Charity number: 1166985
THE LIVER GROUP CHARITY CIO
UNAUDITED ANNUAL REPORT AND ACCOUNTS
YEAR ENDED 31 DECEMBER 2020
LUBBOCK FINE LLP Chartered Accountants Paternoster House 65 St Paul's Churchyard London EC4M 8AB
THE LIVER GROUP CHARITY CIO
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Chairman's Statement | 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 - 17 |
| The following pages do not form part of the statutory financial statements: | |
| Donations to the 'Liver for Life' appeal | 18 |
| Scientific publications and presentations | 19 |
THE LIVER GROUP CHARITY CIO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020
| Trustees | Dr David Holbrook (Chairman) |
|---|---|
| Mary Collier | |
| Susan Eggleton | |
| Dr Martin Giles | |
| Kay Glendinning MBE | |
| Professor Clare Selden | |
| Charity registered number 1166985 Principal office C/O Institute for Liver and Digestive Health Royal Free Hospital Campus - University College Medical School Rowland Hill Street Hampstead NW3 2PF Patron Prof Sir Roger Penrose OM FRS Accountants Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB |
Page 1
THE LIVER GROUP CHARITY CIO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees present the annual report together with the financial statements of The Liver Group Charity CIO for the year ended 31 December 2020. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity’s governing document and provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Reference and administrative details
The Liver Group Charity CIO ("the Charity") is registered with the Charity Commission of England and Wales, under registration number 1166985. The Charity was registered on 6 May 2016 as a Charitable Incorporated Organisation, and as at 30 September 2016 took over the activities and assets of The Liver Group (registered charity number 1024533) which has subsequently been closed. The principal operating address is UCL Institute for Liver and Digestive Health, UCL - Royal Free Hospital Campus, University College Medical School, Upper Third Floor, Rowland Hill St, Hampstead, London NW3 2PF.
The Trustees who served in the year (including post year end appointments / resignations) were:
Dr David Holbrook (Chairman) Sarah Bates (resigned 7 January 2020) Mary Collier (appointed 7 January 2020) Susan Eggleton Dr Martin Giles Kay Glendinning MBE Prof Clare Selden
Prof Sir Roger Penrose OM FRS — Patron
Structure, governance and management
The Board of Management comprised of six Trustees and one Patron during the year ended 31 December 2020. The members are able to draw on relevant board experience in board deliberations. The Board is collectively responsible for the competent management of the organisation in accordance with its objectives which are set out in the Trust Deed which is the Charity's governing document. The Board meets twice a year to monitor the organisation's strategy and activities.
If the need arose to appoint a new trustee the remaining Trustees would identify and appoint an appropriate person. The current Trustees are responsible for the induction of any new trustee which involves making them aware of the Trustees' responsibilities, the governing documents, administrative procedures and the history and philosophical approach of the Charity.
The Charity does not have any employees and its day to day activities and fundraising efforts are carried out by researchers from University College London, volunteers and trustees, under the supervision of one of the Trustees. The Trustees have agreed a position that should any profits arise from the intellectual property in the research being carried out by the team generally, and in conjunction with the various other parties involved in that work, the Charity would be entitled to a proportion of such amounts as per the Association of Medical Research Documentation (AMRC).
Page 2
THE LIVER GROUP CHARITY CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Objectives and activities
The objects of the charity are:
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The relief of patients suffering from disease of the liver and genetic defects affecting the liver.
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The promotion of research into the causes and treatment of diseases of the liver on terms that the results of such research are published.
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Without prejudice to the generality of the foregoing to fund and support existing and future research into such matters at UCL Medical School (Liver Group) at the Royal Free Hospital or any other establishment into which such unit may be amalgamated and transferred in the future.
The principal activity of the Charity currently is the project being conducted to develop an artificial liver. The artificial liver project is being carried out with the funds raised for the continuing "Liver for Life" Appeal.
All the activities of the Charity were undertaken to further its purposes for the public benefit in line with the Charity's long-term objective of providing the relief of patients suffering from diseases of the liver and genetic defects affecting the liver, and promoting research into the causes and treatment of liver disease. The Charity has complied with section 17 of the Charities Act 2011 having due regard of the public benefit guidance published by the Commission.
Review of the period (including financial review)
The organisation remains funded mainly by donations and grants. They are a mixture of individual, corporate and charitable trust donations and grants. During the year external donations and grants totalled £32,749 (2019: £34,949).
The majority of funds are spent on paying the cost of researchers, as well as the required consumables and equipment for the research to continue. As evidenced by the publications arising from the work, the Charity's current aim to develop a bio-artificial liver machine has moved forward from the medium scale to human scale, and now on to clinical scale, and towards readiness for a first-in-human trial.
The following period will see an advance to GMP manufacture, regulatory and ethics approval for a first in human trial. Each of these steps is associated with a considerable increase in research personnel, consumable and equipment expenditure. For 2020, expenditure totalled £173,488 (2019: - £53,526). Except for such funds as the Trustees consider prudent to maintain for the purpose of management and administration of the Charity for the foreseeable future, all unrestricted funds are applied for the purposes of the 'Liver for Life" project and the general charitable objects of the Charity. The Trustees consider that £93,931 (2019: £70,000) of unrestricted reserves is more than sufficient to fund 6 months of current operations. During the period, the Charity reported a deficit of £137,167 (2019: surplus of £92,043). The Charity's unrestricted fund is already committed to existing research.
As the bio-artificial liver project nears clinical scale and development for clinical trial, the costs are rapidly increasing necessitating considerable further fund-raising.
During 2017, the Trustees, on behalf of The Liver Group Charity CIO, entered into an agreement with Liver Health such that a proportion of any income from the sale of their drink product will be donated to The Liver Group Charity CIO. The Trustees felt that this would be a beneficial outcome for the charity if the product is successful. As well as proving a financial benefit, it would also raise awareness of the Charity itself and the risks of liver disease. This agreement is ongoing.
Page 3
THE LIVER GROUP CHARITY CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Achievements and performance
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Research output, intellectual property gained and achievement of milestones towards moving the bioartificial liver project from the bench to the bedside. Further details are set out in the Chairman's report on page 6.
-
Administrative charitable activities are limited to fundraising for the research endeavour. This is achieved by written applications to known grant giving organisations, small and large companies via the CEOs or other appropriate individual or wealthy individual donors. The Charity also has a web-page with an opportunity to donate via Charities Aid Foundation. During the period from 1 January 2020 to 31 December 2020, external income of £32,749 (2019: £34,949) was raised from donations and grants; other income of £3,572 (2019: £3,568) was generated from interest earned on cash deposits.
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Indicators of achievements are success in the research aims and, in addition, the total funds raised in a particular year. These rarely exceed our expenditure for the year.
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The Charity is one of many sourcing the same research funding; given the difficult position most UK universities find themselves in, there is increasing competition for funds. Until government resources fill the gap between the costs and current funding of medical research the Charity's efforts will become more difficult each year. Notwithstanding this difficult climate, and the recent pandemic having a considerable negative effect on possible fundraising activities the Charity continues to explore every avenue to increase funding from grants and donations.
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The impact of the Pandemic: The Pandemic has indeed thrown up several challenges, both direct to the Charity in terms of making fundraising a lot more difficult, since we have not been able to hold any actual inperson fundraising events, nor had any sponsorship opportunities for fundraising, eg London Marathon. We have continued our strategy of approaching small trusts by mail with reasonable success, and our social media pages are also a source of fundraising, however, the income in 2020 was considerably less than the expenditure in that year, and judging by the current situation will be the same in 2021. This has precluded the Charity from providing a PhD studentship for any new student as the existing student finishes up this summer.
The research endeavour that the charity funds has also experienced considerable delays in practical progress since, for almost 7 months, they were unable to access the laboratories. They have, however, used that time as productively as possible to produce several reports that will be useful from a regulatory perspective and also teaching materials (e.g. Videos, SOPs) that have enabled the work to continue. The biggest and most lasting impact has been on the availability of cell culture plastics, chemicals and reagents, such as cell culture growth media. Unfortunately the manufacturers of these are the same suppliers of similar products used in vaccine production, and apparently a legal edict from the Government (and Governments around the world) has made it such that any direct Covid-19-related order takes precedent over any other research and thus even on the waiting list the ETA keeps changing, and has in two cases risen from 8-12 weeks to more than 44 weeks. This could not have either been foreseen nor mitigated against as the volumes and shelf lives of these products do not enable massive bulk ordering in advance as cold storage is also a problem on site.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Page 4
THE LIVER GROUP CHARITY CIO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Risk management
The Trustees confirm that there are ongoing processes for identifying, evaluating and managing significant risks faced by the organisation.
At the time of preparing these financial statements, the Covid pandemic was ongoing. Whilst the full impact on the charity’s finances and operations will not be known with certainty for some time, since early 2020 there has been a decrease in donation income and delays to the ongoing laboratory work. The trustees are monitoring the situation and taking the necessary steps to mitigate against any adverse impacts of Covid.
Plans for future periods
The Charity aims to continue its medical research goals, at a pace commensurate with funding opportunities. With appropriate funding, it sees the bio-artificial liver machine project reach the clinical trial assessment within five years.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Dr David Holbrook
Chairman Date: 21 October 2021
Page 5
THE LIVER GROUP CHARITY CIO
CHAIRMAN'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
The chairman presents his statement for the Year.
It would be an understatement to say that the past year hasn’t been one of the most challenging on record: for individuals and their loved ones of course – but also for the healthcare and charity sectors. We inhabit both.
So despite the staff shortages, issues with furlough, problems with supply chains, shut labs, and very little face to face contact, it is all the more remarkable that Clare and her team were able to achieve so much in the period.
On the technical side, so much progress has been made on the now trademarked HepatiCan™. Disposable elements have been designed, finalised and prototypes produced, tested and refined. A technical dossier is being built for regulatory purposes with improved cryopreservation protocols. Stability of the hydrogel and viability of the production of enough viable cells in the biomass, cryopreservable and with the ability to recover function within a timeframe suitable for clinical use are significant steps forward on the technical roadmap.
Since the end of the year further work has been done, including testing the whole system with cryo-recovered biomass in human plasma for 72 hours, establishing and implementing changes to the graphical user interface and exploring ease of use issues for nurses.
With the next stage of the HepatiCan™ story likely to involve more contact and interaction with the commercial world, we shall work hard to ensure that any conflicts of interest are managed, and that the Charity gains its fair return for the work and money it has expended, thus allowing it to continue its mission of supporting research and development in the liver space.
Clare has been assisted by an able team, and thanks must go to Elizaveta Zotova for her tireless administrative assistance as well as Maya Piri, a UCL student volunteer who has regularly written social media posts for us, even after finishing the degree. Our thanks also go to the UCL scientific team, in particular this year, Eloy Erro, Tom Brookshaw, Sweta Chandel, Sherri Chalmers and Elizaveta Zotova.
Finally, on the fundraising side I am pleased to say that despite the aforementioned difficulties, we raised £32,749 in donations for the year, with special thanks going to Kay Glendinning for a significant donation. There were also excellent contributions through Facebook and sponsorship of participants in the Vitality Half Marathon.
Dr David Holbrook Chairman
21 October 2021 Date:
Page 6
THE LIVER GROUP CHARITY CIO
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
Independent Examiner's Report to the Trustees of The Liver Group Charity CIO ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the Year ended 31 December 2020.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Lee Facey
Lubbock Fine LLP Chartered Accountants & Statutory Auditors Paternoster House 65 St Paul's Churchyard London EC4M 8AB Date: 22 October 2021
Page 7
THE LIVER GROUP CHARITY CIO
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds after recognised gains Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2020 £ 8,789 3,572 12,361 101,694 101,694 (89,333) 557,324 (89,333) 467,991 |
Restricted funds 2020 £ 23,960 - 23,960 71,794 71,794 (47,834) 47,834 (47,834) - |
Total funds 2020 £ 32,749 3,572 36,321 173,488 173,488 (137,167) 605,158 (137,167) 467,991 |
Total funds 2019 £ 34,949 3,568 |
|---|---|---|---|---|
| 38,517 (53,526) |
||||
| (53,526) 92,043 513,115 92,043 |
||||
| 605,158 |
The Statement of Financial Activities includes all gains and losses recognised in the Year.
The notes on pages 10 to 17 form part of these financial statements.
Page 8
THE LIVER GROUP CHARITY CIO
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Note Current assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total net assets Charity funds Restricted funds 8 Unrestricted funds 8 Total funds |
2,462 561,859 564,321 (96,330) |
2020 £ 467,991 467,991 - 467,991 467,991 |
378 608,696 609,074 (3,916) |
2019 £ 605,158 |
|---|---|---|---|---|
| 605,158 | ||||
| 47,834 557,324 |
||||
| 605,158 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Dr David Holbrook Chairman
21 October 2021 Date:
The notes on pages 10 to 17 form part of these financial statements.
Page 9
THE LIVER GROUP CHARITY CIO
FOR THE YEAR ENDED 31 DECEMBER 2020
NOTES TO THE FINANCIAL STATEMENTS
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The 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) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) effective 1 January 2019 and Charities Act 2011.
The Liver Group Charity CIO constitutes a public benefit entity as defined by FRS 102.
1.2 Going concern
The charity is mainly reliant upon donations to raise revenue to meet future expenditure. The Trustees consider that it is appropriate to prepare the financial statements on a going concern basis due to the high level of reserves held. This also assumes that the charity will be successful in its fundraising activities. The financial statements do not include any adjustments that would result if insufficient funds are raised.
In formulating this assessment the Trustees have taken into consideration the potential impact of the global COVID-19 pandemic.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Charitable activity costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity.
All expenditure is inclusive of irrecoverable VAT.
Page 10
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1. Accounting policies (continued)
1.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
1.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation.
Trade and other creditors are recognised at the settlement amount after any trade discounts received. Accruals are value based on the estimated amount to be paid.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.11 Donated goods and services
The Charity does not value donated services in the accounts. Services that are received, such as volunteers' time and the use of the laboratory space at University College London are either deemed not to be material or too onerous to value for a charity of this size.
Page 11
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2. Income from donations and legacies
| Donations Grants Donations 3. Investment income Bank Interest Bank Interest |
Unrestricted funds 2020 £ 8,789 - 8,789 Unrestricted funds 2019 £ 34,781 |
Restricted funds 2020 £ 3,960 20,000 23,960 Restricted funds 2019 £ 168 Unrestricted funds 2020 £ 3,572 Unrestricted funds 2019 £ 3,568 |
Total funds 2020 £ 12,749 20,000 |
|---|---|---|---|
| 32,749 | |||
| Total funds 2019 £ 34,949 |
|||
| Total funds 2020 £ 3,572 |
|||
| Total funds 2019 £ 3,568 |
4. Analysis of expenditure by activities
| Activities | |||
|---|---|---|---|
| undertaken | Support | Total | |
| directly | costs | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Charitable costs | 170,595 | 2,893 | 173,488 |
Page 12
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
4. Analysis of expenditure by activities (continued)
| Charitable costs Analysis of direct costs Researchers (costs paid to UCL) Researchers (costs paid to UCL) Analysis of support costs Accountancy fee Independent examination fees (governance) Bank charges |
Activities undertaken directly 2019 £ (56,651) |
Support costs 2019 £ 3,125 Activities 2020 £ 170,595 Activities 2019 £ (56,651) Activities 2020 £ 1,650 750 493 2,893 |
Total funds 2019 £ (53,526) Total funds 2020 £ 170,595 Total funds 2019 £ (56,651) Total funds 2020 £ 1,650 750 493 |
|---|---|---|---|
| 2,893 |
Page 13
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
4. Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
| Travel Accountancy fee Independent examination fees (governance) |
Activities 2019 £ 1,325 1,050 750 3,125 |
Total funds 2019 £ 1,325 1,050 750 |
|---|---|---|
| 3,125 |
5. Staff costs
The Charity had no employees during the period but supported the costs of researchers who are themselves employed by University College London.
The average monthly number of UCL employees supported by The Liver Group Charity CIO during the period was 3. At the period-end there were 4 employees of UCL working on The Liver Group Charity CIO funded research.
During the period, a number of volunteers gave their time to assist the Charity. No remuneration, other than travel expenses to and from the place of work, were paid to them and the Charity thanks them for their generosity.
During the prior period UCL staff salaries were covered by other external academic grant funding to the UCL research project (external to charity fundraising/funding).
The Trustees did not receive any renumeration, benefits in kind and reimbursement of expenses (2019: £nil).
6. Debtors
| Due within one year Accrued income |
2020 £ 2,462 2,462 |
2019 £ 378 |
|---|---|---|
| 378 |
Page 14
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
7. Creditors: Amounts falling due within one year
| Amounts due to UCL Accruals |
2020 £ 94,230 2,100 96,330 |
2019 £ 2,116 1,800 |
|---|---|---|
| 3,916 |
8. Statement of funds
Statement of funds - current Year
| General funds General Funds Restricted funds The Garfield Weston Foundation The Robert Luff Foundation Storyline Fund Total of funds |
Balance at 1 January 2020 £ 557,324 47,834 - - 47,834 605,158 |
Income £ 12,361 - 20,000 3,960 23,960 36,321 |
Expenditure £ (101,694) (47,834) (20,000) (3,960) (71,794) (173,488) |
Balance at 31 December 2020 £ 467,991 |
|---|---|---|---|---|
| - - - |
||||
| - | ||||
| 467,991 |
The Garfield Weston Foundation grant was received to fund key equipment required to enable cryopreservation of biomass for a bioartificial liver machine developed to treat patients with severe acute liver failure. The fund is applied in accordance with the restrictions imposed.
The Robert Luff Foundation grant was received to fund research to carry out testing using a bioartificial livery system and sterile human plasma to provide treatment to "buy time" for a patient's own liver to recover. The fund is applied in accordance with the restrictions imposed.
The Storyline Fund was donated specifically for the purpose of creating the "Storyline" pitch, slide deck and brochure content.
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THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
8. Statement of funds (continued)
Statement of funds - prior Year
| General Funds Restricted funds The Garfield Weston Foundation Purchase of card reader |
Balance at 1 January 2019 £ 465,282 47,834 - 47,834 |
Income £ 38,348 - 168 168 |
Expenditure £ 53,694 - (168) (168) |
Balance at 31 December 2019 £ 557,324 |
|---|---|---|---|---|
| 47,834 - |
||||
| 47,834 |
9. Analysis of net assets between funds Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total Analysis of net assets between funds - prior period Current assets Creditors due within one year Total |
Unrestricted funds 2019 £ 561,240 (3,916) 557,324 |
Unrestricted funds 2020 £ 564,321 (96,330) 467,991 Restricted funds 2019 £ 47,834 - 47,834 |
Total funds 2020 £ 564,321 (96,330) |
|---|---|---|---|
| 467,991 | |||
| Total funds 2019 £ 609,074 (3,916) |
|||
| 605,158 |
Page 16
THE LIVER GROUP CHARITY CIO
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10. Related party transactions
Donations from trustees totalled £4,060 (2019 - £nil) during the year.
There were no other related party transactions during the current year or prior year.
11. Post balance sheet events
At the time of preparing these financial statements, the Covid pandemic was ongoing. Whilst the full impact on the charity’s finances and operations will not be known with certainty for some time, since the year end there has continued to be a negative impact on donation income and delays to laboratory work. The trustees are monitoring the situation and taking the necessary steps to mitigate against any adverse impacts of Covid.
Page 17
THE LIVER GROUP CHARITY CIO
DONATIONS TO THE “LIVER FOR LIFE” APPEAL
We are grateful to the following for donations to the “Liver for Life” Appeal
A Benjamin A C Selden A Davies (In memory of Jilly Davies) A Dowse A Gregory A Silva Amanda Ebanks Armourers & Brasiers Gauntlet Trust Associated British Ports Ltd
BAE Systems Bank of England Barclays Bank (Knightsbridge Limited) Billingsgate Christian Mission Charitable Trust
BTR PLC
C Binks C Collins C Jones (In memory of Jilly Davies) C W Mills CAF CE Heath PLC Chapman Charitable Trust Charities Trust Citibank Communisis Plc Conoco Philips Cookson Group Plc Courage Brewery Coutts Charitable Trust CSB Nitsch C Selden
D Davies (In memory of Jilly Davies) Dako Limited Daunt Book
E C Robinson E Wright Edgar E. Lawley Foundation Edwin George Robinson Charitable Trust EJH Stephenson (Deceased) Charitable Trust
Everyclick & GAYL Everyman Cinemas
Fishmonger’s Company Friends Provident
G Davies Gary Ingham Hair Salon and Spa Gauchos Generosity (by IndieGogo) Glaxo Plc Guardian Royal Exchange Plc
Haymills Charitable Trust HJ Heinz Co Ltd Charitable Trust HMRC Hon C A Pearson’s Charity Trust Honeywell Hudeson Charitable Trust
J Davies (In memory of Jilly Davies)
J Gibbs Jardine Insurance Services Ltd JM Elgie (In memory of Jilly Davies) J Hughes John Taylor Funeral Service Just Text Giving
KPMG Pet Marwick
Laings of London Land Securities Plc Life Technologies Linder Myers LLP L Joyce L Provost Lloyds Bank Plc Lords Hampstead
Mackintosh Foundation Mars UK Corporate Services Ltd M Cooper M Matthews Maureen Ng (In memory of Sai Peng) Menzies Group MF Cullen (In memory of Jilly Davies) Misses Barrie Charitable Trust Morgan Advanced Materials
N Davies N Low N Smith Charitable Settlement New Brunswick
P Davies (In memory of Dr C Davies) Pamela Godfrey P Smith Peter Stebbings Memorial Charity Pfizer Ltd PWC
R C & Mrs D Ward R Mulji R F Venn (In memory of Jilly Davies) R J Price R Stowell
Robert Fleming Holidays Ltd Robert Luff Foundation Ltd Roger Vere Foundation Rowan Bentall Charitable Trust Royal London Insurance Ltd / Scottish Life Rudolf Wolf & Co
Sandoz
S Collins Schroders Plc Seagrams Distillery Charitable Trust Securicor Plc S Guglani Sir Samuel Scott of Yews Trust Smiths Group PLC Snappy Snaps Societe Generale UK Stella Symons Foundation Sunlife Assurance
The Arnold Burton 1998 Charitable Trust
The Astor Foundation The Balint Family Trust The Bergqvist Charitable Trust The Bernard Sunley Charitable Foundation
The Big Give The Boots Charitable Trust The Bowerman Memorial Trust The Catherine Cookson Charitable Trust The Chandris Foundation The Charles Littlewood Hill Charitable Trust The Childwick Trust The Clothworkers Foundation The Cooper Charitable Trust The Dunhill Medical Trust The Economist The Eranda Foundation The Fitton Trust The Forte Charitable Trust The Garfield Weston Foundation The Gerald Palmer Eling Trust The Haberdashers Company The Hamamelis Trust The Hartnett Charitable Trust The Hospital Saturday Fund The John & Celia Bonham Christie Charitable Trust The John Ellerman Foundation The Lennox Hannay Charitable Trust The Loke Wan Tho Foundation The Mary Webb Trust The Michael and Anna Wix Charitable Trust The Peter Bowring Charitable Trust The Pharsalia Charitable Trust The Pharmaceutical Brand Consultancy The Oakdale Trust The Really Helpful Group The Reuben Foundation The Roger Vere Foundation The SMB Trust The Sobell Foundation The Steel Charitable Trust The Walter Guinness Charitable Trust The Worshipful Company of Saddlers The Worshipful Company of Salters Thomson Corporation Charitable Trust Thriplow Charitable Trust TI Group Tom and Sheila Springer Charity Tomkins Plc
Vauxhall Violet M Richards Charity
Wagamama Waterstones Whitbread Plc Wilkinson Hardware Stores Ltd William & Mabel Morris Charitable Trust
Yorkshire and Clydesdale Bank
Zara Restaurant
We would also like to thank those who have donated anonymously.
The Liver Group Charity CIO
Publications arising from the work of the Liver Group Charity in 2020
Small-Scale Fluidized Bed Bioreactor for Long-Term Dynamic Culture of 3D Cell Constructs and in vitro Testing.
Mendonça da Silva J, Erro E, Awan M, Chalmers SA, Fuller B, Selden C.
Front Bioeng Biotechnol. 2020 Aug 20;8:895. doi: 10.3389/fbioe.2020.00895. eCollection 2020.PMID: 32974291
S90 LARGE SCALE FREEZING AND THAWING OF CELL ORGANOIDS USING 3 DIMENSIONAL CRYOBAGS IS A VIABLE PROPOSITION FOR USE WITH HEPATICAN, A BIOARTIFICIAL LIVER MACHINE TO TREAT PATIENTS WITH ACUTE LIVER FAILURE
Clare Selden, Tom Brookshaw, Eloy Erro, Maooz Awan, Elise Forster-Brown, Alfie Watt, Elizaveta Zotova, Sweta Chandel, Barry Fuller
Presented at Cryo 2020, International meeting of Cryobiology 2020
Time: July 23, 2020, 9:15 a.m. to July 23, 2020, 9:45 a.m. (PDT)