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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|||||
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|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|
##
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|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|
##
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|||||||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|
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||||||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|
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|The Foundation|had|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|
##
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|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|
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|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||||
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