Charity number: 326971 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION CONTENTS Page Reference and administrative details of the Charity. its Trustees and advisers Trustees. report Independent examiner's report statement of financial activities Balanco sheet Notes to the financial $tatement$ 8-17
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023 Trustees Prof R M Greenhalgh MA MD Mchir FRCS (deceased 6 October 20231 S Greenhalgh N B Botterill N Bence-Trower Charity registered number 326971 Principal office 526 Fulham Roa London SW6 5NR Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Investment Advisers Cazenove Capital Management 12 Moorgale London EC2R 6DA Solicitors SMR Solicitors 50 Weslgale Chichester Wesl Sussex P019 3HE Page 1
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their annual report together with the financi81 statements of the Charity for the year 1 August 2022 to 31 July 2023. Objectives and activities a. Polieies and objectives The principal object of the Foundation is lo promote the relief of sickness of persons who suffer or are likely to suffer from vascular disease. This object has been achieved by making grants, particularly lo Imperial College School of Medicine. In setting objectives and planning for activities, the Trustees have given due consideration to general guidanee published by the Charity Commission relating to public benefit, including the guidance 'Public benefit." running 8 charity IPB21'. b. Activities undertaken to achieve objectives The Charity undertakes to give grants to worthy organisations in order to achieve il's objectives. c. Main activities undertaken to further the Charity's purposes for the public benefit The charity has eontinued to successfully fund medical research that has completed studies and published articles on rupture rates of small abdominal aorb'c aneurysm as well as on the mre and predictability of graft rupture after endovascular and open abdominal 8OrtIC aneurysm repair. The work carried out in previous ye8rs through funding by the Foundation on three-dimensional imaging of scans for atsrtic aneurysm was successfully published in the European Journal of V8scu18r and Endovascular Surgery. The policy remained lo take out only seed money and not to fund major research efforts. Due to the ill health and sad passing of Prof Greenh81gh on 6 October 2023 the Charity has not been able to make significant grants within the financial year. The Charity plans to resume grant funding in the near future. Achievements and performance 8. Investment Performance The investment portfolio has been managed during the year under review by our Investment Advisors in accordance with the discretionary powers given lo them. The market value of the Foundation's investments decreased during the year due to slightly faltering market conditions. b. Investment Powers The Trustees are aulhorised to make and hold investments using the general funds of the Charity. The investments made are upon the advi of the Charity's investment advisors, Cazenove Capital Management. Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to eontinue in operational existence for the foreseeable futu. For this reason, they continue lo adopt the going concern basis in preparing thè financial stalemenls. Further details regarding the adoption of the going COnM basis can be found in the accounting policies. Page 2
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 b. Reserves policy The Trustees, policy for investment is lo maximise the total return. The policy has been followed during the year under the review. The Trustees aim to maintain reserves of £1 million lo preserve the continuity of the Foundation for the foreseeable future. The current policy and level of investments is considered, by the Trustees, as appropriate lo facilitate anticipated outgoing grant funding. c. Review of the Year During the Year the Charity generated income of £68,379 12022.. £62,5461 entirely from investments. Expenditure amounted lo £9,630 12022.. £9,603), being £6,090 12022.. £4,976) on raising funds and £3,540 12022.. £4,627) on charitable activities. There was a loss on investment revaluation of £31,055 12022.. Loss of £89,013). The Charity made a surplus of £27,694 12022.. Loss of £36,070) lo give fvnds carried forward at the year end of £1,631,484 12022.. £1,603,790). All income, expenditure, losses on investment revaluations and nds are unrestricted in nature. Page 3
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 JULY 2023 Structure, govemance and management Constitution The Camelia Bortnar Arterial Research Foundation Ifomedy known as The AFG Arterial Disease Research Foundation) was constituted by the means of a Declarab'on of Trust dated 25th September 1985. The deed was subsequently upd8ted on 23rd August 1996 (changing the name of the Foundation) and 16th June 2009. b. Methods of appointment or election of Trustees New Trustees are recruited when required from those who a interested in and Connected to research work that the Foundation supports. They meet annually to approve grant applieations. No Trustee received any renumeralion or expenses in respect of services to the Foundation. statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally AcpIed Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale 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 reqUId to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting estimates that are reasonable and prudent", stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., 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 lo show and explain the Charity's transactions and disclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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 their behalf by.. S Greenhalgh Trustee Dale. 1410812024 Page 4
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2023 Independent Examiner's Report to the Trustees of The Camelia Botnar Arterial Research Foundation {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2023. 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 I'lhe 2011 ACYI. 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 14515llbl of the 2011 Act. Independent Examiner's Statement I have completed my examination. I confirm that no mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or the accounts do not accord with those records", or the accounts do not comply with the applicable requirements conMIng the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf 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 solèly to the Charity's Trustees, as a body, in aecordance with Part 4 of the Charities IAecounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the Charity's Trustees those matters l am reqUId to stale to them in an Independent ex8minerfs report and for no other purpose. To the fullest extent permitted by18w, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. /4e/& SAwzJtrrkv& Dated. 14/08/2024 Ian Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Page 5
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Investments 68.379 68.379 62.546 Totsl Income 68,379 68,379 62,546 Expendlture on: Raising funds Charitable activities 6,090 3.540 6,090 3.540 4,976 4,62T Total expendlture 9,630 9,630 9,603 Net income before net losses on investments Nel gainslllossesl on investments 58,749 131.0551 58,749 131.0551 52,943 (89,013) Net movement in funds 27,694 27,694 (36,070) Reconciliation of funds.. Total funds brought forward Nel movement in funds 1,603,790 27,694 1,603,790 27,694 7,639, 860 (36,070) Total fund$ carried forward 1,631,484 1,631,484 7,603, 790 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial slalemenls. Page 6
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Flxed assets Investments 10 1,417.877 1,453,205 1.417,877 1,453,205 Current assets Debtors 15,805 203.037 15,707 142,520 Cash al bank and in hand 218,842 158,227 Creditors.. amounts falling due within one year 12 15,235) (7,642) Net current assets 213,607 150,585 Total net assets 1,631,484 1,603, 790 Charity funds Unrestricted funds 13 1,631,484 1,603, 790 Total funds 1,631,484 1,603, 790 The financial stslemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. Stgpkg4 GigeKkal8k S Greenhalgh Trustee Dale.. 1410812024 The notes on pages 8 10 17 form part of these financial statements. Page 7
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies 1.1 Basis of preparation of financial ststements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 JanLJary 20191, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Camelia Botnar Arterial Research Foundation 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 slated in the relevant awounting policy. 1.2 Going concern The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance al the year end. After making appropriate enquiries. the Trustees therefore have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial st8temenls. 1.3 Income All income is recognised once the Charity has entillemenl to the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax 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 paty, 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 on raising funds includes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcUy undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been mel at the year end are noted as a commitment, bul not accrLJed as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 8
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Accounting policies Icontinuedl 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 institution with whom the funds are deposited. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured al fair value al the Balan sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on inveslmenls, in the Slalement of financial aclivilies. 1.7 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.8 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 dale of acquisition or opening of the deposit or similar account. 1.9 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anlicipales il will pay lo sellle the debt or the amount il has reiVed as advanced payments for the goods or services it musl provide. 1.10 Fund accounting General fvnds are unreslricled fvnds 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. Investment income, gains and losses are allocated to the appropriate fvnd. Page 9
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Investment income Unrestricted funds 2023 Total funds 2023 Investment income Bank interest 63,042 5,337 63,042 5,337 68,379 68,379 Unrestricted funds 2022 Tot81 funds 2022 Investment income Bank interest 62,292 254 62.292 254 62,546 62,546 Investment management costs Unrestricted funds 2023 Total funds 2023 Portfolio management 6,090 6,090 Unrestricted funds 2022 Total funds 2022 Portfolio management 4,976 4,976 Page 10
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of grants Grants to Grants to Institutions Individuals 2023 2023 Total funds 2023 Research of Vascular Disease 1,500 1,500 Grants to Institutions 2022 Total funds 2022 Research of Vascular Disease 2,647 2,647 Analysis of expenditure on charitsble activities Summary by fund type Unrestricted funds 2023 Total 2023 Research of Vascular Disease 3,540 3,540 Unrestricted funds 2022 Total 2022 Research of Vascular Disease 4,627 4,62T Page11
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Main recipients of institutional grants 2023 2022 Imperial College School of Medicine 2,647 2,647 Anatysis of expenditure by activities Grant funding of activities 2023 Support costs 2023 Total funds 2023 Research of Vascular Disease 1,500 2,040 3.540 Grènt funding ol activities Support costs 2022 Total funds 2022 2022 Research of Vascular Disease 2,647 1,980 4,627 Anatysis of support eosts Research of Vaseular Disease 2023 Total funds 2023 Governance costs 2,040 2,040 Governance costs consist entirely of fees payable to the Charity's Independent Examiner. Page 12
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 Analysis of expenditure by activities Icontinuedl Analysis of support costs Icontinuedl Research of Vascular Disease 2022 Total funds 2022 Governance costs 1,980 1,980 Governance costs in the prior year consist entirely of fees payable lo the Charity's Independent Examiner. Independent examiner's remuneration 2023 2022 Fees payable to the Charity's independent examiner for the pparatiOn and independent examination of the Charity's annual accounts 1,980 Trustees. remuneration and expenses During the year, no Trustees reiVed any remuneration or other benefits (2022- £NIL). During the year ended 31 July 2023, no Trustee expenses have been Incurred (2022- £NILJ. Page 13
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 10. Fixed asset investments Listed investments Cost or valuatlon At 1 August 2022 Disposals Revaluations 1,453,205 14.2731 131.0551 At 31 July 2023 1,417,877 Net book value At 31 July 2023 1.417,877 At 31 July 2022 1,453,205 Page 14
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 11. Debtors 2023 2022 Due within one year Prepayments and accrued income 15.805 75,707 15,805 15,707 12. Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 5,235 7,642 Page 15
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 13. Statement of funds statement of funds - current year Balance at 1 August 2022 Gainsl Balance at (Losses) 31 July 2023 Income Expenditure Unrestricted funds General Funds - all funds 1.603,790 68.379 19.6301 131.055} 1.631,484 Statement of funds - prior year Balan at l August 2021 Gains/ Balan at (Losses) 31 July 2022 Income Expenditure Unrestricted funds General Funds - all fvnds 1,639,860 62,546 (9,603) (89,073) 1,603, 790 Page 16
THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 14. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Fixed asset investments 1,417,877 218,842 15,2351 1.417,877 218,842 15,2351 Current assets Creditors due within one year Total 1,631,484 1.631,484 Anatysls of net assets between funds - prlor year Unrestricted funds 2022 Total funds 2022 Fixed asset investments Current assets Creditors due within one year 1,453,205 158.227 (7,642) 1,453,205 158,227 {7,642) Total 1,603, 790 1,603, 790 15. Related party transactions Professor R M Greenhalgh was the head of the Vascular Research Group at Imperial College School of Medicine. During the year, no grants were paid lo this instiluilion 12022. £2,647). Professor R M Greenhalgh received no personal financial benefit from the grants. Page 17