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||||||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|||||
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|||||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|
##
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##
||||||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|
##
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|||||||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|
##
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|||||||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|
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|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|
##
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##
|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|
##
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##
|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|
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