2023-06-30-accounts - The Foundation For Liver Research

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					Page
General information
Report ofthe	Trustees
Independent	auditor's report
Consolidated	Statement of Financial Activities	(including	an Income 8 Expenditure	Account)	13
Consolidated	and Company 8alance Sheets				15
Consolidated	Statement ofCashflows				16
Notes to the	financial statements				17

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 (Chairman)
				Prof Alan McGregor
				Prof Sir lan Gilmore
				Lord Hunt of Kings Heath		(resigned 12January 2024)
				Mr Simon Wainwright
				Mr Charles Hopkinson-Woolley
				Prof Rebecca Fitzgerald		(appointed 30September 2022)
				Prof Christopher Day	(appointed 5October 2022)
				Sir Graeme Davies (deceased 30August 2022)
Bankers				National Westminster	Bank pic
				PO Box4NU
				1 Cavendish Square
				London W1A4NU
				Cambridge &Counties	Bank
				Chamwood 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 Harnbro &Partners
				45 Pall Mall
				London SW1Y5JG
Key management			team
Acting Director				Dr Shilpa Chokshi
Chief Executive		Officer		Natalie Day (resigned	1 January 2024)
Chief Operating		Officer		James Poynton (appointed 20 February 2024)

					Expendable
			Unrestrfcted	Restricted	Endowment
			Income	fncorne	Capital	Total	Total
		Note	Fund	Fund	Fund	2023	2022
Incoming resources
Voluntary income:		2	547,578	1S3,341		740,S19	563,452
Investment income		3	2,274,873			2,274,873	2,215,314
Total incoming resources			2,822,451	193,341		3,015,792	2,778,766
Resources expended
Costs ofgenerating funds:
investment management	fees				46,602	46,602	30,750
Investment property expenses					127,849	127,849	174,345
Charitable Expenditure:
Medical research activities:
Subsidiary company		4	1,558,674			1,558,674	1,544,931
Charity research activities		4	1,406,820	109,875		1,516,695	1,087,391
Total resources expended			2,965,494	109,875	174,451	3,249,820	2,837+17
Net Incoming/(outgoing)
resources before transfers 8			(143,043)	83,466	(174,451)	(234,028)	(58,651)
Investment gains
(Losses}/Gains on change	in
market value ofinvestments		S			267,983	267,983	(583,927)
(Losses)/Gains on revaluation		of
investment properties		10			(1,815,000)	(1,815,000)	(10'f,000)
Gains on revaluation ofFixed
Assets							1,474,652
Net Incoming/(outgoing)
resources before transfers			(143,043)	83,466	(1,721,468)	(1,781,045)	731,074
Transfers between funds		13	(113,230)	(25,375)	138,605
Net movements in funds			(256,273)	58,091	(1,582,863)	('f,781,045)	731,074
Reconciliation ofFunds:
Funds balances brought forward			11,088,786	282,789	41,270,455	52,642,030	51,910,956
Funds balances carried	forward		10,832,513	340,880	39,687,592	50,860,985	52,642,030

Year ended 30June 2022
		Unrestricted	Restricted	Endowment
		Income	Income	Capital	Total
	Note	Fund	Fund	Fund	2022
Incoming resources
Voluntary income:	2	533,342	30,110		563,452
Investment income	3	2,215,314			2,215,314
Total incoming resources		2,748,656	30,110		2,778,766
Resources expended
Costs ofgenerating funds:
Investment management fees				30,750	30,750
Investment property expenses				174,345	174,345
Charitable Expenditure:
Medical research activities.
Subsidiary company	4	1,544,931			1,544,931
Charity research activities	4	1,017,952	69,439		1,087,391
Totalresources expended		2,562,883	69,439	205,095	2,837417
Net incoming/(outgoing)
resources before transfers 8		185,773	(39,329)	(205,095)	(58,651)
investment gains
(Losses)/Gains on change in
market value ofinvestments	9			(583,927)	(583,927)
(Losses)/Gains on revaluation	of
Investment properties	10			(101,000)	(101,000)
Gains on revaluation ofFixed
Assets	8	1,474,652			1,474,652
Net Incoming/(outgoing)
resources before transfers		1,660,425	(39,329)	(890,022)	731,074
Transfers between funds	13	(106,350)		106,350
Net movements in funds		1,554,075	(39,329)	(783,672)	731,074
Reconciliation ofFunds:
Funds balances brought forward		9,534,711	322,118	42,054,127	51,910,956
Funds balances carried forward		11,088,786	282,789	41,270,455	52,642,030

						Group		Charity
				Note	2023	2022	2023	2022
						F
Fixed assets
Tangible fixed assets				8	6,545,655	6,784,425	6,545,B55	6,784,425
Trading subsidiary		investment		16			100	100
investments				9	14,700,592	14,468,455	14,700,592	14,468,455
Investment	properties			10	24,987,000	2B,802,000	24,987,000	26,802,000
					46,233,247	48,054,880	46,233,347	48,054,980
Current assets
Debtors					1,890,510	1,131,569	2,241,717	2,326,852
Cash at bank and in hand					3,753,288	4,602,205	3,753,288	3,961,919
					5,643,798	5,733,774	5,995,005	6,288,771
Creditors:	amounts		falling
due within	one year			12	1,016060			1,122,024
Net current	assets				4,627,738	4,587,150	5,010,945	5,'I66,717
Net assets					50,860,986	62,642,030	51,244,292	63,221,727
Funds				13,14
Expendable	endowment
capital fund					39,687,592	41,270,455	39,687,592	41,270,455
Unrestricted	funds				9,357,861	9,614,134	9,741,168	10,193,831
Revaluation	Reserve				1,474,652	1,474,652	1,474,652	1,474,652
Restricted funds					340,880	282,789	340,880	282,789
					50,860,985	52,642,030	61,244,292	63,22'l, 727

					Note	2023	2022
Cash used In operating activities					17	3305,297	2,101,933
Cash flows from investing activities
Dividends, interest and rents from investments						2,274,873	2,215,314
Purchase ofProperty, Plant 8 Equipment						(62,218)	(137,259)
Proceeds from Sales of Investments						2,357,540	2,359,490
Purchase ofInvestments						(2,929,777)	(2,849,700)
Net cash provided by investing activities						1,640,418	1,587,845
(Decrease)/Increase in cash and cash equivalents		in the reporting		period		(1,664,879)	(514,088)
Cash 8 Cash equivalents at the beginning	ofthe	reporting	period			5,791,260	6,305,348
Total cash and cash equivalents atthe end of		the year			18	4126381	5 791260
The notes on pages 17to 29form part ofthese		financial	statements.

5. Allocation	ofcosts	ofcosts	ofcosts
						2023			2022
					Medical			Medical
			Support &		Research		Support&	Research
			Governance		activitiesf	Total f	Governance K	activities E	Total
Staffcosts				17,925	1,597,031	1,614,956	10,726	1,375,178	1,385,904
Laboratory consumables			and
overheads					576,924	576,924		551,827	551,827
Premises					293,323	293,323		226,412	226,412
Communications	8 Marketing				98,488	98,488		44,311	44,311
Depreciation					300,988	300,988		350,237	350,237
Auditors' remuneration				15,420		15,420	14,016		14,016
Fees payable in
respect ofaccounting		and
taxation services				47,043		47,043	24,600		24,600
Legal and professional		fees		30,954		30,954	13,900		13,900
Sundry expenses					97,273	97,273		21,1'l5	21,115
				111,342	2,964,027	3,075,369	63,242	2,569,080	2,632,322

6. Net incorneeeXpenditur forthe year
	2023	2022
This isstated after charging:		E
Depreciation	300,988	350,237
Auditors remuneration:
Audit Fees	15,420	14,016
7. Staffcosts
	2023 -f	2022
Wages and Salaries	1,339,433	1,153,582
Redundancy Costs	20,000	1,088
Social Security Costs	115,908	'l03,029
Pension Costs	139,615	128,205
	1,614,956	1,385,904

4. The freehold site was acquired	4. The freehold site was acquired	from King's College Hospital	from King's College Hospital	from King's College Hospital	from King's College Hospital	Charitable	Trust who have a pre-emption	Trust who have a pre-emption
right if the property is offered		for sale and		no charge	or	disposition	is the be registered without a
certificate signed by King's College Hospital				Charity that the 'Deed of Overage' has been complied
with.
lf land and buildings were stated at historical cost rather than a fair have been E4,987,066, being costf5,645,266 and depreciation to						value basis, the carrying date off658,200.		amounts would
9. Fixed asset investments	(Charity		and Group)				2023	2022
							f.
Stocks, shares, unit trusts and	cash
Market value at 1 July							13,279,400	13,373,117
Additions during the year at cost							2,929,777	2,849,700
Disposals at carrying value							(2,357,540)	(2,359,490)
Net (loss)/gains on investments							475,862	(583,927)
							14,327,499	13,279,400
Cash balances (held by investment managers)							373,093	1,189,055
Market value at30June							14,700,592	14,468,455
Historical Cost at30June							13,275,223	13,508,166
							2023	2022
Analysis ofinvestments at market value:
UK fixed interest and deposits							1,832,014	2,920,725
UK equities (listed on a recognised stock			exchange) and unit trusts				1,369,638	1,479,098
UK other (cash balances)							3,441,724	1,189,055
Overseas equities (listed on arecognised			stock exchange) and unit trusts				8,057,216	8,879,577
							14,700,592	'I4,468+55

			Investment
			Property
Cost
At 1 July 2022			26,802,000
Addition ofNew Property Revaluation			~1815,000
At 30June 2023			24887 000
roperty Investment	valuation	per property
			2023	2022
Lancaster			'l,480,000	'I,600,000
Rufford Portfolio			11,550,000	12,430,000
StCross Business Park, loW			3,618,000	3,656,000
J1 &J2Chaucer Business Park,		Polegate	950,000	1,000,000
Imperial House DX Portfolio			3,240,000 4,148000	3,735,000 4,381 DDD
Market Value at30June			24 887,000	28802 000

J1&J2Chaucer the DX Portfolio.	Bus	iness	Park and Imperia	l House and by Simon W	ainwright for	StCross Busi	ness Park a
11. Debtors				Group		Charity
				2023	2022	2023	2022
Trade debtors				441,345	724,877	441,345	724,877
Owed by subsidiary		company				1,678,313	1,527,039
Taxation recoverable
Prepayments and accrued			income	1,449,165	406,692	122,059	74,936
				1,890,510	1,131,569	2,241,717	2,326,852
12. Creditors:	amounts		falling due within one year (Charity and		Group)
				Group		Charity
				2023	2022	2023	2022
							R
Trade creditors				89,348	49,304	89,348	49,304
Audit, accountancy and tax fees				62,463	38,616	15,420	14,016
Investment management			fees	11,653	11,468	11,653	11,468
VAT				91,542	398,225	91,542	398,225
Deferred Rent				428,004	453,607	428,004	453,607
Other Creditors	and	accruals		333,050	195,404	348,093	195,404
				1,016,060	1,146,634	984,060	1,122,024

14. Analysis ofmo	vement in fund	s —Compara	tive Note for 2	022
	1July			Other		30June
	2021	Income	Expenditure	gains/(losses)	Transfers	2022
				E.
Restricted Funds
Sorenson	150,000					150,000
ERAB	25,611					25,611
Ochre Bio	4,277		(4,163)			114
Hepion Pharma	28,106	30,110	(39,442)			18,774
SPARC	1,751		(1,386)			365
C&G LawsonFdn	25,000					25,000
Hobson Charitable	32,606		(18,773)			13,833
Fdn
Assoc. of	19,767		(5,675)			14,092
Physicians
Kings College	35,000					35,000
Hospital Charity
Total Restricted	322,118	30,110	(69,439)			282,789
Funds
Expendable
Endowment
Capital Funds	42,054,127		(205,095)	(684,927)	106,350	41,270,455
Unrestricted	9,534,711	2,748,656	(2,562,913)	1,474,652	(106,350)	11,088,786
Funds
Total Funds	51,910,956	2778766	2837447	789,725		52642030

Analysis	ofGroup net assets between funds —Comparative	ofGroup net assets between funds —Comparative	Note for 2022
		Unrestricted	Restricted	Endowment
		income	Income	Capital
Analysis	ofFunds	Fundf	Fundf	Fundf	Total
Tangible	fixed assets	6,784,425			6,784,425
Investment Assets				14,468,455	14,468,455
Property	portfolio asset investments			26,802,000	26,802,000
Net current assets		4,304,361	282,789		4,587,'160
		11D88 786	282 788	41 270 455	52642 D30
Analysis	ofCharity net assets between funds 2023
			Expendable
		Unrestricted	Restricted	Endowment
		Income	Income	Capital
Analysis	ofFunds	Fundf	Fundf	Fundf	Totalf
Tangible	fixed assets	6,545,655			6,545,655
investment in Trading Subsidiary		100			100
Investment Assets				14,700,592	14,700,592
Property	portfolio asset investments			24,987,000	24,987,000
Net current assets		4,670,065	340,880		5,010,945
		11,215,820	340,880	39,687,592	51,244,292
Analysis	ofCharity net assets between funds —Comparative		Note 2022
				Expendable
		Unrestricted	Restricted	Endowment
		Income	Income	Capital
Analysis	ofFund	Fundf	Fundf	Fundf	Totalf
Tangible	fixed assets	6,784,425			6,784,425
Investment in Trading Subsidiary		100			100
Investment Assets				14,468,455	14,468,455
Property	porffolio asset investments			26,802,000	26,802,000
Net current assets		4,883,958	282,789		5,166,717
		11,668,483	282,789	41,270,455	53,221,727