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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|
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|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)|||
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||||||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|
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|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|
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|||||||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|
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||||||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.|||||
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|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|
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|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|
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||||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|
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|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|
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|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|
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|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|
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