquirie$ of frllow TrLL8tees and the a¢countaAL that they ought to hav¢ individually tak£ have each taken all steps that helshe Is obliged to take as an appointed dir¢ctor ill order to make th¢]nselves aware of relev8mt dit infoLinatioll gAd to establish thY4t thc t4ccouniant is &war¢ of that infomation. Thls report W&8 approved by the board on 2025 and signed on their behalf Mr G Bond-smith Page15
LAP Research Report and Fin2ncial Ststements For the y¢ar ended 30 November 2024 Indtpendent examln¢r's report to the Trustees of "LAP Rt8e8reh" rn accordance with the enwemcnt letter dated 23 July 2013. at]d in ordeT to Assist you to fiLlfAI your duties utsderthe Companies Act 2006. we have compiled the financial statements of the conpany which comprise the Statement of Financial Activities, Balance Sbeet and iue related note$ fEom the allting r¢cgrds and information and explanations you have given to u This rep)rt is made to the Company's B0d of TrLLStee5. as Directo a body, in a¢cordanc¢ with the terns of our engagement Ow work has been undertaken so that we might compile the fllwi¢iaI staknnents that we have been engaged to compile. report to the Comp8my's Board of Trustees, as Directors that we have (lon¢ so. and state those matters that we have agreed to state lo d)em in this report ond for no other purw)se. To the fullest extent pern]itt¢d by law. we do not accept or assurne responsibility to anyone other than th¢ Compw and the Company's Board of Trustees. as DirectOTS. as a body, for our work or for tbis rep)rL You have acknowledg¢d on the Balance Sh¢et for the year ended 30 November 2024 your duty to ensure that the ¢ompany has keptproper accounting records and to prep¥Je financial statements that give a trje and fair view un&r the Companies A¢t 2006. You consider tIt the ¢ompany is ¢x¢mpi from the statytory tequirement for an audit for th¢ year. Wo have not been instructed lo carry out an audit of the financi statements. For this reason. we havc not verified the ac¢iTra¢y or completeness of the accounting records or information and explanations you bave 8iv¢n to us and we do not. ther¢for¢, express any opinion on the fm8n¢ial $tat¢ments. Brendan P Byrne & Co Ltl Accountants 12 Old Bexlcy Lan Bexley Kent DA5 2BN Page16
LAP R¢searcb Report alld fin2ncAal Statements For the year ended 30 NoVeber 2024 Statement of Finantial Activtties includittg Lntome and EipeThditure A¢count Total Total funds fuDds 2023 2024 Note5 Polo Event OÉber ll¥COME: DonAtion3 lega¢ies Voluntary donations Inc0e from charitable aetivitit Othcr incoine- Grants Ib Il176 12.176 65.586 4,450 Other tradlng aetivitiei Fundrai5irtg events IDvei*m¢nt income Interest Ib 142.431 142,431 28,400 Id 1.163 1.163 1.951 TOTAL INCOKi 142,431 155,970 100.377 EXPENDITURE: Cb4rltable actfvitie$ R¢s¢arch gr2nts awarded Governance and support cost5 Raljing funds Fundraising 200,000 25,981 200,000 25,981 19,047 70,781 53340 53,290 TOTAL EXPENDITIJRE 70,781 225,981 295844.27 72,337 ET INCOMEI(EXPENDITUB£) 71.650 (212.642) (140.992) 2&040 Total funLts brought forward 488,903 460,863 Tiamf¢rs between fmnds TOTAL FUNDS CARRIED FORWARD 347.911 488903 No fidS restricted in natse. The sthtement of fJnan¢ial activitiEs includes all gains and lo&Ys reco8nis¢d in thè year. All income and expenditure derive frotn continuiJg opetations. The notes on page5 10 and I I form purt of the8e fjnancial StatenntS. Page17
LAP Research Report and Willanci21 Stat¢m¢nts For the year ended 30 November 2024 B8lanee Sheet (Ststemeot ofA&s¢ts and Liabilities) as at 30 November 2024 Not¢R 2024 2023 Flxed ##$¢ts Curr¢nt ass¢ts Bank amd cash at hand 348.778 348,778 489.719 489.719 Current liabilities Creditors falling due within oue y¢ar {867) (816) Net current Sets 347.911 488.903 Net a$Jet# 347911 488.903 General fund Unrestricted funds 1¢ 347.911 488,903 3479ll 488 903 For the y¢ar in question the ¢ompany entided to exemption under 8¢¢tion 477 of the Companies Act 2006 relating lo small cornpanie Directors, responsibilities". l) The members have not requir¢d the company to obtain an audit for its a¢counts for th¢ year in question In accord8J)ce with section 476. 2) The directors acknowledge their re$ponsiTr*ilities for complying with the r4uir¢m¢nts of the Act with rcspeGt to accounting records and the preparniion of accounts. These accounts have been prepared in ac¢ordonce with the provisions applicable to COMp]eS Subject to the small companies, Tegime and the Charifi¢s Act 2011. The a¢couDts were approved by the Board of TrtL8tees on Mr G Bon&Smith The notes on pages 9 and 10 fonn part of these fmancial statements. Page18
LAP R¢search Report and Fi]L2ncial Statemellts For the year ended 30 Novemb¢r 2024 Notu tts the Accounts I. Accounting polici¢$ Basis of prcp8rati()tt The financial statements have been prepued in accordance with Accountin(y and Rcporlirlg by Charities: Ststetnent of RecoJnm¢nded Practicc applie2bl¢ to charities pr¢parillg 1heir accounts in accordance withthc Finan¢ial Reporting St&nd&d applicable iTrthc UK amdRepublic of IT¢land (FRS 102) (effc¢tive l January 2015)- (Charities SORP (FRS 102)), the Finuncial Reporting Strndard applicable in the UK and Republic of Ire18a {FRS 102) and the Compani¢s Act 2006. L4P Research meets the defitLition of 8 publi¢ benefit cnuty UT)der FRS 102. Assets and liabilities ar¢ initially re¢ognised at historical ¢ost or transaction value unless otherwise ststed in the relevwt accountiTLg policy notrfs). b. Incom¢ Fundraising income is recogtiis¢d when there is a reason8ble assurance of re¢¢ipt: voluntary donations are re¢ogtiised when received. The Charity is Ilot required to be registered for VAT. All monies rec¢ived were unr¢s¢ricted in nature. EndIture R¢sour¢es expend¢d are r¢w8nised In th¢ period in whith they are incurr¢l they include VAT wbich cannot be rewvered but do not include the vaIue of services prtsvid¢d by volunte¢rs. d. Interest Inter¢st on funds held on deposit is included wh¢n receivable and the ¥mount Can be m¢&sured reliably by the chariry, this is norn]ally upon notification of the Intere paid or payable by the Bank Fun(ts Unrestricted fid$ Oxe aviilable to spend on activities that furthcr ony of the puryos¢s of charity f. Other Th¢ Charity has TK) fLxed asses Jo operating l¢ase& DO Staff nor pcnsion obli8atio0s. I Ikgal StstU8 The ¢harity Is incoipornt¢d as a company limited by guorantee having no shore capitsl and in aordanCe with the m¢morandLJm of ass0¢il0n. every member is liabl¢ to contribute a swn up to but not exceeding £10 in the ¢v¢nt of the company being wound up. 3. Creditors: Amount$ f#lling due within on¢ year 2024 2023 Creditors and Accruals 867 816 4. Tax*tion Th¢ charity is exempt from tsx on income and gain5 falling within scction 505 of th¢ Taxes Act 1988 as any ¢esses of income over exptrtditure, if made. are applied to its chaxitable objects. Page19
LAP Research Report and Financial Statements For the yexr ended 30 November 2024 5. Re$our¢¢s Expended 2024 2023 Governance and support Costs.. Websit¢ and PR Independent Bxaminer F¢¢ Just Giving Marketing Misc¢llancous Administration 2920 918 522 19.)56 2,065 350 840 302 12.725 218 25.981 19.047 Page | 10