2022-06-30-accounts - The Foundation For Liver Research

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General information	General information
Report ofthe	Trustees
Independent	auditor's report
Consolidated	Statement of Financial Activities	(including	an Income &Expenditure	Account)
Consolidated	and Company Balance Sheets
Consolidated	Statement ofCashflows
Notes to the	financial statements

Charity number	Charity number		1134579
Company	number		07156633(England and		Wales)
Address			Institute ofHepatology
			111Coldharbour Lane
			London SE59NT
Website			www. liver-research. org.uk
Trustees			SirJeremy Elwes CBE
			Col Hamon Massey (Chairman)
			Prof Alan McGregor
			Sir Graeme Davies (Deceased 30Aug 2022)
			Prof Sir lan Gilmore
			Prof John fredale (resigned 31 January 2022)
			Lord Hunt ofKings Heath
			Mr Simon Wainwright
			Mr Charles Hopkinson-Woolley			(appointed	15Feb 2022)
			Prof Rebecca Fitzgerald		(appointed 30Sept 2022)
			Prof Christopher Day	(appointed		5Oct2022)
Bankers			National Westminster	Bank pic
			PO Box4NU
			1 Cavendish Square
			London W1A 4NU
			Cambridge &Counties	Bank
			Charnwood Court
			5BNew Walk
			Leicester
			LE1 6TE
Solicitors			Pitmans LLP
			46The Avenue
			Southampton SO17 1AX
Auditors			Caton Fry &Co Ltd
			7The Shrubberies,
			South Woodford,
			London E181BD
Investment	advisors		James Hambro &Partners
			45 Pall Mall
			London SW1Y5JG
Key management		team
Acting Director			Dr Shilpa Chokshi
Chief Executive OScer			Natalie Day

Year ended 30June 2	022
					Expendable
			Unrestricted	Restricted	Endowment
			income	Income	Capital	Total	Total
		Mote	Fund	Fund	Fund	2022	2021
Incoming resources
Voluntary income:		2	533,342	30,110		563,452	BB1,482
Investment income		3	2+15,314			2,215,3'i4	2,151,239
Total incoming resources			2,748,656	30,110		2,778,?66	2,822,721
Resources expended
Costs ofgenerating funds:
Investment management	fees				30,750	30,750	48,466
Investment property expenses					174,345	174,345	175,84B
Charitable Expenditure:
Medical research activities:
Subsidiary company		4	1,544,93'I			1,544,931	1,604,483
Charity research activities		4	1,017,982	B9,439		1,087,421	914,089
Total resources expended			2,562,913	69~9	205,095	2,837~7	2,640,864
Met Incoming/(outgoing)
resources before transfers		&	185,743	(39,329)	(206,095)	(58,681)	181,857
investment gains
(Losses}/Gains on change	in
market value ofinvestments		9			(583,927)	(683,927)	1,448,521
(Losses)/Gains on revaluation		of
Investment properties		10			(101,000)	(101,000)	952,000
Gains on revaluation ofFixed
Assets		8	1,474,552			1,474,652
Met Incoming/(outgoing)
resources before transfers			1,660,395	(39,32S)	(890,022)	731,044	2,582+78
Transfers between funds		13	(106,350)		106,350
Met movements in funds			1,654,045	(39,329)	(783,672)	731,044	2,582,478
Reconciliation ofFunds:
Funds balances brought foiward			9,534,711	322,118	42,064,127	51,910,96B	49,328,478
Funds balances carried	forward		11,088,756	282,78S	41,2?0~	52,642,000	51,910,956

Year ended 30June 2021
		Unrestricted	Restricted	Endowment
		Income	income	Capital	Total
	Note	Fund	Fund	Fund	2021
Incoming resources
Voluntaiy income:	2	455,827	205,655		661,482
Investment income	3	2,161,239			2,161,239
Total Incoming resources		2,617,066	205,655		2,822,721
Resources expended
Costs ofgenerating funds:
Investment management fees				46,466	46,466
Investment property expenses				175,846	175,846
Charitable Expenditure:
Medical research activities:
Subsidiary company	4	1,504,463			1,504,483
Charily research activities	4	774,416	139,651		914,069
Total resources expended		2,278,901	139,651	222,312	2,640,864
Net incoming/(outgoing)
resources before transfers	&	338,166	66,004	(222,312)	181,85?
Investment gains
Gains on change in
market value ofinvestments	9			1,448,621	1,448,621
(Losses)/Gains on revaluation	of
Investment properties	10			952,000	952,000
Net Incoming/(outgoing)
resources before transfers		338,165	66,004	2,178,309	2,582+78
Transfers between funds	14	(183,804)		183,804
Net movements in funds		154,361	66,004	2,362,113	2,582,478
Reconciliation ofFunds:
Funds balances brought forward		9,380,350	256,114	39,692,014	49,328,478
Funds balances carried forward		9,534,711	322,118	42,054,127	51,910,956

					Group		Charity
			Note	2022f	2021	2022 K	2021
FIxed assets
Tangible fixed assets			8	6,784,425	5,522,751	6,784,425	5,522,751
Trading subsidiary		investment	16			100	100
Investments			9	14,468,455	15,151,127	14,46S,455	15,151,127
Investment	pioperties		10	26,802,000	28,903,000	26,802,000	26,903,000
				48,054,880	47,576,878	48,054,980	47,576,978
Current assets
Debtors				1,131,569	838,951	2,326,852	1,851,742
Cash at bank and in hand				4,602,205	4,527,337	3,961,919	3,884,333
				5,733,774	5,366,288	7,254,134	5,736,075
Creditors:	amounts	falling
due within	one year		12			1~122.054	1,005462
Net current	assets			4,587,'l20	4,334,078	6,132,080	4,730,613
Net assets				52,642,000	61,910,966	64,187,060	52,307,591
Funds			13,'f4
Expendable	endowment
capital fund				41,270,455	42,054,127	41,270,455	42,054,127
Unrestricted	funds			9,614,104	9,534,711	11,159,164	9,931,346
Revaluation	Reserve			1,474,652		1,474,652
Restricted funds				282,789	322,118	282,789	322,118
				52,842,000	61,910,966	64,187,060	62,307,691

						Note	2022	2021
Cash used in operating activities						17	2101933	1426,429
Cash flows from investing	activities
Dividends, interest and rents	from investments						2,215,314	2,161,239
Purchase ofProperty, Plant	8 Equipment						(137,259)	(20,261)
Proceeds from Sales ofInvestments							2,359,490	4,181,144
Purchase ofInvestments							(2,849,700)	(4,834,669)
Net cash provided by investing activities							1,587,845	1,487,453
(Decrease)/Increase in cash	and cash equivalents		in the reporting		period		(514,088)	61,024
Cash 8 Cash equivaients at	the beginning	ofthe	reporting	period			6,305,348	6,244,324
Total cash and cash equivalents atthe end of			the year			18	5,791,260	6,305,348

					2022	2021
			Unrestricted f	Restricted f	Totalf	Totalf
Legacies			6,869		6,869	3,690
Research	Grants		82,493	30,110	112,603	252,497
Donations	8 Other Income		112,224		112224	405295
			201,586	30110	231696	861482
3. Investment		income
					2022f	2021f
Distributions	on UK fixed interest and interest on deposits				14,271	28,149
Distributions	on UK equities		(listed on a recognised stock	exchange)
and unit trusts					87,171	73,739
Distributions	on Overseas equities (listed on a recognised			stack exchange)
and unit trusts					84,024	100,303
Rent receivable					2,016,250	1,942,377
Time Deposit Interest					13,598	16,671
					2,215,314	2,161,239

					2022			2021
			Direct	Support		Direct	Support
			costs f	costs f	Totalf	costs f	costs f	Totalf
Research	undertaken	by
subsidiary	company		1,520,331	24,600	1,544,931	1,476,812	27,671	1,504,483
Medical research activities			1,083,416	38,642	1,122,058	885,473	28,596	914,069
			2,603,747	63,242	2,866,989	2,362,285	56,267	2,481,552

The Foundation	an average of21 employees	during	the year under review	(2021:21).
Employees earning	over E60,000can be broken	down as follows:		2022	2021
E 60,001 —E 70,000
E 70,001-E 80,000
E 80,001 —E 90,000
E100,001 —E110,000
8. Tangible fixed assets (Charity and Group)			Freehold	Fixtures,
			land and	fittings and
			buildings	equipment	Total
			E	E
At 1 July 2021			5,645,266	1,362,796	7,008,062
Additions				137,259	137,259
Disposals
Revaluation			1,005,373		1,005,373
At 30June 2022			6,650,639	1,500,055	8,150,694
Depreciation
At 1 July 2021			469,280	1,016,031	1,485,311
Charge for the year			178,107	172,130	350,237
Disposals
Revaluation			(469,280)		(469,280)
At 30June 2022			178,107	1,188,161	1,366,268
Net book value
At 30June 2022			6,472,532	311,894	6,784,426
At 30June 2021			5,175,986	346,765	5,522,751

have been E5,081,066, being c	ost R5,645,266and depreciation to date off	, 564,200.
9. Fixed asset investments	(Charity and Group)	2022f	2021 K
Stocks, shares, unit trusts and	cash
Market value at 1 July		13,373,117	11,270,971
Additions during the year atcost		2,849,700	4,834,669
Disposals atcarrying value		(2,359,490)	(4,181,144)
Net (loss)/gains on investments		(583,927)	1,44&,621
		13,279,400	13,373,117
Cash balances (held by investment managers)		1,189,055	1,778,010
Market value at30June		14,468,455	15,151,127
Kistorical Cost at30June		13,508,166	11,538,009
		2022 E	2021f
Analysis ofinvestments atmarket value:
UK fixed interest and deposits		2,920,725	2,621,880
UK equities (listed on a recognised stock exchange) and unit trusts		1,479,098	1,380,723
UK other (cash balances)		1,189,055	3,820,336
Overseas equities (listed on a recognised stock exchange) and unit trusts		8,879,577	7,328,188
		14,468,455	15,151,127

0. Inves	tment Properties (Charity and Group)
		Investment
		Property
Cost
At 1 July	2021	26,903,000
Addition of New Property Revaluation		~101000
At 30June 2022		26 802000

roperty Investment valuation per property
	2022	2021
	F
Lancaster	1,600,000	1,800,000
Rufford Portfolio	12,430,000	12,375,000
StCross Business Park, loW	3,656,000	3,688,000
J1 &J2Chaucer Business Park, Polegate	1,000,000	1,100,000
Imperial House	3,735,000	3,670,000
DX Portfolio	4881 DDD	4,270,000
Ilarket Value at 30June	26,802,000	26,903,000

J1&J2Chaucer Bus the DXPortfolio.	iness	Park and Imperia	l House and by Simon W	ainwright for	StCross Busi	ness Park a
11. Debtors			Group		Charity
			2022	2021	2022	2021
						E
Trade debtors			724,877	728,883	724,877	728,883
Owed by subsidiary	company				1,527,039	1,012,791
Taxation recoverable
Prepayments and accrued		income	406,692	'110,068	74,936	110,068
			1,131,569	838,951	2,326,852	1,851,742
12. Creditors: amounts		falling due within one year (Charity and		Group)
			Group		Charity
			2022 f	2021 E	2022 E	2021
Trade creditors			49,304	112,665	49,304	109,977
Audit, accountancy and tax fees			38,616	37,410	14,016	13,350
Investment management		fees	11,468	11,141	11,468	11,141
VAT			398,225	277,388	398,225	277,388
Deferred Rent			453,607	506,581	453,607	506,581
Other Creditors and	accruals		195,434	87,025	195,434	87,025
			1,146,654	1,032,210	1,122,054	1,005,462

14. Analysis ofmov	ement in fund	s —Compara	tive Note for 2	021
	1July			Other		30June
	2020	Income E	Expenditure	gains/(losses) K	Transfers	2021f
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&G Lawson Fdn	25,000					25,000
MRC via KCL		50,000	(50,000)
Hobson Charitabie		50,000	(17,394)			32,606
Fdn
Assoc. of		19,767				'I9,767
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	49328,478	2822,721	2,640 864	2,400,621		51,910,956

				Expendable
		Unrestricted	Restricted	Endowment
		Income	Income	Capital
		Fund	Fund f	Fund	Totalf
Analysis	ofFunds
Tangible	fixed assets	6,784,425			6,784,425
Investment Assets				14,468,455	14,468,455
Property	porffolio asset investments			26,802,000	26,802,000
Net current assets		4,304,331	282,789		4,587,120
		11,088,756	282,789	41,270,455	52,642,000

Analysis	ofGroup	net as	sets between fun	ds —Comparative	Note for 2021
				Unrestricted	Restricted	Endowment
				Income	Income	Capital
				Fund	Fund	Fund	Total
				E			F
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	ofCharity	net assets between funds 2022
					Expendable
				Unrestricted	Restricted	Endowment
				Income	Income	Capital
				Fund	Fund	Fund	Total
				F	E
Analysis	ofFunds
Tangible	fixed assets			6,784,425			6,784,425
Investment in Trading		Subsidiary		100			100
Investment Assets						14,468,455	14,468,455
Property	portfolio asset investments					26,802,000	26,802,000
Net current assets				5,849,291	282,789		6,132,080
				12,633,816	282,789	41,270,455	54,187,060
Analysis	ofCharity	net assets between funds —Comparative			Note 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,l18		4,730,613
				9,931,346	322,118	42,054,127	52,307,591
18. Trading Subsidiary			Investment
Cost
At 1 July 2021							100
Additions
At 30June 2022							100
				27