**REGISTERED CHARITY NUMBER: 326689**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 30th September 2022**
**for**
**The Laser Trust Fund (Moghissi) Appeal**
Sadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
**The Laser Trust Fund (Moghissi) Appeal**
**Contents of the Financial Statements for the year ended 30th September 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|4|
|**Independent Examiner's Report**||5||
|**Statement of Financial Activities**||6||
|**Balance Sheet**||7||
|**Notes to the Financial Statements**|8|to|12|
|**Detailed Statement of Financial Activities**||13||
**The Laser Trust Fund (Moghissi) Appeal**
## **Report of the Trustees for the year ended 30th September 2022**
The trustees present their report with the financial statements of the charity for the year ended 30th September 2022. The trustees have adopted the provisions of 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).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives, Aims and Public benefit**
The objectives of the Trust remain to raise funds to enable research and education into the use of lasers for medical purposes. This includes a number of conditions, including cancer. The Trustees of the LTF are extremely grateful to the many donors who have supported our activities over the years; without their generous, and continuing, support our achievements would not have been possible.
Funds raised are used, principally, to support the Yorkshire Laser Centre Limited, (YLC), a company limited by guarantee, (also trading as the UK Medical Laser Centre) which carries out research and patient treatment with the use of lasers. Unfortunately, many of our lasers are now reaching the end of their life and we will be seeking support for the purchase of new equipment.
Over the last year, as expected, our activities reduced owing to Covid lockdown. Many of our routine activities, including hands-on research, had to be put on hold.
The following YLC activities continued:
- Our mobile service was used for Photodynamic Therapy to treat patients suffering from lung cancer
- An article was published by us in the journal PDPDT entitled "Does PDT have potentials in the treatment of Covid19 patients?" This is now included as recommended reading on the website of the World Health Organisation. - We published a further article, "PDT: the future. Quo Vadis?" in March 2022, also in PDPDT.
- Professor Moghissi made an online presentation to the European Society of Photobiology in August 2021. This was entitled: "Is there a therapeutic role for PDT in Covid19 / SARS infection?"
A total of £100,000 is retained as restrictive funds for future respiratory research.
Page 1
**The Laser Trust Fund (Moghissi) Appeal**
## **Report of the Trustees for the year ended 30th September 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Over the past years the YLC, supported by The Trust, has undertaken treatment sessions in the lung, oesophagus, skin, haemorrhoidectomy, urology, peri-anal and gynaecology. Many of these treatments aim at cure of early cancers whilst others support quality of life in those patients with more advanced disease, Also, clinical staff have been funded to attend courses for training and development; it is important that our staff are fully updated in terms of both clinical laser use and laser safety.
Professor Moghissi, who is Clinical Director of the YLC, provides electronic consultations to both patients and medical colleagues worldwide,
Since Covid, use of our mobile service has resumed slowly. We are currently in talks to co-operate with physicians and surgeons at Wythenshaw hospital, Manchester and Castle Hill Hospital, Hull.The YLC maintains links with local universities, including the Hull/York Medical School, sponsoring research into the clinical application of lasers, notably Photodynamic Therapy.
Photodynamic therapy (PDT) is a treatment for certain types of skin disorders which we have undertaken, for example conditions such as Actinic Keratosis, Bowens disease, persistent warts, Peri-Anal and Vaginal pre-cancerous skin conditions such as Intra Epithelial neoplastic skin changes (AIN & VIN) and Human Papilloma virus (HPV). A specific cream containing 5-ALA chemical (Metvix or Ameluze) is applied to the affected areas and left in place for 3-4 hours. The chemical within the cream is taken up by the abnormal cells and is converted to a light sensitive chemical within these cells. After 3-4 hours a powerful red light is then applied to the affected area to activate the chemical; this then kills the abnormal cells. The combination of cream, light and oxygen within the treated cells, produces a photodynamic reaction.
Our mobile service has been developed to facilitate laser therapy and staff training within the Health Service. Co-operation with, and provision of, services to NHS Trusts has been expanded and the YLC undertakes treatment sessions at hospitals around the UK, together with their Consultants. This has been successfully used for treatment and training at hospitals across the UK.
Plans of research in association with the NHS are being formulated but progress is frustratingly slow because of the rate of recovery of services within the NHS, making patient accessibility difficult. The latest project to be sponsored by the Laser Trust is the production of an international laser compendium; this is in production by Professor Moghissi with colleagues in the US and China and a LTF sponsored researcher.
Since much of our existing equipment will very soon require renewal, funding will need to be set aside for this purpose if we are to continue our work with the NHS.
The Trustees of the Laser Trust Fund (Moghissi) are delighted to share the news of two prestigious awards to Professor Moghissi:
- The British Medical Laser Association Lifetime Achievement Award
- The International Photodynamic Association Humanitarian Award
These are much deserved and we offer our sincere congratulations and thanks for his unremitting dedication.
Page 2
**The Laser Trust Fund (Moghissi) Appeal**
## **Report of the Trustees for the year ended 30th September 2022**
## **FINANCIAL REVIEW**
## **Financial position**
Although the Trust has substantial funds at its disposal, funds are already committed to the work of YLC for at least the next 12 months and restricted funds for the purchase of new laser equipment.
The continued support of donors is therefore required in view of working capital requirements for - theatre operating costs and clinical compliance fees for YLC - Application of funds for use in the treatment of patients, both with cancer and other medical conditions - The administration and research programmes of YLC - New research into gynaecology and ano-rectal applications - A substantial capital investment programme including a range of new laser equipment. - Work previously undertaken in the area of PDT in microbiology, which is to be extended to the area of surgical infection.
As at 30th September 2022 there was a balance of £289,414 in the Unrestricted General Fund (2021: £287,327). Of this, £100,000 has been set aside in a designated fund for equipment replacement.
## **Investment policy and objectives**
The Trustees have absolute power to invest as they see fit.
## **Reserves policy**
The Trustees hold reserves to fund the work of the Yorkshire Laser Centre to which it provides an annual grant (£48,000 2022, £66,000 2021) . In addition the Trustees have designated £100,000 from reserves to ensure that it is able to purchase relevant equipment as and when it becomes available. The Trustees aim to hold sufficient reserves to provide working capital for a minimum of one year. The unrestricted reserves as at 30th September 2022 amounted to £189,414 together with £100,000 in the designated reserve.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The Laser Trust Fund (Moghissi) Appeal, also called The Moghissi Laser Trust, ("The Trust"), is constituted by Deed of Trust dated 11th March 1984
## **Trustees**
No Trustee takes any remuneration or any expenses from the Trust. Professor Keyvan Moghissi, Graham Jones and Andrew Thorpe are also directors of Yorkshire Laser Centre Limited from which they draw no remuneration although expenses necessarily incurred in relation to the company's activities are reimbursed to them.
## **Related parties**
The charity raises funds to carry out clinical research and treatment. This work is carried out by Yorkshire Laser Centre Limited, a company limited by guarantee. Professor K Moghissi, G S Jones and J A C Thorpe are also directors of Yorkshire Laser Centre Limited. During the year the charity provided grants of £48,000 to Yorkshire Laser Centre Limited (2021: £66,000).
## **Risk management**
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining our free reserves at the correct levels, combined with our annual review of the controls over key financial systems carried out through an internal audit programme, will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which we face and confirm that they have established systems to mitigate the significant risks.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Charity number**
326689
## **Principal address**
1 Green Acres Kirkella Hull HU10 7JD
Page 3
**The Laser Trust Fund (Moghissi) Appeal**
## **Report of the Trustees for the year ended 30th September 2022**
## **Trustees**
Professor K Moghissi BSC MD FRCS G S Jones Ms L Sharpe Dr J.K. Kastelik Professor M. L. Loubani
## **Independent Examiner**
Paul Drant FCCA, ACA Sadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
## **Bankers**
Barclays Bank UK Plc 1 Churchill Place London E14 5HP
Approved by order of the board of trustees on 27th July 2023 and signed on its behalf by:
Professor K Moghissi BSC MD FRCS - Trustee
Page 4
**Independent Examiner's Report to the Trustees of The Laser Trust Fund (Moghissi) Appeal**
## **Independent examiner's report to the trustees of The Laser Trust Fund (Moghissi) Appeal**
I report to the charity trustees on my examination of the accounts of The Laser Trust Fund (Moghissi) Appeal (the Trust) for the year ended 30th September 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
Paul Drant FCCA, ACA
Sadofskys Chartered Accountants Princes House Wright Street Hull East Yorkshire HU2 8HX
27th July 2023
Page 5
**The Laser Trust Fund (Moghissi) Appeal**
## **Statement of Financial Activities for the year ended 30th September 2022**
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**57,750**
Investment income
2
**387**
**Total**
**58,137**
**EXPENDITURE ON**
**Charitable activities**
General
**55,960**
**NET INCOME**
**2,177**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**287,237**
**TOTAL FUNDS CARRIED FORWARD**
**289,414**|Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**45,000**
**45,000**|**2022**
**Total**
**funds**
**£**
**57,750**
**387**
**58,137**
**55,960**
**2,177**
**332,237**
**334,414**|2021
Total
funds
£
137,936
354|
|---|---|---|---|
||||138,290|
||||82,495|
||||55,795
276,442|
||||332,237|
The notes form part of these financial statements
Page 6
**The Laser Trust Fund (Moghissi) Appeal**
## **Balance Sheet**
## **30th September 2022**
|Unrestricted
Restricted
funds
fund
Notes
£
£
**FIXED ASSETS**
Tangible assets
5
**6**
**-**
**CURRENT ASSETS**
Cash at bank
**290,968**
**45,000**
**CREDITORS**
Amounts falling due within one year
6
**(1,560)**
**-**
**NET CURRENT ASSETS**
**289,408**
**45,000**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**289,414**
**45,000**
**NET ASSETS**
**289,414**
**45,000**
**FUNDS**
7
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|**2022**
**Total**
**funds**
**£**
**6**
**335,968**
**(1,560)**
**334,408**
**334,414**
**334,414**
**289,414**
**45,000**
**334,414**|2021
Total
funds
£
6
334,751
(2,520)
332,231
332,237
332,237
287,237
45,000
332,237|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27th July 2023 and were signed on its behalf by:
K Moghissi BSC MD FRCS - Trustee
The notes form part of these financial statements
Page 7
**The Laser Trust Fund (Moghissi) Appeal**
## **Notes to the Financial Statements**
## **for the year ended 30th September 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
||**2022**|2021|
|---|---|---|
||**£**|£|
|Deposit account interest|**387**|354|
continued...
Page 8
**The Laser Trust Fund (Moghissi) Appeal**
## **Notes to the Financial Statements - continued for the year ended 30th September 2022**
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30th September 2022 nor for the year ended 30th September 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30th September 2022 nor for the year ended 30th September 2021.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
137,936
Investment income
354
**Total**
138,290
**EXPENDITURE ON**
**Charitable activities**
General
82,495
**NET INCOME**
55,795
**RECONCILIATION OF FUNDS**
Total funds brought forward
231,442
**TOTAL FUNDS CARRIED FORWARD**
287,237
**5.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1st October 2021 and
30th September 2022
**DEPRECIATION**
At 1st October 2021 and
30th September 2022
**NET BOOK VALUE**
At 30th September 2022
At 30th September 2021|Restricted
fund
£
-
-
-
-
-
45,000
45,000|Total
funds
£
137,936
354
138,290
82,495
55,795
276,442
332,237
Plant and
machinery
£
**203,724**
**203,718**
**6**
6|Total
funds
£
137,936
354|
|---|---|---|---|
||||138,290|
||||82,495|
||||55,795
276,442|
||||332,237|
continued...
Page 9
**The Laser Trust Fund (Moghissi) Appeal**
## **Notes to the Financial Statements - continued for the year ended 30th September 2022**
|**6.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**7.**
**MOVEMENT IN FUNDS**
At
1/10/21
£
**Unrestricted funds**
General fund
**187,237**
Equipment replacement fund
**100,000**
**287,237**
**Restricted funds**
YAG Laser Fund
**45,000**
**TOTAL FUNDS**
**332,237**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**58,137**
**TOTAL FUNDS**
**58,137**
**Comparatives for movement in funds**
At
1/10/20
£
**Unrestricted funds**
General fund
131,442
Equipment replacement fund
100,000
231,442
**Restricted funds**
YAG Laser Fund
45,000
**TOTAL FUNDS**
276,442|**2022**
2021
**£**
£
**-**
1,200
**1,560**
1,320
**1,560**
2,520
Net
movement
At
in funds
30/9/22
£
£
**2,177**
**189,414**
**-**
**100,000**
**2,177**
**289,414**
**-**
**45,000**
**2,177**
**334,414**
Resources
Movement
expended
in funds
£
£
**(55,960)**
**2,177**
**(55,960)**
**2,177**
Net
movement
At
in funds
30/9/21
£
£
55,795
187,237
-
100,000
55,795
287,237
-
45,000
55,795
332,237|
|---|---|
continued...
Page 10
**The Laser Trust Fund (Moghissi) Appeal**
## **Notes to the Financial Statements - continued for the year ended 30th September 2022**
## **7. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
138,290
138,290|Resources
Movement
expended
in funds
£
£
(82,495)
55,795
(82,495)
55,795|Resources
Movement
expended
in funds
£
£
(82,495)
55,795
(82,495)
55,795|
|---|---|---|---|
||||55,795|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
Equipment replacement fund
**Restricted funds**
YAG Laser Fund
**TOTAL FUNDS**|At
1/10/20
£
131,442
100,000
231,442
45,000
276,442|Net
movement
in funds
£
57,972
-
57,972
-
57,972|At
30/9/22
£
189,414
100,000|
|---|---|---|---|
||||289,414
45,000|
||||334,414|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Movement|
|---|---|---|---|
||resources|expended|in funds|
||£|£|£|
|**Unrestricted funds**||||
|General fund|196,427|(138,455)|57,972|
|**TOTAL FUNDS**|196,427|(138,455)|57,972|
The Trustees have designated £100,000 for the replacement of lasers and photodiagnosis equipment.
The YAG Laser Fund is to acquire new equipment (Yttrium Aluminium Garnet Laser). The charity is still looking for an appropriate item of equipment to purchase as the technology is continually advancing.
continued...
Page 11
**The Laser Trust Fund (Moghissi) Appeal**
## **Notes to the Financial Statements - continued for the year ended 30th September 2022**
## **8. RELATED PARTY DISCLOSURES**
There were no related party transactions other than the grants paid to Yorkshire Laser Centre
Page 12
**The Laser Trust Fund (Moghissi) Appeal**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Commission payable
Grants to institutions
**Support costs**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income**|**Detailed Statement of Financial Activities**
**for the year ended 30th September 2022**|2022
£
**57,750**
**387**
**58,137**
**6,400**
**48,000**
**54,400**
**1,560**
**55,960**
**2,177**|2021
£
137,936
354|
|---|---|---|---|
|||||
||||138,290
15,175
66,000|
||||81,175
1,320|
||||82,495|
||||55,795|
This page does not form part of the statutory financial statements
Page 13