REGISTERED COMPANY NUMBER.. 08820009 (England and Wal•sl REGISTERED CHARITY NUMBER: 1156866 REPORT OF THE TRUSTEES AND UNAUDITED FINANGIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 FOR PHELIX RESEARCH AND DEVELOPMENT MHA ltrading nama ofmaclntyre Hudson LLPI Limita liability partnership in England & Wa5 Registered number OC312313 Ewed House Oak Tree CtyJrt C8rdrff Gate Business Part( CARDIFF County ofcardiff CF23 8RS
PHELIX RESEARCH AND DEVELOPMENT CONfENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Page R•port of th8 Truste88 1 to 3 Indep8ndenl Examlnerfs Report Statement of Flnan¢ial Activiti05 8alan¢e Sheet Not¢8 to the Flnan¢ial Statements 7 10 11
PHELIX RESEARCH AND DEVELOPMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022 Tha trustees. who a also dire¢knr5 of the charity for the purposes of the Companw Act 2006. present Iheir report wth the financial StateEnts of the charity for the year er¢ 31 Dember 2022. trustees have adopted the provisions of A¢counb'ng and Reporting by Charibes.. Statement of Recommended PraLce applicable to charilie$ prepaTrng their accounts in accwdance wilh the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 lelfeciNe 1 January 20191. OBJECTIVES AND ACTIVITIES Objective8 and aims T1 chartys objects a$ ststecl in its Art5 ofAs5LKiat¥)n arè.. o proted arKI promote the health of the public in particular by research Into Ihe naluie cases, diagnosis. prevention. treatment and ojre of chron infe¢th"on disea5e5, induding th8 devebpment of findings of research into pract1 appli¢ations for the preventh?n, treatment and cure of chronr¢ Infethon diseases and in furtherance of that primary obiedwe, to support infcmiation and raise public understanding of such matters, and tg $uprx)rt th& searCh on bactetiophage$ for bacterial Infection5 in a chronic phase and to develop therapeutic program5 based on bacteriryhages.. Phelix Research & Developm2nt Iphelix R&DI a medical research charity. The charity WO hand in hand wdh Ph81ix Fran, registered in Fra[1 as an'Associalion d'lnlérét Générar. Its team 1$ a Strong cryartner5hip of heatthea profe$$ionab {pradOnerS, imrnunologists and universty resoarthets. amongstthem Le1$ter Universtyl and voluntsers, working together t¢ rea¢h the chanty's key ¢biEctives. The overall aim is to develop phaga-based diagnostic and treatrnenl of Lyme disease. Ttrdate, we have devdoped a nov•1 phag&based diagnostic meth(KJ targeting Lytne Borrelia 51rsins. This novel diagnosti¢ methott showed higher 58nsiliYity compaj to the curient diagnostic methods. Wrth further development, our phage-based melhtsj coukj have the Per to di8tingui8h befyveen athNe and non-actwe Lyme infection and offer a promBe of early Lyme diagn05tics. In ditIOn to our pioneer woth tn Lyrne diagn05tics, we have also developed our pipelines of methOI0gE5 in isdation a)d identation of phages that $peofKally Infect Lyme 8Drrelia strain5, and we are currentty activety $cenIng lor phages. On we identify phages, we will test the efficacy of these phages in killllig Borrea strain, aThS d8vebp them towards traputie$. Activity updats Actiwly in 2022.. lrnproving the sen5thwity of the Phage Based borrelia test wth ourpartner in BelUM, RedLab, who are ir charge of the commeraalisaknn ofthe Test. Expk)nng new technologi&5 in order to aulomats the DNAextra¢tion from biolwical samples. University of Le1$ter and Phelix Research and Develowrent. Trying to re$ a Phage 8ased testfor Baturlla 5p. as the Previo test did not show prtrnising sensitivity. Univer$ty of Leitsster aThS Phelix Research and Developnenty. workiw on Ihe next res•arch paperon Borrelia Miyamotoi. Finalising the documents forthe filing ofthe Patent of tF Botrelia phage based test UK. USA. EU (Patent attorn Murgrtroyd law firml. OBJECTIVES AND ACTIVITIES Publi¢ beneflt The Iwstees can confinm that they have Complied wth the duty in Section 17 of the CharilK Act 2011 to have due regard to pum¢ benefit guidan published by the Chartties C¢mmission, S¥gnifi¢ant activities that we undertcok during the year that dornonstrate public benefIta set out above. FINANCIAL REVIEW Flnan¢lal position During tl year, thè charily reNed irwme totalling £60.205 atKI incutred expBditUr8 of £80.501, gwiTra a net loss posthon of £20,296 Phelix R&D rec4)gnised inc4)rne of £52,908 from RedLab Belgium fv(KtT the commerualKsatK)n ol the Ph8ge based lest fw the year 2022. Page I
(1¥ RÈSEARCH Ahv DtvtLL)PUFNT RCPORT OF TIWSTE£S FOIiTHC YfAR EMDFD 31 DFCFV,BER 2022 FIIIANCIAL RFV.I STRItTVRE. GORNMCE •24D MLNAGIMfNT C<xrw(s Y'.6 Th. .81& Trus1oC5 ¢Tr.nIttrs'.' rrLts d'.L, r.:Ily kN..fryt tsn :tvr otm5¥.r cn3rfy JSK r'y lth, I '.V9D# YJ rrake u5C ¢t RnSanaQenfi rkc DJ5Eee5 KltyTbfy. .: ''. ri%k5 Irj is ex%étt 10 cnntsrbx . ¥4KO to dSx.'ftt.'tr 4art¥t Irwj aF rnr KEptREXCE. ANO ADM.INISTRATNE D¥fLs Regis¥eTcd ccrt¥panyrtr 08829 Irryd W.?N¥) R¢gp5te40 ChAy nwnber Tlitsttts I C Tetsie5 F Ccurt CKr&ill Pp C4o.Jir "nyr/ CF2189S t*".r& ty" /i
PHELIX RESEARCH AND DEVELOPMENT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DEGEMBER 2022 Mr F A G C Louvet- Trustee PaJe 3
INDEPENDE EXAMINER'S REPORT TO THE TRUSTEES OF PHELIX RESEARGH AND DEVELOPAqENT Independent examlneV6 report tc the tru$t885 of Phelix Research and Dev¢lopmgnt IW)e Gornpanv) I report to the charty trustees on my examination of Ihe accounts ofthe Company for year end 31 Decembw 2022. Resw)n5ibilities and basis of report A5 the charity's trustees of the Company land aL80 its directors for the purposes of MpanY lawl you ar8 responsible for tha preparats.on of Ihe accounts in accordan wrth the requirerrents ofthe Companks Act 20LI5 Ilhe 2006 Acfl. Hon9 satisfÈd myseff that the èc¢ounts of the Company are not requir to be audited under Part 16 of the Art and are eli9ible for independent exarninalion. I report in resped of my examination of your charity'$ a¢¢wnts as carried out undof Section 145 of the Charities Act 2011 Ilhe 2011 Acfl. In carrying out my ex8minab.on I have folknved the Dire¢lons given by the Charity Comrni5sion under SectM 145151 Ibl of the 2011 A¢t. Independ¢nl ¢xomln¢rf$ stat8rnent I have completed my exarninati. I confirm that no matters have ¢on to my attention in nnectIOn èxamination gwin9 rne cause lo believe.. aceounting records were not kept in respect ofthe Cornpany as required ty Sedion 386 of the 2006 Art. or the accounts do not accord with those records, or the accounts do not cornply wryth accotsnts.ng requirements of secti 396 of the 21M)6 Act other than any r4uirernent that aOnts gNe a tTue and fair wew which is not a matter rDn$KJered as part of an independent examinativn., or the accounts have not b&n prepared in 8Crnrd?re with the methcKSs and principles of SlatemeTht of RecomFnended Practi for accounting and reporting by charitie5 lapplicable to thar$ preparing their accounts tn aeu>rdance with the Financial Reporbng Standard applicable in the UK arKI Republic of IrePand IFRS 10211. I have no concems have come 8cross no other matters til connection wilh examination to whith attentK)n shoukl be ¢awn in this reFQrt in orderto enable a FPer under5tandng ofthe acojunls to be rea¢hed. Jul'a Mortimer MHA ltradirg name of Ma¢lntyfft Hud50n LLPI Limited liabilty partnership in England & Wale5 Registered nurnber CC312313 Elfed House Osk Te Court Cardiff Gale 8u$nes$ Pa CARDIFF County of Cardiff CF23 8RS Dale.. Page 4
PHELIX RESEARCH AND DEVELOPMENT STATEMENT OF FINANCIAL ACTivmES (INCORPORATING AN INCOME AND EXPENDtTURE A¢¢OUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Total funds Unr85trict8d fund Notes INCOME AND ENDOWMENTS FROM Donation5 and legacYa5 21 55 Charitsble a¢tivitie5 Research 60,184 90,243 Other income 4,895 Totsl 60,205 95,193 EXPENDinJRE ON Charitable activltseB Research 80,501 95,918 NET INCOMEIIEXPENDITURE) 120,2981 17251 REcONclATION OF FUNDS Total funds brought fOard 1327.4631 1328,n81 TOTAL FUNDS CARRIED FORINARD 1347,7591 1327,4631 The noles frjmi part of Ihese financBI statements Page 5
PSEUXRESLARCII AkD DrTrFLOP¥ENT
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31 DFCFMBFR
22
FIXED ASSÈ"¥S
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CURRkMfAS5ers
?%786
at
78.C76
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37.89t
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34,47
CREL¥TORS
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1318.4W21
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1347 7552
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PHELIX RESEARCH AND DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 STATUTORY IhlFORMATION PheliK Re588rth and Developrrent a gistered charity and private company Ilmlted by guarantee having no share capital. tser5 have agreed to contribute £10 in Ihe event of a winding up. The cornpany is incorporated Trn Ihe Unitad Kingdom and its regi8tered Offi is 37 Langton Street. Chelsea, London. SIMOOJL The nature oflhe Cornpany's operations and prinapal acti%Mes i8 disdosed within the Report of th8 Trustees. financ4al ststements are presented ift Slerting l£l. the c4mpany'$ functional curyenGy, and rounded to Ihe nearest pourKI. The significant accounting policies applied in the preparation of these financial statements are Set oth below. These icwès have been colS1ent applied to all y¢ar5 presented unless othewse Stated. ACCOUNTING POLICIES Basis of prepan9 the finarttial $taternEnts The financial statement$ of the ¢haniable company. whi¢h is a public benefil enb.ty urtdgr FRS 102, have been prepared in accordance wth the Charilres SORP IFRS 1021 Amjnting and Reporting by Charities.. Slatemenl of Recommended practi applicable to charitie5 preparing their accounts in accordance wfh the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102 S1A Update Bulletin 11 leffe¢cNe 1 January 20191,, Finanoal Reporting Stsndard 102 The Financial Reporting Standard applicthe in the UK and Republ of Ireland 8nd th8 CoMpanS Acl 20W The finanual stat&)wts have been prepared under the hi5tottcal c05t tonvents'on. There have been no materd departu from the Financial Reportiw Sian¢ard 102 1 Going concern The charity has Ihe owoing support of Ihe trustees. Incom• All income is rewgni5ed in the Statement of Finanual ActivrtBs ortt the charty h85 entitlernent to the fvnds, it 15 probable th8tth income will be rived and the amount Can be measured Elrauy. Expewtditure Liabilities are recA)gnised as expenclrture as $oDn as there 1$ a legal ry constructive oblall&n Committing the chanty to that expeltu, il 15 probabk that a transfer of eConC benefft5 wll be required in setllernent and the amount of the obligation Can be rneasUd lIablY. Expenditvre is a¢counted fw on an accruals basis a[ has been classified under headings that aggregat8 all wst related to the category. lthere costs Gqnnot dire¢Uy attiibuted to paitiwlar headings they have ken allocated to activib'es on a ba515 consistent wth the use of resour5. Intsn9lble a$s¢ts IntaTrJible assets acquired separately fff)m a business are capitalsecl at cost. Subsequent to initial recognition, intangible a5se15 are stated at cost less accumulated 8mcrtisaln and accJJmulaled impairment. Inlangibk assets a amortised on a straight line ba$ls over their estimated usefrJl lrfe. Ttr caIng value of inlaThJible assets is reviewed for impaimient if events or changes in csroJrnst8nces indite the carying value may not recoverable. The useful ecowmic INe5 of intangible a55ets a as follows.. Patents- 10 yg8rs Taxation The tharity is ememptfrom c£Yporation tax on its tharitable activities. Fund accounllng Ltnte5tricted funds can be used in accordance with the tharitab cl)jectwes at the discretion of the Iruslees. Page 7 continued...
PHELIX RESEARCH AND DEVELOPMENT NOTES TO THE FINANCIAL STATEMENfs. continued FOR THE YEAR ENDED 310ECEMBER 2022 Accoup¥nNG POLICIES. ¢ontinugd Fund ac¢ountin9 Restrictsd fvnds can only be used for particular restricted purposes within the objects ol the ¢harity. Restrictior arise when speard by the donor orwhen fiJn(l$ are raised for particular restricted purpose5. Furtherexplan8tion ofthg nature and purpose oteach lunrl Is induded in th& notes to the financkql ststements. CHARITABLE ACTIvlEs COSTS Di Costs (see note 41 Support 03ts Totals Research 80.363 80,501 DIRECT COSTS OF CHARITABLE ACTWITIES 2022 2021 Fees to Le[ster University Legal & profes8tonal fee$ Govemance costs Foreign Crn¢Y{gain)ltysses Website Maintenan t)epreci8b"on 73.680 780 1,374 1,751 ,146 3.250 780 11.1391 629 2.189 2,189 80,363 95,855 NET INCOMEIIEXPENDITUREI Net inme1{eXpenditure> Staled afterchargingllcreditingl.. 2022 2021 Patents and licences amortisatK)n 1ndeperÈnteKarnInation 2.189 2,189 780 TRUSTEES. REMUNERATION ANO BENEFITS There was no Irusl&s' rernUrration or other banefil$ for the year ended 31 DmLr 2022 or for the Feriod ended 31 D8cember2021. Trustee8' expenses The were no tW5tees' expenses Pa for the year ended 31 December 2022 or for the periLyJ ended 31 enber 2021. Page 8 ¢Ontinued...
PHELIX RESEARCH AND DEveLOPME NOTES TO ThE FINANCIAL STATEMENTS- continuod FOR THE YEAR ENDED 31 DECEMBER 2022 COMPARATIVES FOR THE STATEMENT OF FINANCIALACTivmES l income and expe11 in the period to 31 Dècenlw2022 was UntrICted. INTANGIBLE FIXED AssErs Palenls Ii¢ence5 COST At 1 January 2022 and 31 r)ecember 2022 21,887 AMORTISATION Al 1 January 2022 Charge for year 8.756 2.189 At 31 December 2022 10,945 NET BOOK VALUE Al 31 tsrnber 2022 10.942 At 31 December 2021 13,131 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE Y&IR 2022 2021 A¢¢rued in¢0rn8 25.786 18.510 io. CREDITORS: AruNT5 FALUNG DUE WITHIN ONE YEAR 2022 2021 AcrAals and deferred income 54,531 21,724 11. REDITORS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 2022 2W27 Loan from Irustee Other loan$ 311,305 70,941 311.305 67.187 382.246 378,492 The loan from trustee has a term of six years and prowdes funding laolities to the charity lo undertake its research wo. The loan 1$ intere$t free and will only be repayab after the charity secu$ suffiuent independentfunding. addrtK)Tral loan has a terni of four years and also provides lunding facilities lo the charity to carry out rt5 research work. The loan is intsrest free and wll only b8 repayab If revenue is generated fvom fLensiNJ its patents. Page 9 eonbnued...
PHELIX RESEARCH AND DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENOED 31 DECEMBER 2022 11 MOVEMENT IN FUNDS Net Movement in funds At 31112r22 At 111r22 Unrestri¢ted funds Gereral fund 1327,4631 120.2961 1347,7591 TOTAL FUNDS 1327,4631 120.2961 1347,7591 Net mOvet in funds, inclutted tn Ihe aLM)ve are os follows.. Incomir resources Resources expended Movement in fund5 Unrstri¢ted fund5 General fund ,205 180,5011 120,296} TOTAL FUNDS 60.205 180.5011 120,21 Comparatlves for m¢*v•mont in funds Net movernenl in funds At 31112r21 At 111r21 Unrestrscted fund5 General fund 1326,7381 17251 1327,4631 TOTAL FUNDS 1326,7381 17251 1327,4631 Cornparatwe ret nN)vement In lund5. Included in the above are as foll(Ms'. Incoming Resources exPered Movwnent in lunds Unr8Stricted funds General fund 95.193 195,9181 17251 TOTAL FUNDS 95.193 195.9181 172$) Pag8 10 conty'nued...
PHEUX RESEARCH AND DEVELOPMENT NOTES TO THE FINANCIAL STATEMENTS- continugd FOR YHE YEAR ENDED 31 DECEMBER 2022 13. RELATED PARTY DISCLOSURES The were no lated paty transactions for Ihe year 31 Oecember 2022 Ihat require dis¢k)$ure, other than th8 loan from trustee a$ disdosed in not8 11. Page11