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
COn￿M 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 Ac￿pIed 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 reqUI￿d 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 con￿MIng 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 reqUI￿d 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 re￿iVed 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 p￿paratiOn and
independent examination of the Charity's annual accounts
1,980
Trustees. remuneration and expenses
During the year, no Trustees re￿iVed 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