2021-06-30-accounts - The Foundation For Liver Research

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

					Page
General information
Report ofthe	trustees
Independent	auditor's report
Consolidated	Statement of Financial Activities	(including	an Income & Expenditure	Account)	12
Consolidated	and Company Balance Sheets				14
Consolidated	Statement of Cashflows				15
Notes to the	financial statements				16

Charity number	Charity number		1134579
Company	number		07156633(England	and Wales)
Address			Institute of Hepatology
			111Coldharbour Lane
			London SE59NT
Website			www. liver-research.	org.uk
Trustees			SirJeremy Elwes CBE
			Col Hamon Massey
			Prof Alan McGregor
			Sir Graeme Davies (Chairman)
			Prof Sir lan Gilmore
			Prof John Iredale (resigned 31 January 2022)
			Lord Hunt of Kings Heath
			Mr Simon Wainwright
			Mr Charles Hopkinson-Woolley			(appointed	15Feb 2022)
Bankers			National Westminster		Bank pic
			PO Box4NU
			1 Cavendish Square
			London W1A 4NU
			Cambridge 8 Counties		Bank
			Charnwood Court
			5BNew Walk
			Leicester
			LE1 6TE
Solicitors			Pitmans LLP
			46The Avenue
			Southampton SO17	1AX
Auditors			Caton Fry 8 Co Ltd
			7The Shrubberies,
			South Woodford,
			London E181BD
Investment	advisors		James Hambro 8 Partners
			45 Pall Mall
			London SW1Y5JG
Key management		team
Acting Director			Dr Shilpa Chokshi
Chief Executive Officer			Natalie Day

				Expendable
		Unrestricted	Restricted	Endowment
		Income	Income	Capital	Total	Total
	Note	Fund	Fund	Fund	2021	2020
Incoming resources
Voluntary income:	2	455,827	205,655		661,482	1,172,780
Investment income	3	2,161,239			2,161,239	2,130,434
Total incoming resources		2,617,066	205,655		2,822,721	3,303,214
Resources expended
Costs ofgenerating funds:
Investment management fees				46,466	46,466	44,346
Investment property expenses				175,846	175,846	241,332
Charitable Expenditure:
Medical research activities:
Subsidiary company	4	1,504,483			1,504,483	1,170,252
Charity research activities	4	774,418	139,651		914,069	1,229,076
Total resources expended		2,278,901	139,651	222,312	2,640,864	2,526,123
Net incoming/(outgoing)
resources before transfers	&	338,165	66,004	(222,312)	181,857	618,208
investment gains
Gains on change in
market value ofinvestments	9			1,448,621	1,448,621	57,974
(Losses)/Gains on revaluation	of
Investment properties	10			952,000	952,000	(871,908)
Net incoming/(outgoing)
resources before transfers		338,165	66,004	2,178,309	2,582,478	(195,726)
Transfers between funds	13	(183,804)		183,804
Net movements in funds		154,361	66,004	2,362,113	2,582,478	(195,726)
Reconciliation ofFunds:
Funds balances brought forward		9,380,350	256,114	39,692,014	49,328,478	49,524,204
Funds balances carried forward		9,534,711	322,118	42,054,127	51,910,956	49,328,478

					Expendable
			Unrestricted	Restricted	Endowment
			Income	Income	Capital	Total
		Note	Fund	Fund	Fund	2020
Incoming resources
Voluntary income:		2	1,010,823	161,957		1,172,78
Investment income		3	2,130,434			2,130,434
Total incoming resources			3,141,257	161,957		3,303,214
Resources expended
Costs ofgenerating funds:
Investment management	fees				44,346	44,346
Investment property expenses					241,332	241,332
Charitable Expenditure:
Medical research activities:
Subsidiary company		4	1,170,252			1,170,252
Charity research activities		4	1,064,733	164,343		1,229,076
Total resources expended			2,234,985	164,343	285,678	2,685,006
Net incoming/(outgoing)
resources before transfers		&	906,272	(2,386)	(285,678)	618,208
investment gains
(Losses) on disposal of
Tangible Fixed Assets
Gains on change in
market value ofinvestments		9			57,974	57,974
(Losses)/Gains on revaluation		of
Investment properties		10			(871,908)	(871,908)
Net incoming/(outgoing)
resources before transfers			906,272	(2,386)	(1,099,612)	(195,726)
Transfers between funds		14	(1,918,953)	10,384	1,908,569
Net movements in funds			(1,012,681)	7,998	808,957	(195,726)
Reconciliation ofFunds:
Funds balances brought forward			10,393,031	248,116	38,883,057	49,524,204
Funds balances carried	forward		9,380,350	256,114	39,692,014	49,328,478

						Group		Charity
				Note	2021 E	2020	2021 F	2020f
Fixed assets
Tangible fixed assets				8	5,522,751	5,815,159	5,522,751	5,815,159
Trading subsidiary		investment		16			100	100
Investments				9	15,151,127	13,741,014	15,151,127	13,741,014
Investment	properties			10	26,903,000	25,951,000	26,903,000	25,951,000
					47,576,878	45,507,173	47,576,978	45,507,273
Current assets
Debtors					838,951	1,138,223	1,851,742	2,312,760
Cash at bank and		in	hand		4,527,337	3,774,281	3,884,333	3,476,495
					5,366,288	4,912,504	5,736,075	5,789,255
Creditors:	amounts		falling
due within	one year			12	1,032,210	1,091,199	1,005,462	1,057,582
Net current	assets				4,334,078	3,821,305	4,730,613	4,731,673
Net assets					51,910,956	49,328,478	52,307,591	50,238,946
Funds				13,14
Expendable	endowment
capital fund					42,054,127	39,692,014	42,054,127	39,692,014
Unrestricted	funds				9,534,711	9,380,350	9,931,346	10,290,818
Restricted funds					322,118	256,114	322,118	256,114
					51,910,956	49,328,478	52,307,591	50,238,946

						Note	2021	2020
								F
Cash used in operating activities						17	1,426,429	1,241,235
Cash flows from investing	activities
Dividends, interest and rents	from investments						2,161,239	2,130,434
Purchase of Property, Plant	& Equipment						(20,261)	(8,206,959)
Proceeds from Sales of Investments							4,181,144	9,883,620
Purchase of Investments							(4,834,669)	(3,377,531)
Net cash provided by investing activities							1,487,453	429,564
(Decrease)/Increase in cash	and cash equivalents		in the reporting		period		61,024	(811,671)
Cash 8 Cash equivalents at	the beginning	ofthe	reporting	period			6,244,324	7,055,995
Total cash and cash equivalents atthe end of			the year			18	6,305,348	6,244,324

2. Voluntary	i	n	come
										2021	2020
						Unrestricted f		Restricted f		Totalf	Totalf
Legacies							3,690			3,690	125,241
Research Grants						46,842			205,655	252,497	219,413
Donations L Other			Income			405,295				405,295	828,126
						455,827			205,655	661,482	1,172,780
3. Investment		income
										2021f	2020
Distributions on UK		fixed interest and interest on deposits								28,149	10,260
Distributions on UK		equities			(listed on a	recognised	stock	exchange)
and unit trusts										73,739	110,770
Distributions on Overseas				equities (listed on a recognised				stock exchange)
and unit trusts										100,303	268,044
Rent receivable										1,942,377	1,705,896
Time Deposit Interest										16,671	35,464
										2,161,239	2,130,434
4. Charitable	Activities
								2021			2020
					Direct	Support			Direct	Support
					costs f	costs		Total	costs f	costs f	Totalf
Research undertaken			by
subsidiary company					1,476,812	27,671	1,504,483		1,152,789	17,463	1,170,252
Medical research	activities				885,473	28,596		914,069	1,190,676	38,400	1,229,076
					2,355,356	56,267	2,411,623		2,343,465	55,863	2,399,328


5. Allocation ofcosts
					2021			2020
				Medical			Medical
		Support &		Research		Support &	Research
		Governance		activities E	Total	Governancef	activities E	Total E
Staff costs			8,231	1,334,953	1,343,184	8,231	1,396,905	1,405,136
Laboratory consumables		and
overheads				440,751	440,751
Premises				197,454	197,454		142,745	142,745
Communications 8 Marketing				19,402	19,402		20,492	20,492
Depreciation				312,669	312,669		268,811	268,811
Auditors' remuneration			14,082		14,082	10,560		10,560
Fees payable in
respect ofaccounting	and
taxation services			33,006		33,006	33,124		33,124
Legal and professional		fees	948		948	3,948		3,948
Sundry expenses				50,127	50,127		136,932	136,932
			56,267	2,355,356	2,411,623	55,863	2,343,465	2,399,328
6. Net income/expenditure			for the	year
							2021	2020
This is stated after charging:
Depreciation							312,669	268,811
Auditors remuneration:
Audit Fees —new auditors							15,282	12,960
Audit Fees —old auditors							(1,200)	(2,400)
Tax Services —old auditors							26,905	33,124
7. Staff costs
							2021f	2020
Wages and Salaries							1,071,357	1,179,639
Redundancy Costs							47,500
Social Security Costs							101,450	114,203
Pension Costs							122,877	111,294
							1,343,184	1,405,136

7. Staff costs (continued)
The Foundation had an average	of21 employees	during the year under review (2020:21).
Employees earning over f60,000can be broken down as			follows:
				2021	2020
F 60,001 —F 70,000
F 70,001 —F 80,000
F 80,001 —F 90,000
2200,001 —f210,000
8. Tangible fixed assets (Charity and Group)			Freehold	Fixtures,
			land and	fittings and
			buildings	equipment	Total
				E
Cost
At 1 July 2020			5,645,266	1,416,701	7,061,967
Additions				20,261	30,864
Disposals				(74,166)	(74,166)
At 30June 2021			5,645,266	1,362,796	7,008,062
Depreciation
At 1 July 2020			375,108	871,700	1,246,808
Charge for the year			94,172	218,497	312,669
Disposals				(74,166)	(74,166)
At 30June 2021			469,280	1,016,031	1,485,311
Net book value
At 30June 2021			5,175,986	346,765	5,522,751
At 30June 2020			5,270,158	545,001	5,815,159
9. Fixed asset investments	(Charity and Group)			2021	2020
Stocks, shares, unit trusts and	cash
Market value at 1 July				11,270,971	17,719,086
Additions during the year at cost				4,834,669	3,377,531
Disposals at carrying value				(4,181,144)	(9,883,620)
Net gains on investments				1,448,621	57,974
				13,373,117	11,270,971
Cash balances (held by investment managers)				1,778,010	2,470,043
Market value at 30June				15,151,127	13,741,014
Historical Cost at 30June				11,538,009	10,589,994

9.	Fixed asset investments	(Charity	and Group) continued	and Group) continued	2021	2020
						E
Analysis ofinvestments at market value:
UK	fixed interest and deposits				2,621,880	2,824,141
UK	equities (listed on a recognised stock		exchange)	and unit trusts	1,380,723	1,298,528
UK	other (cash balances)				3,820,336	4,612,447
Overseas equities (listed on a		recognised	stock exchange) and unit trusts		7,328,188	5,005,898
					15,151,127	13,741,014

0. Inves	tment Properties (Charity and Group)
		Investment
		Property
Cost
At 1 July	2020	25,951,000
Addition	of New Property
Revaluation		952,000
At 30June 2021		26,903,000

roperty Investment valuation per property
	2021f	2020 E
Lancaster	1,800,000	1,915,000
Rufford Portfolio	12,375,000	11,745,000
StCross Business Park, loW	3,688,000	3,146,000
J1 8 J2 Chaucer Business Park, Polegate	1,100,000	1,120,000
Imperial House	3,670,000	3,875,000
DX Portfolio	4,270,000	4,150,000
Market Value at 30June	25,903,000	25 951 000


11. Debtors			Group		Charity
			2021	2020	2021	2020
Trade debtors			728,883	691,617	728,883	691,617
Owed by subsidiary		company			1,012,791	1,502,181
Taxation recoverable				327,644
Prepayments	and accrued income		110,068	118,962	110,068	118,962
			838,951	1,138,223	1,851,742	2,312,760

12.	Creditors: amounts	Creditors: amounts	falling due within one year (Charity and	falling due within one year (Charity and	Group)
				Group		Charity
				2021	2020	2021	2020
				E		E
Trade	creditors			112,665	173,581	109,977	165,964
Audit,	accountancy	and tax fees		37,410	35,658	13,350	10,560
Investment management			fees	11,141	11,141	11,141	11,141
VAT				277,388	184,726	277,388	184,726
Deferred Rent				506,581	500,367	506,581	500,367
Other	Creditors and	accruals		87,025	185,726	87,025	184,824
				1,032,210 1,091,199		1,005,462	1,057,582

	1July			Other		30June
	2020f	Income E	Expenditure F	gains/(losses)	Transfers E	2021
Restricted Funds
Sorenson	150,000					150,000
ERAB	21,482	4,453	(324)			25,611
EFCLIF	9,001		(9,001)
Imperial (NUC-B)	21,053		(21,053)
Ochre Bio	4,277					4,277
Hepion Pharma	15,869	46,435	(34,198)			28,106
SPARC	9,432		(7,681)			1,751
C 8 G Lawson Fdn	25,000					25,000
MRC via KCL		50,000	(50,000)
Hobson Charitable		50,000	(17,394)			32,606
Fdn
Assoc. of		19,767				19,767
Physicians
Kings College		35,000				35,000
Hospital Charity
Total Restricted	256,114	205,655	(139,651)			322,118
Funds
Expendable
Endowment
Capital Funds	39,692,014		(222,312)	2,400,621	183,804	42,054,127
Unrestricted	9,380,350	2,617,066	(2,278,901)		(183,804)	9,534,711
Funds
Total Funds	49,328,478	2,822,721	2,640,864	2,400,621		51,910,956

14. Analys		s ofmoveme	nt in funds —C	omparative	Note for 2020
			1 July			Other		30June
			2019	Income	Expenditure	gains/ (losses)	Transfers	2020
			E				E
Restricted funds
Sorensen			150,000					150,000
Dunse			3,147		(3,147)
Polk Ostero			76,303		(76,303)
ERAB			21,482					21,482
EFCLIF			710	36,697	(28,406)			9,001
Imperial (NUC-B)			(3,526)	25,323	(744)			21,053
Kings College		(NETRF)		9,919	(20,303)		10,384
Ochre Bio				5,077	(800)			4,277
Hepion				46,435	(30,566)			15,869
SPARC CBG Lawson		Fdn		13,506 25,000	(4,074)			9,432 25,000
Total restricted funds			248,116	161,957	(164,343)		10,384	256,114
Expendable	endowment
Capital funds			38,883,057		(285,678)	(813,934)	1,908,569	39,692,014
Unrestricted		funds	10,393,031	3,141,257	(2,234,985)		(1,918,953)	9,380,350
Totalfunds			49,524,204	3,303,214	(2,685,006)	(813,934)		49,328,478

15. Analysis ofGroup net assets between funds 2021	15. Analysis ofGroup net assets between funds 2021	15. Analysis ofGroup net assets between funds 2021	15. Analysis ofGroup net assets between funds 2021
					Expendable
			Unrestricted	Restricted	Endowment
			Income	Income	Capital
			Fund	Fund	Fundf	Totalf
Analysis	ofFunds
Tangible	fixed assets		5,522,751			5,522,751
Investment Assets					15,151,127	15,151,127
Property	portfolio asset investments				26,903,000	26,903,000
Net current assets			4,011,960	322,118		4,334,078
			9,534,711	322,118	42,054,127	51,910,956
Analysis	ofGroup net assets between funds —Comparative			Note for 2020
			Unrestricted	Restricted	Endowment
			Income	income	Capital
			Fund F	Fund E	Fund	Totalf
Analysis	ofFunds
Tangible	fixed assets		5,815,159			5,815,159
Investment Assets					13,741,014	13,741,014
Property	portfolio asset investments				25,951,000	25,951,000
Net current assets			3,565,191	256,114		3,821,305
			9,380,350	256,114	39,692,014	49,328,478
Analysis	ofCharity	net assets between	funds 2021
					Expendable
			Unrestricted	Restricted	Endowment
			Income	Income	Capital
			Fund	Fund	Fund	Total
Analysis	ofFunds
Tangible	fixed assets		5,522,751			5,522,751
Investment in Trading		Subsidiary	100			100
Investment Assets					15,151,127	15,151,127
Property	portfolio asset investments				26,903,000	26,903,000
Net current assets			4,408,495	322,118		4,730,613
			9,931,346	322,118	42,054,127	52,307,591