Charity number: 326971 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 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 Balance sheet Notes to the financial statements 8-15 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Prof R M Greenhalgh MA MD Mchir FRCS {deceased 6 October 2023) S Greenhalgh N B Botterill N Bence-Trower Charity registered number 326971 Principal office 528 Fulham Road London SW6 5NR Independent Examiner lan Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW Investment Advisers Cazenove Capit81 Management 12 Moorgate London EC2R 6DA Sollcitors SMR Solicitors 50 Westgate Chichester West Sussex P019 3HE Page 1 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 1 August 2023 to 31 July 2024. Objectives and actlvltles a. Policies and objectlves The principal object of the Foundation is to 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 to Imperial College School of Medicine. In setting objectives and planning for activities, the Trustees have given due Consideration to general guidance published by the Charity Commission relating to public benefrt, including the guidance 'Public benefrt- running a charity (P82)'. b. Activities undertaken to achieve objectives The Charity undertakes to give grants to worthy organisations in order to achieve it's objectives. c. Main activities undertaken to further the Charity's purposes forthe publlc benefit The charity has continued to successfully fund medical research that has completed studies and published articles on rupture rates of small abdominal aortic aneurysm as well as on the rare and predictability of graft rupture after endovascular and open abdominal aortic aneurysm repair. The work carried out in previous years through funding by the Foundation on three4imensional imaging of scans for aortic aneurysm was successfully published in the European Journal of Vascular and Endovascular Surgery. The policy remained to take out only seed money and not to fund major research efforts. 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 a. Investment Perfomianco The investment portfolio has been managed during the year under review by our Investment Advisors in accordance with the discretionary pcwers given to 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 authorised to make and hold investments using the general funds of the Charity. The investments made are upon the advice of the Charty's investrnent advisors, Cazenove Capital Management. Flnanclal review a. Going concern After making appropriate enquiries, the Trustees have a reasonable exp8Ctation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 2 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 b. Reserves pollcy The Trustees, policy for investment is to maximise the total return. The policy has been followed during the year under the review. The Trustees aim to maintain reserves of £1 million to preserve the continuty of the Foundation for the foreseeable future. The current policy and level of investments is considered. by the Trustees, as appropriate to facilitate anticipated outgoing grant funding. c. Review of the Year During the Year the Charity generated income of £74,302 (2023.. £68,379) entirety from investments. Expenditure amounted to £3,997 (2023.. £9,630), being £1,857 {2023'. £6,090) on raising funds and £2,140 (2023: £3,540) on charitable activities. There was a profft on investment revaluation of £142,387 (2023- Loss of £31,055). The Charity made a surplus of £212,692 (2023: surplus of £27,694) to give funds carried forward at the year end of £1,844,176 {2023: £1,631,484). All income, expenditure, losses on investment revaluations and funds are unrestricted in nature. Structure, governance and management a. Constitution The Camelia Bortnar Arterial Research Foundation (formerly known as The AFG Arterial Disease Research Foundation) was constituted by the means of a Declaration of Trust dated 25th September 1985. The deed was subsequently updated on 23rd August 1996 (changing the name of the Foundation) and 16th June 2009. b. Methods of appointment or electlon of Trustees New Trustees are recruited when required from those who are interested in and connected to research work that the Foundation supports. They meet annually to approve grant applications. No Trustee received any renumeration or expenses in respect of services to the Foundation. Page 3 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance wth applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wale5 requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charty 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 ststements., prepare the financial statemenls on the going con￿rn 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 CharilYs 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 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. reerfhalgh Trustee Date: Page 4 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 Independent Examiner's Report to the Trustees of The Camella Botnar Artarial Research Foundation ('the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of tha accounts in accordance with the requirements of the Charities Acl 2011 ('the 2011 Acr). I report in respect of my examination ofthe Charitys accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Acl. Independent Examiner's Statement I have completed my examination. l Confirm that no matters have come to my attention in connection wrth the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of th8 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 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 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 solely to Ihe Charsws Trustees, as a body, in acurdance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. My work has been undertaken so thal I might state to the Charitys Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent pennitted by law, I do not accept or assume responsibilily to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed: Dated.. lan Saundetson 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 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 74.302 74,302 68,379 Total income 74.302 74,302 68.379 Expenditure on: Raising funds Charitable activities 1.857 2.140 1,857 2,140 6,090 3,540 Total expenditure 3,997 3,997 9, 630 Net income before net gainsl(losses) on investments Net gainsl(losses) on investments 70,305 79,580 70,305 79,580 58, 749 (31,055) Net movement in funds 149.885 149,885 27,694 Reconciliation of funds: Total funds brought forward Net movement in funds 1,631,484 149,885 1,631,484 149,885 1,603, 790 27,694 Total funds carried forward 1,781,369 1,781,369 1,631,484 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 15 fomi part of these financial statements. Page 6 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Investments 1.492,994 1,417,877 1A92,994 1,417,877 Current assets Debtors Cash at bank and in hand 10 15,664 274.851 15,805 203,037 290.515 218,842 Creditors.. amounts falling due within one year {2,140> (5,235) Net current assets 288,375 213,607 Totsl net assets 1,781,369 1,63q,484 Charity funds Unrestricted funds 12 1.781.369 1.631,484 Total funds 1,781,369 1, 631,484 The financial statements were approved and authorised for issue by the Trustees and signed on their behalF by= re Trustee Date: The notes on pages 8 to 15 fonn part of these financial statements. Page 7 THE CAMELIA BOTNAR ARTERIAL RESEARCH FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accountlng policies 1.1 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 charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {eff8Ctive 1 January 2019), the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Camelia Botnar Arterial Research Foundation meels the definition of a public benefrt entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting 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 heatthy cash balance at the year end. After making approprTate enquiries, the Truslees therefore have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. 1.3 Income All income is recognised once the Charty has entitlem8nt to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.4 Expondituro Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft 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 on raising funds includes all expenditure incurred by the Charity to raise funds for its charrtable purposes and includes costs of all fundraising activities events and non