Registered number: 10537833 Charity number: 1171470
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Trustees' Responsibilities Statement | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 20 |
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023
| Trustees | Professor J Martin |
|---|---|
| Dr R Breckenridge (appointed 2 October 2023) | |
| R Macallister (resigned 1 March 2024) | |
| P Coffey (resigned 25 September 2023) | |
| D Tapolczay (resigned 21 September 2023) | |
| Company registered number 10537833 Charity registered number 1171470 Registered office Bates Wells 10 Queen Street Place London EC4R 1BE Chief executive officer Mr S Scott Independent Examiner Nyman Libson Paul LLP Chartered Accountants Regina House 124 Finchley Road London NW3 5JS Bankers Royal Bank of Scotland 62-63 Threadneedle Street London EC2R 8LA Solicitors Bates Wells 10 Queen Street Place London EC4R 1BE Pinsent Masons 30 Crown Place Earl Street London EC2A 4ES |
Page 1
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
The directors (trustees) of St George Street Capital (the charity) present their report and financial statements for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019).
Objectives and activities
The Charity's objectives are the advancement of health for public benefit, in particular, but without limitation, by promoting medical research and innovation through supporting scientific and technological discoveries to transition these through therapeutic assessment ultimately for the benefit of patients in diseases with current unmet needs.
The Charity seeks to take clinic ready assets and, through funding clinical and mechanistic trials, help progress these assets through to patients where clinical need exists. The Charity is disease area agnostic and has developed a set of criteria which aid decision-making. The criteria considers the ability to partner (the likelihood the asset will be licensed by a pharma/biotech company in order that it will ultimately reach patients); speed (to ensure therapies have the potential to be accelerated to patients in a reasonable timeframe, for example assets must have normally passed through Ph I trials successfully to be considered); and the potential of such assets to be developed into affordable patient-ready therapies.
During the 2023 period the Charity’s activities included:
-
Agreed funding terms with Conduit Pharma (Nasdaq : CDT)
-
Reorganise the company to align better with it’s near term goals;
-
Investment presentation meetings with potential partners for AZD1656 and AZD5904;
-
Continued engagement with AstraZeneca including progress updates;
Public Benefit
The trustees confirm that they have referred to the guidance issued by Charity Commission in section 17 under Charities Act 11 on public benefit when reviewing the Charity’s aims and objectives and in planning the Charity’s activities.
Achievements and performance
Against its objectives and activities, the Charity has performed well.
-
The Charity has published a review in Current Opinion in Pharmacology. This is a major advance in autoimmune diseases.
-
Following Charity- generated think tanks we have identified new approaches to clinical translation using AZD1656.
-
Continued partnership with Queen Mary University London to further understand the mechanism of immunomodulatory action of AZD1656 using laboratory experiments. This work has also identified the origin of myocarditis in men following vaccination.
-
Continued positive engagement with AstraZeneca including notification of further assets in the pipeline for SGSC to develop.
Managing cash flow has been challenging from time to time however following an agreement to liquidate some of the Conduit shares the Charity was in a position to continue operations and keep current on all obligations.
During 2023 the Charity was principally funded by the liquidation of Conduit shares.
Page 2
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Together with our collaboration with Conduit, future plans include further fundraising to ensure that the charity can continue to deliver on its primary objectives, assets development through to patient therapeutics, and specifically developing the two assets successfully licensed from AstraZeneca.
Fundraising
The charity does not fund raise from the general public
Financial review
During the year the charity did not generate any income from donations or activities (2022: £155,000 donation income). During the year, investments held by the charity were listed on a public market and the charity funded expenditure by selling some of these investments. During the year the charity received £2,096,774 from sales of investments. In the previous year these investments had no market value, so this entire figure was recorded as gains on investments. The remaining investments were also revalued to their reporting date market value, making total gains £19,040,318. Expenditure was £927,895 (2022: £1,127,102) and the net increase in funds £18,112,423 (2022: £972,102).
Reserves Policy
The Charity has funds of £18,112,423 (2022: deficit of £2.1m, including £571k on restricted funds), primarily due to the revaluation of listed investments. The charity used this influx of funds to clear the deficit on restricted funds with a transfer during the year. The historical deficit was due to an estimated VAT liability. Historically the charity has not had a formal reserves policy due to incurring a large deficit recently after forming.
As noted in the going concern and post balance sheet event disclosures, the value of investments has fluctuated and declined post year end, and the charity has sold all holdings in order to secure their finances to the end of 2025. The charity will reconsider its financial position and reserves policy in 2024 but currently aims to ensure it has enough reserves to remain a going concern.
Risks and Uncertainties
The Trustees have assessed the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
-
In 2023 the principal uncertainties facing the Charity were:
-
Whether St George Street would be able to progress AZD1656 commercially resulting in long term substantial funding;
-
Whether St George Street could continue to identify more strategic funders in order that it could begin the clinical development of more licensed assets.
-
To meet 1 and 2 above St George Street has reduced its clinical scope to advance molecular understanding and drug development through simpler, smaller mechanistic studies.
Going Concern
Through a careful restructuring of the business the operating costs have been reduced significantly. Reviewing external legal and audit costs, external clinical consultants together with a reduction in staff has contributed to a more cost efficient business.
SGSC is ultimately dependent on identifying funding partners to substantial scientific advancement.
The Trustees accept that there is some uncertainty over the timing of such funding however, as a going concern it is funded for all of 2025 and in that period will make every effort to raise new funds to fund mechanistic studies.
Page 3
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023
Structure, governance and Management
The Charity is a company limited by guarantee which is governed by its Memorandum and Articles of Association dated 22 December 2016 as amended on 19 March 2018. The members of the charities are the Trustees, and the guarantee is limited to £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Professor J Martin Dr R Breckenridge (appointed 2 October 2023) R Macallister (resigned 1 March 2024) P Coffey (resigned 25 September 2023) D Tapolczay (resigned 21 September 2023)
Trustees are appointed by majority vote of the board of trustees.
New trustees are provided with a comprehensive induction, which includes being informed of the charity's governing documents, key policies, and information about their roles and responsibilities, alongside opportunities to meet with existing trustees and senior staff to gain an understanding of the charity's activities and operations.
The trustees are consulted for their scientific and clinical expertise when selecting which clinical assets to progress, and to confirm that assets under consideration will meet our charitable objective. Day to day operations are delegated to the Interim Chief Executive. The Charity consults with external experts and key opinion leaders as required.
Conflict of Interest awareness has been part of the operation of the Charity.
Key management pay and remuneration
Benchmark data from other medical charities was used to inform the remuneration of the MD and Chief Executive.
Relationships with other charities and organisations
In 2019 the Charity was actively in discussions with large pharmaceutical companies regarding assets that they were no longer publishing. All potential medicines were for high unmet patient need. In August 2019 a licensing agreement was signed with AstraZeneca. Discussions with The Blind Veterans Association are also in progress.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Professor J F Martin
Date:
Page 4
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023
The Trustees (who are also the directors of the Charity 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) 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.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
Professor J F Martin
Date:
Page 5
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023
Independent Examiner's Report to the Trustees of St George Street Capital ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity (and 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 Charity 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 the Charity's accounts 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.
Independent Examiner's Statement
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:
-
accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Signed: Dated: Andrew Thomas ACA Nyman Libson Paul LLP Chartered Accountants Regina House 124 Finchley Road London NW3 5JS
Page 6
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Donations and legacies Total income Expenditure on: Charitable activities 5 Other 6 Total expenditure Net expenditure before net gains on investments Net gains on investments Net income/(expenditure) Transfers between funds 16 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ - - - - - - - - 571,306 571,306 (571,306) 571,306 - |
Unrestricted funds 2023 £ - - 832,884 95,011 927,895 (927,895) 19,040,318 18,112,423 (571,306) 17,541,117 (1,519,413) 17,541,117 16,021,704 |
Total funds 2023 £ - - 832,884 95,011 927,895 (927,895) 19,040,318 18,112,423 - 18,112,423 (2,090,719) 18,112,423 16,021,704 |
Total funds 2022 £ 155,000 155,000 1,034,115 92,987 1,127,102 (972,102) - (972,102) - (972,102) (1,118,617) (972,102) (2,090,719) |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 20 form part of these financial statements.
Page 7
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee) REGISTERED NUMBER: 10537833
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Current assets Debtors 12 Investments 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets / liabilites Total assets less current liabilities Provisions for liabilities Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
9,350 16,943,544 811,821 17,764,715 (1,309,351) |
9,350 16,943,544 811,821 17,764,715 (1,309,351) |
2023 £ 16,455,364 16,455,364 (433,660) 16,021,704 - 16,021,704 16,021,704 |
6,971 - 16,417 23,388 (1,775,458) |
6,971 - 16,417 23,388 (1,775,458) |
2022 £ (1,752,070) (1,752,070) (338,649) (2,090,719) (571,306) (1,519,413) (2,090,719) |
|---|---|---|---|---|---|---|
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Professor J F Martin
Date: 11 Dec 2024��
The notes on pages 9 to 20 form part of these financial statements.
Page 8
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
St George Street Capital is a private company limited by guarantee incorporated in England and Wales. The registered office is 10 Queen Street Place, London, EC4R 1BE, United Kingdom.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
St George Street Capital meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
2.2 Going concern
The charity has net assets of over £16m, although this is heavily influenced by unrealised gains in investments. This is also evidenced by the events detailed in note 20 that the charity only realised £1.2m from the sale of its investments in 2024.
The charity is dependent on identifying funding partners to support its principal objectives. The trustees accept that there is some uncertainity over the timing of such funding but, together with a cash balance of circa £816k at the reporting date and the sale of investments post year end, it is funded for all of 2025 and in that period will make every effort to raise new funds to fund mechanistic studies.
Due to the above, the trustees have concluded that the charity will have adequate resources to continue in operation for at least twelve months from the date of approval of these financial statements and thus consider it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 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.
Page 9
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.4 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 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. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. Irrecoverable VAT is charged in aggregate to the charitable activity.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 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.
2.7 Liabilities
Liabilities and provisions 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 Charity 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. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.8 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.
2.9 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 10
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.10 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.
Restricted funds are used for the purposes of developing and performing clinical trials on drugs for medicinal purposes
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
Provision for VAT Penalty
Historically, the charity had not accurately accounted for VAT on the supply of services provided to funding partners. In the prior year financial statements, the trustees recorded a liability for the VAT together with a provision for the penalties and interest. This has been updated for additional amounts relating to the current year. the trustees have estimated the penalty percentage that is likely to apply in arriving at the latter provision.
4. Income from donations and legacies
During the year the charity did not receive any donations (2022: £155,000 unrestricted donations)
Page 11
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
5. Analysis of expenditure on charitable activities
Summary by fund type
| Total Charitable expenditure Restricted funds 2022 £ Total Charitable expenditure 159,843 |
Unrestricted funds 2023 £ 832,884 Unrestricted funds 2022 £ 874,272 |
Total 2023 £ 832,884 Total 2022 £ 1,034,115 |
|---|---|---|
6. Other expenditure
| Increase in VAT provision Increase in VAT provision |
Unrestricted funds 2023 £ 95,011 Unrestricted funds 2022 £ 92,987 |
Total funds 2023 £ 95,011 |
|---|---|---|
| Total funds 2022 £ 92,987 |
Page 12
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities
| Total Charitable activities Total Charitable activities Analysis of direct costs Staff costs Scientific costs Consultancy fees Other |
Activities undertaken directly 2023 £ 660,702 Activities undertaken directly 2022 £ 793,271 |
Support costs 2023 £ 172,182 Support costs 2022 £ 240,844 Total funds 2023 £ 575,204 85,498 - - 660,702 |
Total funds 2023 £ 832,884 Total funds 2022 £ 1,034,115 |
|---|---|---|---|
| Total funds 2022 £ 623,657 9,001 159,843 770 793,271 |
Page 13
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Consultancy fees Office rent Bad debt expense Bank charges Subscriptions and membership Finance costs Loss on disposal IT expenses Travel and subsistence Insurance Telephone Entertainment Printing, postage and stationery Governance costs |
Total funds 2023 £ 72,000 350 (33,916) 965 1,177 - - 15,373 37,574 20,540 2,660 4,690 227 50,542 172,182 |
Total funds 2022 £ - 1,034 140,336 2,035 2,597 2,578 937 1,869 9,313 6,695 2,217 - - 71,233 |
|---|---|---|
| 240,844 |
8. Governance costs
| Independent examination fees Legal & professional fees Bookkeeping and other accounting support |
Unrestricted funds 2023 £ 5,500 34,492 10,550 50,542 |
Total funds 2023 £ 5,500 34,492 10,550 |
|---|---|---|
| 50,542 |
Page 14
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| Independent examination fees Accountancy fees Legal & professional fees Bookkeeping and other accounting support |
Unrestricted funds 2022 £ 19,000 13,430 20,470 18,333 71,233 |
Total funds 2022 £ 19,000 13,430 20,470 18,333 |
|---|---|---|
| 71,233 |
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,500 ( 2022 - £19,000 ) , and Accountancy fee of £2,000 (2022 - £13,430).
10. Staff costs
| Wages and salaries Social security costs Other pension costs |
2023 £ 486,765 51,426 37,013 575,204 |
2022 £ 504,488 62,156 57,013 |
|---|---|---|
| 623,657 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Employees | 5 | 5 |
Page 15
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Staff costs (continued)
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| In the band £60,000 - £70,000 | - | 1 |
| In the band £80,000 - £90,000 | 1 | - |
| In the band £90,000 - £100,000 | - | 1 |
| In the band £110,000 - £120,000 | - | 1 |
| In the band £140,000 - £150,000 | 1 | - |
| In the band £150,000 - £160,000 | - | 1 |
| In the band £160,000 - £170,000 | 1 | - |
| In the band £190,000 - £200,000 | - | 1 |
Key management personnel remuneration, including off-payroll remuneration paid to service providers, was £647,204 (2022: £623,657)
11. Trustees' remuneration and expenses
One trustee received remuneration for his role as Chief Executive of the Charity, as agreed with the Charity Commission. No remuneration or benefits were received for the role of trustee. The value of Trustees' remuneration was as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| D Tapolczay | Remuneration | 195,244 | 200,000 |
During the year ended 31 December 2023, expenses totalling £46,972 were reimbursed or paid directly to 3 Trustees (2022 - £12,655 to 1 Trustee). Expenses were primarily for travel and accomodation, and other necessary costs incurred during the performance of their duties.
12. Debtors
| Due within one year Prepayments and accrued income |
2023 £ 9,350 9,350 |
2022 £ 6,971 |
|---|---|---|
| 6,971 |
Page 16
ST GEORGE STREET CAPITAL
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
| 13. Investments Listed investments with Conduit Pharmaceuticals Inc. 14. Creditors: Amounts falling due within one year Loans Trade creditors Other taxation and social security Other creditors Accruals 15. Provisions At 1 January 2023 Additions |
2023 £ 16,943,544 2023 £ - 23,234 1,252,890 - 33,227 |
2022 £ - 2022 £ 238,000 184,534 1,235,049 31,343 86,532 |
|
|---|---|---|---|
| 1,309,351 | 1,775,458 | ||
Page 17
ST GEORGE STREET CAPITAL (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Transfers | Gains/ | December | ||
| 2023 | Expenditure | in/out | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Unrestricted funds | (1,519,413) | (927,895) | (571,306) | 19,040,318 | 16,021,704 |
| Restricted funds | |||||
| Funding for clinical trials | (571,306) | - | 571,306 | - | - |
| Total of funds | (2,090,719) | (927,895) | - | 19,040,318 | 16,021,704 |
| Statement of funds - prior | year | ||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | December | ||||
| 2022 | Income | Expenditure | 2022 | ||
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| Unrestricted funds | (707,154) | 155,000 | (967,259) | (1,519,413) | |
| Restricted funds | |||||
| Funding for clinical trials | (411,463) | - | (159,843) | (571,306) | |
| Total of funds | (1,118,617) | 155,000 | (1,127,102) | (2,090,719) |
Page 18
(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Current assets Creditors due within one year Provisions for liabilities and charges Total |
Unrestricted funds 2023 £ 17,764,715 (1,309,351) (433,660) 16,021,704 |
Total funds 2023 £ 17,764,715 (1,309,351) (433,660) 16,021,704 |
|---|---|---|
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Provisions for liabilities and charges Total |
Restricted funds 2022 £ - (571,306) - (571,306) |
Unrestricted funds 2022 £ 23,388 (1,204,152) (338,649) (1,519,413) |
Total funds 2022 £ 23,388 (1,775,458) (338,649) (2,090,719) |
|---|---|---|---|
18. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. £37,013 (2022: £57,013) was paid during the year to the fund by the charity as an employer contribution. Contributions totalling £nil (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
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(A Company Limited by Guarantee)
ST GEORGE STREET CAPITAL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
19. Related party transactions
D Tapolczay, former trustee and Chief Executive Officer of the charity, is a director of Conduit Pharmaceuticals Limited, a company incorporated in the Cayman Islands. Mr Tapolczay resigned as a trustee and Chief Executive of the charity in September 2023.
The charity holds 6.6% (2022: 11.25%) investment of the issued share capital of Conduit Pharmaceuticals Limited.
In September 2023, Conduit Pharmaceuticals Limited went through a corporate restructuring. In the reorganisation, 147 of the 225 shares with a nominal value of $0.0001 owned by the Charity in Conduit Pharmaceuticals Limited were transferred to ownership of 4,749,816 common stock with a nominal value of $0.0001 within Conduit Pharmaceuticals Inc. This action has diluted George Street Capital ownership of the entity from 11.25% to 6.6%. The remaining 78 shares in Conduit Pharmaceuticals Limited were sold in September 2023 for £2.096m.
During the previous year, the charity held a loan of £238,000 due to Conduit Pharmaceuticals. At the reporting date, the balance of this loan was £Nil.
During the year, trustees made donations to the charity of £nil (2022: £10,000).
20. Post balance sheet events
The charity holds on its balance sheet investments of £16,943,544 in Conduit Pharmaceuticals Inc. After the reporting date, the investment has performed poorly and although the charity completed selling all of its holding before losing all value, the realised receipts from the sale of the above investments were under £1.2m. This is considered a non-adjusting event and thus no adjustments have been recorded in these financial statements.
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