2020-12-31-accounts

Company Registered number: 07782637 (England and Wales) Charity number: 1146662

HARRISON’S FUND LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS

	Page
Company information	1
Report of the Trustees	2-11
Independent Examiner’s Report to the Trustees	12
Statement of financial activities	13
Balance sheet	14
Accounting policies	15-16
Notes to the financial statements	17-21

COMPANY INFORMATION

Directors/Trustees	Mr A D Smith – Chairman & CEO
	Mrs D L Smith
	Mr D Claughton
	Mrs K L Morris
	Mr S Green
	Mr N Taussig
Company number	07782637
Charity number	1146662
Registered office	c/o Saffery Champness LLP	Principal Address:	PO Box 118
	Midland House		Esher
	2 Poole Road		KT10 1FL
	Bournemouth
	BH2 5QY
Website	www.harrisonsfund.org
Bankers	The Co-operative Bank plc	Metro Bank plc
	P O Box 250	One Southampton Row
	Skelmersdale	London
	WN8 6WT	WC1B 5HA
Independent Examiners	Saffery Champness LLP
	Midland House
	2 Poole Road
	Bournemouth
	BH2 5QY
Scientific Advisory Panel	Prof. Steve Wilton (Head, Molecular Genetic Therapy at Uni. of W Australia)
	Prof. Susan Fletcher (Principal Research Fellow at Uni. of W Australia)
	Dr. Justin Roberts (Dept. of Sport and Life Sciences, Uni. of		Hertfordshire)
	Dr Keith Foster (University of Reading)

Page 1

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees have pleasure in presenting the Annual Report and Accounts for the year ended 31 December 2020.

1. Structure, Governance and Management

The Company is a registered charity, number 1146662, and was formed as a company limited by guarantee, number 07782637, on 21 September 2011. The Charity was founded by Alex and Donna Smith in response to the diagnosis in January 2011 of their elder son, Harrison, as suffering from Duchenne Muscular Dystrophy.

The body responsible for the management of the Charity is the Board of Trustees (also Directors for the purposes of company law) of Harrison’s Fund Limited. The Board meets a minimum of four times per annum. The trustees at 31 December 2020 are set out below:

Mr A D Smith (Chairman & CEO)	Parent of Duchenne child
Mrs D L Smith	Parent of Duchenne child
Mrs K L Morris	Managing Director – The Finished Effect
Mr D Claughton	Parent of Duchenne child
Mr S Green	Product Director – Funding Circle
Mr N Taussig	Parent of Duchenne Child – Director Salon Films

The only sub-committee created thus far has been the Scientific Advisory Panel to help assist the Trustees in assessing the viability of research proposals. Details of the members of this committee are shown on page 1.

New trustees are appointed by the existing Board of Trustees.

Trustees give of their time freely and no trustee remuneration was paid in the year, other than to Mr A D J Smith who became a full time employee of the company on 1 May 2013. Details of trustee expenses and related party transactions are disclosed in note 12 to the accounts. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the Trustees have interests with the pharmaceutical industry, but any such interests would be disclosed.

Page 2

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

2. Chairman’s statement

The last year has been a traumatic one for the country as a whole, and along with most of the economy, the charity sector has taken a battering with events being cancelled and revenue streams being either severely depleted or eliminated. However, we have managed to make our way through this initial storm and that gives us confidence for the coming year.

After our “event opener”, the Surrey Half Marathon, which was well supported as ever, our events along with the rest of the country went into lockdown before coming out in the summer for a reduced but still successful Harrison’s Brunch. However, our success of the year was undoubtedly the Hawksman 10k in November. This was a “virtual” event, sponsored by the Cobham-based Hawksman Estate Agents, which allowed entrants to run/walk/cycle 10k anywhere that they liked over a weekend – a highly successful addition to our repertoire.

There are still many financial challenges ahead as the impact of the pandemic rolls on into at least the middle of 2021, along with the continual medical challenges that researchers face in trying to find effective treatments for Duchenne, but the work continues and will do so until we reach our goal.

One of the strengths of a community-based charity such as Harrison’s Fund is that its community of trustees, employees, volunteers and supporters pull together to ensure that the work of the charity can continue into the future. Our community has done an amazing job in ensuring that Harrison’s Fund will continue to thrive whatever the future holds and for this I give you all my heartfelt thanks.

Page 3

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

3. What is Duchenne?

Duchenne Muscular Dystrophy is the most common fatal genetic disorder to affect children around the world. If you've got it, you can't produce dystrophin, a protein you need to build up your muscles. As a result, every muscle in the body deteriorates. At the moment there is no cure.

The facts about Duchenne are inescapable:

• Duchenne Muscular Dystrophy is 100% fatal

• Most children with it die in their late teens or early twenties

• Most with it are usually in a wheelchair by the age of 12

• It leads to respiratory failure, heart failure, and other debilitating orthopedic complications

One in 3,500 boys is born with it, and in the UK 2,500 children have it at the moment. You can have it, no matter where you are or what your ethnic background is. A third of all cases start in the womb, with no warning before the baby is born. Girls can also get Duchenne with around 1% of Duchenne births being female.

4.

Objectives, Activities and Public Benefit

The object of the Charity is to fund research being undertaken both in the UK and overseas into finding a cure for Duchenne Muscular Dystrophy. We invest in research that takes the science out from the lab, and into human clinical trials. The Trustees confirm that they have referred to the guidance contained in the Charity Commissioner’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities and setting the grant making policy.

This summary of some of the current research strategies, the drug development process, and specific drugs in the therapeutic pipeline, outline the areas in which research grants may be considered:

• Gene Therapy - this is centred on ultimately curing the disorder. The goal is to successfully introduce the correct code for the dystrophin protein into a muscle cell, thereby providing the cell with the recipe needed to produce dystrophin.

• Cell Therapy - coaxing muscle cells into producing dystrophin protein without recoding dystrophin's basic genetic code is another strategy that scientists have also developed potential strategies for. These proposed cell therapies attempt to at least partially offset the muscle damage caused by the flawed genetic code.

Scientists have begun to develop cell therapy techniques that use stem cells derived from muscle. These are essentially immature muscle cells with the potential to develop into a variety of types of tissues, including skeletal muscle.

Page 4

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

• Pharmacological Therapies – these approaches to formulating treatments for Duchenne do not seek to repair or replace the missing genetic information in a muscle cell, or to otherwise devise mechanisms to cause the muscle cell to produce normal dystrophin. Instead, pharmacological approaches seek to treat the symptoms of Duchenne without necessarily addressing the root causes.

While pharmacological therapy may seem less dramatic than some of the newer methods being developed, pharmacological strategies also sidestep some of the most daunting obstacles associated with gene and cell therapies, most notably difficulties in achieving systemic delivery and overcoming immune response.

• Utrophin Upregulators - in 1989, scientists discovered that a protein called utrophin exists in muscle cells, principally at the junction where the nerve meets the muscle cell. Since that time, scientists have observed that utrophin could potentially operate as a substitute for dystrophin (and protect the muscle cell membrane), if muscle cells could be coaxed into producing utrophin at locations other than the neuro-muscular junction.

This strategy could perhaps lead to an effective treatment for Duchenne, using a biological process substantially simpler than those involved in gene and cell therapies.

• Myostatin Inhibitors - scientists have long theorized that the body normally contains compounds that limit muscle growth. For example, certain breeds of cattle develop substantially more muscle than ordinary cattle. Researchers have isolated the cause of this disparity to a mutation in the gene that codes for the production of a hormone called myostatin, which tends to limit muscle growth. Scientists searching for a treatment theorize that inhibiting myostatin in boys with Duchenne will cause them to develop more muscle mass initially. Ideally, this surplus will offset the muscle loss associated with Duchenne, allowing boys to retain their ability to function for a longer period of time.

• Exon-Skipping - oligonucleotides are compounds used by scientists seeking to repair the deficient genetic code in the dystrophin gene. Unlike traditional gene therapy approaches, scientists are not attempting to replace the genetic code; instead, they want the muscle cell to ignore the defective part of the dystrophin gene and make a smaller (but fully intact) version of dystrophin. This research strategy is known as exon-skipping.

The intended result is that the boy's muscle cell will then produce dystrophin on its own. Scientists working with oligonucleotides hope to use a drug to "unzip" the genetic code, and then shift one side of the code to the right by a tiny degree, thereby giving the cell enough code to produce a viable dystrophin protein. Scientists believe that this therapy could, for example, change the reading frame of a deletion in the dystrophin gene, so that an out-of-frame deletion in the dystrophin gene could be transformed into an in-frame deletion.

Their hope is that this change would cause the muscle cell to produce a form of dystrophin that is at least partially functional, which could result in a significant improvement in the quality of life for a boy with Duchenne, essentially converting his symptoms to those of the less debilitating Becker muscular dystrophy.

There remain, unfortunately, two major drawbacks to oligonucleotide therapy. First, scientists have encountered the same systemic delivery problems encountered in devising gene therapy strategies. Second, the effects of oligonucleotides wear off quickly (in only a matter of weeks), so subjects would need to repeat the oligonucleotide therapy frequently.

Page 5

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

5. Grant Making Policy

The Charity has established its grant making policy to achieve its objects for the public benefit to find a cure for Duchenne Muscular Dystrophy and to slow down the rate of progress of Duchenne by maintaining a sufferer’s muscular strength for longer.

As members of the Duchenne Alliance (www.duchennealliance.org) we participate in the activities of the Duchenne Dashboard, (www.duchennedashboard.org), which is a single entry point for proposals aiming to advance research, treatment and care of Duchenne muscular dystrophy.

The Duchenne Forum of UK Duchenne charities have made a commitment for 2017-2020 to raise funds to ensure that there is sufficient clinical trial capacity in the UK for potential Duchenne treatments. Our share of this commitment was £236,000.

Our Scientific Advisory Panel will advise the Board of Trustees as to which of the proposals received is the most promising in support of our stated aims and objectives.

During the year, no grants were made (2019 - £7,143).

Grants made to continuing projects in previous years; represent our pledges to the following research initiatives:

Akashi Therapeutics – Halofuginone Anti-fibrotic

This is currently in clinical trial with boys being dosed. Whilst initial results appear encouraging there was a hold put on the clinical trial due to a dog dying (they use large animals to test the very high doses). The FDA (Federal Drug Administration) has subsequently removed the hold and clinical trials have begun again. This project will currently require an approximate further $1.2M from the patient community out of a total $10M. We don’t propose that we fund further at this point.

Lou Kunkel – Dystrophin Independent therapy

Further reports are also showing great efficacy and results within the dystrophic Zebra fish population being used and Lou has identified further compounds from the Pfizer compound library that have potential and is focusing on 2 molecules now that show the best results thus far.

Page 6

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Professor Dame Kay Davies, University of Oxford; 'Developing small molecules to target Duchenne muscular dystrophy'

This research aims to find drugs with the potential to increase levels of a protein called utrophin. Utrophin is similar to dystrophin and found in small amounts in adult muscle. Increasing its levels might compensate for the lack of dystrophin seen in boys with Duchenne muscular dystrophy. Professor Dame Kay Davies and her colleagues have already developed one drug, SMT C1100, which is currently in clinical trials. In this project, she aims to identify follow-on compounds that can increase utrophin levels more effectively. This approach is particularly advantageous because it is applicable to all people with Duchenne or Becker muscular dystrophy, whatever their mutation.

Professor George Dickson, Royal Holloway University, London; 'Developing gene therapy for Duchenne muscular dystrophy'

Developing a gene therapy for Duchenne muscular dystrophy Professor George Dickson and his team plan to develop a novel gene therapy approach that is aimed at delivering a functional, fullsize dystrophin gene to muscle cells using a harmless virus. So far, research has been restricted to delivering smaller mini- or micro-dystrophin genes due to restrictions in the size of the DNA fragment that the virus can accommodate. In this project the researchers will use two or three viruses each carrying a different part of the dystrophin gene. In the muscle cell the different parts assemble to form the blueprint to produce a full size dystrophin protein. If successful this approach could be used to treat people with Duchenne as well as people with Becker muscular dystrophy.

Professor George Dickson, Royal Holloway University, London; 'Genome surgery for Duchenne muscular dystrophy'

Professor George Dickson and his team have developed an innovative technique with the potential to repair the genetic mutation that causes Duchenne muscular dystrophy. The ground-breaking technique, described as genome surgery, could be the first therapy that offers permanent correction of the genetic mutation in a person's own DNA. The technique is relevant to all boys and men with Duchenne muscular dystrophy and could also be used to treat people with Becker muscular dystrophy.

Professor Jennifer Morgan, University College, London; 'Altering the muscle environment to influence stem cell behaviour'

This project will investigate new ways of improving the efficiency of stem cell transplantation in degenerating muscle. Professor Jennifer Morgan and her colleagues at University College, London, have already discovered that treating an area of damaged muscle with radiation (like a very powerful x-ray) can increase the ability of transplanted stem cells to repair damaged muscle. As radiation can be harmful this project will investigate other less harmful ways of reproducing this beneficial effect.

Dr Angela Russell, University of Oxford; 'Developing small molecules to increase utrophin levels for Duchenne muscular dystrophy'

In this project Dr Angela Russell and her PhD student will search for molecules showing therapeutic promise for Duchenne muscular dystrophy. They will use leading edge screening techniques to identify compounds that increase the levels of a protein called utrophin, which can stabilise the degeneration of muscle fibres in the condition.

Page 7

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

Professor Matthew Wood, University of Oxford; 'Discovering biomarkers for Duchenne muscular dystrophy'

Professor Wood's project aims to identify molecules which could be used as biomarkers for Duchenne muscular dystrophy. If successful, these biomarkers could be used to improve diagnosis, measure the progression of the condition more accurately and assess the benefit of drugs in clinical trials without the painful procedure of muscle biopsies. They will also develop improved methods of measuring these molecules which will be better suited for use in clinical laboratories than current methods.

Doctor Keith Foster, University of Reading; ‘Plant Based Therapeutics’

The work in this proposal exploits Dr Foster’s recent findings which demonstrate that a plant based compound identified promotes an oxidative response in a dose dependent biphasic effect on mouse muscle stem cells consistent with a hormetic response. Driving an oxidative shift in-vivo will stabilise the membrane integrity of dystrophic muscles. We will assess the impact of the hormetic effects on the oxidative responses, hypertrophy and inflammation in vitro (C2C12 muscle myoblast) and in the mdx mouse, the most studied preclinical model of Duchenne Muscular Dystrophy. Basically this compound is legal to use in children from birth, is showing increased oxygen in muscles, reducing oxidative stress is anti-inflammatory and has potential muscle regeneration potential.

Phrixus Pharmaceuticals Clinical Trials -Carmaseal

In animal models of DMD, Carmeseal-MD (Poloxamer 188 NF) has been shown to improve the efficiency of damaged hearts and the performance of damaged diaphragms with once-a-day subcutaneous administration at low doses. When infused into the bloodstream, it encounters and binds to microscopic tears in the muscle and prevents the pathological leakage of calcium into the cells, which keeps the muscle from performing as required. Carmeseal-MD is expected to have its effect in patients with DMD irrespective of the genetic defect that causes the disease.

Dr Keith Foster, University of Reading and Sutura Therapeutics

The development of novel antisense oligonucleotide therapeutics is advantaged by the fact that these medicines can target a specific gene to regulate the amount of the target gene by either turning up or turning down gene expression as desired for clinical benefit. Many of these targets are considered ‘undrugable’ by other more conventional therapeutics.

Dr Foster has developed a range of innovative technologies that enhance the systemic delivery of antisense oligonucleotide gene medicine. The first pipeline technology is being developed to delivery an antisense oligonucleotide based upon a RNA analogue backbone chemistry (phosphorodiamidate morpholino oligonucleotides), particularly to target tissues, including the heart, that are currently refractory to cargo delivery.

Page 8

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

6. Management of Risk

The Trustees have in place a risk management process to assess risk and implement risk management strategies. The process identifies risks that the Charity faces, assesses the level of that risk and identifies the means of managing those risks in an effective way, and is an embedded part of organising Charity fundraising events.

7. Reserves

The Trustees conduct an annual review of the level of financial reserves held by the company by considering the risks associated with the various income streams, expenditure plans and balance sheet items. This enables an estimate of the level of reserves that are required to be made and allow the Charity to meet its objectives.

The level set for the current year is £30,000 (2019 - £30,000). General funds are overdrawn at the year-end by £40,701. Looking at future budgets and anticipated plans in the coming year, the Trustees believe the Charity is a going concern and has therefore adopted this method when preparing the accounts. Support for the Charity is anticipated to continue for the coming year.

8. Financial Review

The Charity’s headline income of £179,000 (2019 - £197,140) stood up remarkably well in what has been a very difficult year. Private donations rose slightly to £146,762 (2019 - £125,655), but there was a fall in corporate donations to £32,238 (2019 - £36,734). The impact of the COVID pandemic has been all-pervasive during the year with many events and fundraising opportunities being cancelled or postponed until 2021.

Total expenditure was £156,315 (2019 - £221,192) of which £82,222 (2019 - £122,905) was in support of the fundraising activities. The expenditure on charitable activities was £74,093 (2019 - £98,287), this fall is a reflection of the reduced level of activity during the year and that no research grants were paid (2019 - £7,143). Our support costs for supporting our charitable activities and raising funds was at a lower level to the previous year at £140,551 (2019 - £179,645).

There was a net inflow of funds during the year of £22,685 (outflow 2019 - £24,052), with reserves carried forward at the year-end totaling a deficit of £40,701 (2019: deficit £63,386). Once the reserves have increased to a satisfactory level, funds will be made available for grant making in support of the Charity’s objectives. As highlighted in last year’s accounts this will be our major objective this year.

Page 9

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

9. Future Plans

We will continue to review the performance of our existing grant-aided research projects and will award additional funding if, in the opinion of our Scientific Advisory Committee, such funding is justifiable.

Duchenne is very much a “Cinderella” disease that remains unknown to the population at large. In 2020 we will be continuing to extend our advocacy reach to increase the information and knowledge of this disease to policy makers and to the general population.

10. Economic Environment

The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on the 11 March 2020, has impacted the charity in various ways. In the UK market activity is being impacted in all sectors and the current response to COVID 19 means that we are faced with an unprecedented set of circumstances. At the approval date of these financial statements the future impact to the charity sector is unknown and we cannot reliably estimate its effect in the short term.

The impact of the coronavirus pandemic on the charity's fundraising activities has been considerable especially as many of our major events take place during the earlier part of our financial year. However, the trustees have taken all necessary action to ensure that the impact on the charity has been minimised wherever possible.

11. Statement of trustees’ responsibilities

The trustees (who are also directors of Harrison’s Fund for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business

Page 10

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

12. Independent Examiners

Saffery Champness LLP have expressed their willingness to continue in office. A resolution to reappoint Saffery Champness LLP as independent examiners will be proposed at the Annual General Meeting.

The Trustees have taken advantage of the small companies’ regime in preparing the Report to the Trustees.

Approved by the Board of Trustees on ………………… and signed on its behalf by: 27 August 2021

………………………… ……………………..

A D J Smith

D L Smith

Chief Executive

Director/Trustee

Page 11

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020, which are set out on pages 13 to 21.

Respective responsibilities of trustees and examiner

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Nicholas Fernyhough For and on behalf of Saffery Champness LLP Chartered Accountants Midland House 2 Poole Road Bournemouth BH2 5QY

Date: 01 September 2021

Page 12

STATEMENT OF FINANCIAL ACTIVITIES (Including Income and Expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2020

						2020		2019
	Unrestricted		Restricted			Total		Total
	Notes	Funds	Funds			Funds		Funds
		£	£			£		£
Income from
Donations and legacies	1	179,000		-		179,000		162,389
Investments				-	-			1
Events				-				34,749
Total income		179,000		-		179,000	1	197,140
Expenditure on
Costs of raising funds	3	82,222		-		82,222		122,905
Charitable activities	3	74,093		-	4	74,093		98,287
			-
Total expenditure		156,315		-		156,315		221,192
Net movements in funds	9	22,685		-		22,685		(24,052)
Fund balances at 1 January 2020		(63,386)		-		(63,386)		(39,334)
Fund balances at 31 December 2020		(40,701)		-		(40,701)		(63,386)

The notes on pages 15 to 21 form part of these accounts.

All the charity’s activities are classed as continuing.

All recognised gains and losses are included above.

Page 13

BALANCE SHEET AT 31 DECEMBER 2020

Notes 2020 £ £ Fixed assets 6 15,816 Current assets Stock 2,500 Cash at bank 9,583 Debtors 7 21,186 33,269 Creditors:Amounts falling due in less than one year 8 (89,786) Net current assets (56,517) Net assets (40,701) Represented by: Unrestricted funds 9 (40,701) Designated funds 9 - (40,701) (40,701)	Notes 2020 £ £ Fixed assets 6 15,816 Current assets Stock 2,500 Cash at bank 9,583 Debtors 7 21,186 33,269 Creditors:Amounts falling due in less than one year 8 (89,786) Net current assets (56,517) Net assets (40,701) Represented by: Unrestricted funds 9 (40,701) Designated funds 9 - (40,701) (40,701)	Notes 2020 £ £ Fixed assets 6 15,816 Current assets Stock 2,500 Cash at bank 9,583 Debtors 7 21,186 33,269 Creditors:Amounts falling due in less than one year 8 (89,786) Net current assets (56,517) Net assets (40,701) Represented by: Unrestricted funds 9 (40,701) Designated funds 9 - (40,701) (40,701)	2019 £ £ 24,522 2,500 1,058 12,684 16,242 (104,150) (87,908) (63,386) (63,386) (63,386) (63,386)	2019 £ £ 24,522 2,500 1,058 12,684 16,242 (104,150) (87,908) (63,386) (63,386) (63,386) (63,386)
	33,269 (89,786)		16,242 (104,150)
	(40,701) -		(63,386)
		(40,701)		(63,386)
		(40,701)		(63,386)
		(40,701)		(63,386)

For the year ended 31 December 2020, the company was entitled to the exemption from the requirement to have an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for:

• i) Ensuring that the charitable company keeps accounting records which comply with section 386, Companies Act 2006, and

• ii) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of its financial year and of its incoming resources and application of resources, including its income and expenditure, in the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the requirements of the Companies Act 2006 so far as they are applicable to the company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved by the board of directors on ……………… and signed on their 27 August 2021 behalf by:

A D J Smith D L Smith Chief Executive Director/Trustee Company Registered number: 07782637 (England and Wales) The notes on pages 17 to 21 form part of these accounts.

Page 14

ACCOUNTING POLICIES

• A. Charity Information Harrison’s Fund Limited is a Charity domiciled and incorporated in England and Wales. The Registered Office is Midland House, 2 Poole Road, Bournemouth BH2 5QY.

B. Basis of accounting

The financial statements have been prepared under the historic cost convention, with the exception of listed investments which are included at their market value. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011and UK Generally Accepted Practice as it applies from 1 January 2015. Harrison’s Fund constitutes a public benefit entity as defined by FRS 102.

The following accounting policies have been applied consistently in dealing with items, which are considered material to the financial statements.

C. Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

• D. Preparation of a cash flow statement

The charity has taken the exemption provided in Update Bulletin 1 updating Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) allowing small Charities not to prepare a cash flow statement.

• E. Income Recognition

Income is recognised at the date of receipt.

• F. Expenditure recognition

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with attracting voluntary income and the fundraising activities of the charity.

Governance costs include those costs associated with meeting the constitutional and strategic requirements of the charity and include the audit fees and costs linked to the management of the charity.

Page 15

ACCOUNTING POLICIES (cont.)

G. Unrestricted funds

General reserves

The use of this fund has not been restricted to a particular purpose by the donor or their representatives.

Designated reserves

These are the reserves that have been designated to allow the charity to meet its objectives.

H. Restricted funds

These are the funds given for specific purposes and are detailed in note 9 if applicable

• I. Tangible fixed assets Fixed assets are stated at historical cost less depreciation. Depreciation is provided on all equipment at a rate calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life. The rate used is 33.33% per annum straight line.

• J. Stock

Stock is held at the lower of cost and net realisable value.

• K. Financial instruments

The charity has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised initially in the accounts at transaction price, including any transaction costs. At the end of each accounting period, basic financial instruments are recognised at amortised cost. For debt instruments this is calculated using the effective interest rate method.

• L. Critical estimate and judgements and key sources of estimation uncertainty In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision effects both current and future periods.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Income Voluntary income Private donations Corporate donations Government grants 2 Net income for the year Net income is stated after charging: Accountancy Depreciation 3 Expenditure Costs of generating funds for events Sky High Ball Volunteer event costs Clothing costs Support costs allocated on a time spent basis (note 5) Charitable Activities Grants paid Conference costs Support costs allocated on a time spent basis (note 5) Total resources expended	2020 £ 102,909 32,238 43,853 179,000 2020 £ 4,042 8,706 2020 £ 5,165 7,285 1,415 68,357 82,222 - - 74,093 74,093 156,315	2019 £ 125,655 36,734 -
		162,389
		2019 £ 4,010 3,290
		2019 £ 31,416 1,794 1,194 88,501
		122,905 7,143 - 91,144
		98,287
		221,192

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NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

4 Staff Costs

----- Start of picture text -----
|||| |---|---|---| |2020|2019| |£|£| |Salaries and National Insurance|105,998|119,891| |105,998|119,891|

----- End of picture text -----

No employees were paid more than £60,000 during the year. During the year the charity had 5 employees, (2018: 5) of whom 4 work for 3 days a week or less.

5 Support costs

----- Start of picture text -----
|||||| |---|---|---|---|---| |Cost of| |generating|Charitable| |funds|Activities|Total|2019| |Rent & Insurance|308|206|514|529| |Advertising & PR|5,490|3,660|9,150|27,551| |Printing & stationery|595|396|991|5,217| |Telephone & IT costs|5,307|3,538|8,845|10,055| |Depreciation|5,224|3,482|8,706|3,290| |Travelling|1,114|743|1,857|4,934| |Staff costs|50,095|55,903|105,998|119,891| |Other costs|224|224|448|4,168| |Legal costs|1,899|1,899| |Accountancy|-|4,042|4,042|4,010| |__|__|_|______| |68,357|74,093|142,450|179,645| |========== ==========|=========|========|

----- End of picture text -----

The support costs are allocated using a basis consistent with the time spent on activities.

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NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

6 Tangible fixed assets Cost 1 January 2020 Additions Disposals 31 December 2020 Depreciation 1 January 2020 Charge for the year Disposals 31 December 2020 Net book value 31 December 2020 31 December 2019 7 Debtors Prepayments 8 Creditors:Amounts falling due within one year Accruals Grants payable	Office equipment £ 53,023 - - 53,023 28,501 8,706 - 37,207 15,816 24,522 2020 2019 £ £ 21,186 12,684 21,186 12,684 2020 2019 £ £ 6,198 15,562 83,588 88,588 89,786 104,150	Office equipment £ 53,023 - - 53,023 28,501 8,706 - 37,207 15,816 24,522 2020 2019 £ £ 21,186 12,684 21,186 12,684 2020 2019 £ £ 6,198 15,562 83,588 88,588 89,786 104,150
		53,023
		28,501 8,706 -
		37,207
		15,816
		24,522
		2019 £ 12,684
		12,684
		2019 £ 15,562 88,588
		104,150

Grants payable relate to the NHS Clinical Trial Capacity project. In 2017, the Trustees committed a total of £236,000 as part of a joint Duchenne charities initiative to ensure that there is sufficient clinical trial capacity for potential Duchenne drug trials in the UK. The balance was paid in full in May 2021

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NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2020

9 Movement in Funds

Total Unrestricted funds Total Reserves Prior year - Running costs - University of Reading General fund Total Unrestricted funds Total Reserves	At 1 January 2020 Incoming resources Outgoing resources Transfers At 31 December 2020 £ £ £ £ (63,386) 179,000 156,315 - (40,701)
	(63,386) 179,000 156,315 - (40,701)
	At 1 January 2019 Incoming resources Outgoing resources Transfers At 31 December 2019 £ £ £ £ 30,000 - - (30,000) - 140,000 - - (140,000) -
	170,000 - - (170,000) - (209,334) 197,140 221,192 170,000 (63,386)
	(39,334) 197,140 221,192 - (63,386)
	(39,334) 197,140 221,192 - (63,386)

University of Reading – In 2016, the Trustees approved a grant totalling £151,361 to be paid to the University of Reading to fund Doctor Keith Foster’s research project. The Trustees designated £151,361, of unrestricted funds, to be put towards this grant. Further expenditure on this project is no longer scheduled.

Sutura Investments Ltd – In 2016, the Trustees approved a grant totalling £48,639 to be paid to Sutura Investments Ltd, a biotech company working in the area of improving the clinical efficacy of existing treatments. The Trustees designated £48,639, of unrestricted funds, to be put towards this investment which was expected to be made during 2018, but was no longer required.

NOTES TO THE FINANCIAL STATEMENTS (continued)

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FOR THE YEAR ENDED 31 DECEMBER 2020

10 Analysis of net liabilities between funds

General funds	Fixed assets £ 15,816 15,816	Net current assets/ (liabilities) £ (56,517) (56,517)	Total 2020 £ (40,701) (40,701)	Fixed assets £ 24,522 24,522	As restated Net current assets/ (liabilities) £ (87,908) (87,908)	Total 2019 £ (63,386) (63,386)

11 Taxation

As a charity, Harrison’s Fund Limited is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

12 Transactions with Trustees

In May 2013, one of the Trustees, A D J Smith, was appointed to a full-time paid position as CEO of the charity. Beyond this, no member of the Board of Trustees received any remuneration during the year. During the year, the CEO received remuneration of £55,000 (2019: £55,000). Travel costs amounting to £1,348 (2019: £3,787) were reimbursed to one member of the Board of Trustees. No other Trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year.

13 Liability of members

The Charity is a company limited by guarantee. A member’s contribution to the assets of the Charity in the event of it being wound up while he or she is a member or within one year of ceasing to be a member is limited to an amount not exceeding £10.

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