(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 Ch￿lty 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 pUry￿ses.
The financial statements cO￿pIY 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 a￿d 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 he￿a of the p￿creaS 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 ur￿StrICted funds. The cornp8ny has a
very low Icvel of expenscs to ]neet oth¢r th&J grants to fL￿d new pieces of rcscarch to promote public
2wareft￿ of the disc￿S 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¢ c￿lty raised significamt amount froTn fi￿draising 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 FO￿d￿"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¢ $uffici¢nt r¢serves to meet both immediate short-tertn needs and long-te]Tn
commitsnents to futtwe research. The tn￿tee$ also keep sufficient reserves to meet the next three months funding
of expens¢s including those expenses incu￿ed to promote general awdreEL¢SS into Iiv¢T, pan¢reatic and bik
dis¢ases.
Trustt¢$, Structure, GoVern￿te 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 Tn￿teS 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 tr￿te¢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 law￿1 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 adv￿8¢ conditions.
Page13

LAP Research
Report 2nd Fij￿￿tial 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 Ch￿lty 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 0￿1¢¢
26 Stone Meadow& Stone Meadows, Oxford. OX2 6TQ
Brendan P Byrne & Co Ltd- BPB Account£nts
HSBC
Accountants
Bankers
Trustees Rtspon$ibilitles
Th¢ TnLStecs. lls dire¢tors are responsible for keeping proper a¢counting r¢cords that dis¢lose wffth rwonable a¢curacy
at any time the fmattcial position ofthc cFwity and to enabl¢ ihern to enm that the financial statsments comply witb
the Companies Act 2006. They are also respoL8ible for safegua￿]ng the assets of the charity and the 8roup and hence
taking reasonable steps for the pievention and detection of fraud and other i]T¢gu10rilies. The T￿￿e$. 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¢ f￿ancial 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 Ch￿ItIeS 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 a￿ll￿ting r¢cgrds and information and
explanations you have given to u
This rep)rt is made to the Company's B0￿d 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 tI￿t 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 NoVe￿ber 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
Inc0￿e 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 fi￿dS 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 Staten￿ntS.
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 Ire18￿a {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.
E￿ndIture
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 fi￿d$ 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 a￿ordanCe with
the m¢morandLJm of ass0¢i￿l0n. 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