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2021-07-31-accounts

Registered number: 02161565 Charity number: 800365

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Auditors' Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15 - 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 40
The following pages do not form part of the statutory financial statements:
Charity Detailed Income and Expenditure Account and Summaries

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021

Trustees

Mr Patrick Burgess OBE DL, Chair Lord David Neuberger PC Sir Guy Weston Dr Jeffrey Herbert The Revd Dr Sir Ralph Waller KBE

Company registered number

02161565

Charity registered number

800365

Registered office

10 St Bride Street, London, EC4A 4AD

Company secretary

Mrs Diana Rawstron

President/Director of the Institute (1 September 2021)

Rt Hon Professor the Lord Kakkar, PC

Independent auditors

Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG

Bankers

Coutts & Co, 440 Strand, London, WC2R 0QS

C. Hoare & Co, 37 Fleet Street, London, EC4P 4DQ

Solicitors

Goodman Derrick LLP, 10 St Bride Street, London, EC4A 4AD

Page 1

THE THROMBOSIS RESEARCH INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2021

The Trustees present their annual report together with the audited financial statements of the Company for the 1 August 2020 to 31 July 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution and Organisational structure

The Institute is registered as a company limited by guarantee and is constituted under a Memorandum of Association dated 4 September 1987 and is a registered charity number 800365.

The Institute is administered by a Board of unpaid directors, who are also the Charity Trustees, and they are responsible for the overall management and control of the Institute. The number of Trustees of the Board should be between three and twelve. They meet at least three times a year to formulate the policies for the Institute research, and to approve the budgets, annual accounts and reports. During the current and previous year, no Trustees received any remuneration, benefit in kind or any reimbursed expenses.

The President/Director of the Institute is responsible for the implementation of policies agreed by the Trustees.

The day to day running of the Institute is delegated to the President/Director of the Institute, The Rt Hon Professor the Lord Kakkar, who keeps the Board fully informed between meetings.

Method of appointment of election of Trustees

Trustees are appointed as vacancies arise based upon an assessment of key skills required from amongst board members. Individuals are appointed for their relevant skills and their potential for guiding the Institute forward. The appointment is adopted by a vote of the entire Board of Trustees.

Policies adopted for the induction and training of Trustees

New trustees normally meet with the Institute President and the Chair of the Trustees and members of the finance and research staff. Together they present the new trustees with background information about the Institute and other relevant information.

The Trustees bring under review the skills required by the Institute's Board from time to time, and ensure that their composition covers all necessary areas.

The trustees receive regular training by keeping up to date with Charity Commission updates and publications. Further training is available upon request.

Volunteers

All the members of the Board of Trustees are volunteers. None of them hold contracts with the Institute.

Page 2

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

(continued)

Related party relationships

The Thrombosis Research Institute is connected with the Thrombosis Research Trust (a charitable trust which is a registered charity no. 275275) which has the object of promoting and funding research into the prevention and treatment of thrombosis disease, and which it fulfils by supporting the Thrombosis Research Institute.

Policies and objectives

The Thrombosis Research Institute’s key objectives are to develop and extend research into thrombosis and to disseminate the results thereof to the public and to enhance medical research generally in order to improve clinical outcomes for those at risk of thrombosis and related disorders. In setting the objectives, the Trustees confirm that they have complied with the duty imposed by section 17 of the Charities Act 2011 pursuant to which they are obliged to have due regard to public benefit guidance published by the Charity Commission, in deciding the Institute’s activities.

Aims of the Institute and mission statement

The Thrombosis Research Institute aspires to remain a world leader in conquering thrombosis through the combined excellence in research, therapeutic innovation and education. To achieve these aims, the Trustees have set the following objectives:

The benefits arising from these objectives will be a better understanding of thrombosis, and improvements in possible prevention and treatment of this global health problem for all. There will be significant economic benefits to worldwide healthcare systems of reducing the number of thrombosis sufferers, and beneficiaries of improved treatments can look forward to a longer life expectancy. Without ongoing research, deaths from cardiovascular related disease and cancer will continue to increase and extended care for long-term illnesses resulting from thrombotic problems will place additional burden on finite healthcare resources.

The charity does not fundraise with members of the public as a result there have been no fundraising complaints.

Strategies for achieving objectives

The Board of Trustees maintain dedicated research facilities of the highest standard to enable its scientific staff to pursue basic and clinical research that fulfils the Institute's objectives.

Page 3

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

(continued)

Grant making policies

The Institute awards grants to various individuals to enable them to study in the field of thrombosis research. It also funds research in other countries. The Institute paid grants in the year totalling £31,585 (2020: £23,536) to the Department of Molecular Immunology, University of Szeged (Hungary) who are collaborating with the Institute in the vaccine development project.

Strategic report

Achievements and performance

Review of activities

The Institute continues to deliver a multidisciplinary research programme in the field of venous and arterial thromboembolic disorders.

Laboratory research addresses the immunology of atherosclerosis with the ongoing objective of developing a ‘vaccine against atheroma’. This programme encompasses discovery and translational elements including the discovery and early evaluation of novel biomarkers to predict atherosclerotic risk and burden.

The programme of laboratory research in cancer associated thrombosis remains focused on elucidating the cellular biology of heparins with a view to better understanding their potential in the management of patients with solid tumour malignancy.

Collaborations continue in clinical research programmes evaluating novel strategies for the prevention and treatment of venous thromboembolic disease and arterial thrombosis.

The Institute also remains committed to large population based studies to evaluate clinical outcomes in patients with newly diagnosed atrial fibrillation and acute venous thromboembolism. The programmes conducted in 35 countries and 1100 sites for the atrial fibrillation programme and 25 countries and 450 sites in the venous thromboembolic programme continue to provide fascinating insights into ‘real-world’ outcomes in these important patient populations.

The Institute continues to support educational activities by regularly bring together clinicians and scientists in the field of thromboembolic disease.

The Trustees anticipate that the current programmes of research that are now well established will continue to deliver important contributions in the coming years.

Covid 19 research activities:

Covid 19 is associated with a high frequency of thromboembolic complications. The Institute has initiated the ETHIC study to evaluate the benefit of early anticoagulant intervention with low molecular weight Heparin in patients with newly diagnosed COVID 19 in the community setting to determine its impact on rates of hospitalisation and death in these patients. The study is being conducted globally using the Institute’s established clinical trials network.

The Institute’s established small peptide vaccine platform for its atheroma program has been adapted to develop small peptide vaccine candidates for the SARS Cov 2 virus and its emerging variants which it is hoped might represent a novel approach for the prevention and treatment of this and other zoonotic infections.

Page 4

(A Company Limited by Guarantee)

THE THROMBOSIS RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Strategic report (continued)

Achievements and performance (continued)

Investment policy and performance

For the year under review, the Institute’s endowment funds were placed with Ruffer LLP for long-term investment in the stock markets. Surplus operational funds were placed on call deposits with its banks. Investments increased by £255,885 in the year, which represents a significant recovery following the start of the pandemic when stock markets fell. The total return on the investments has been 30.5% over 3 years and 23.3% over 5 years, which the trustees consider to be a good performance.

Principal risks and uncertainties

The Board of Trustees undertake a thorough evaluation of risks on an annual basis through audit and revision of the corporate risks register.

Evaluation of risk is undertaken recognising the nature of the charity’s work as an active biomedical research institute conducting basic, clinical and observational research on a global basis.

Principal risks include:

Financial:

being able to attract continuing funding for research projects is critically important. This risk is mitigated by close financial monitoring, financial planning and project based cost centres. Independent investment advice guides the investment of the Institute’s assets. The Institute carries full insurance covering its assets and activities.

Research conduct: all research projects are carefully evaluated and for those involving human subjects supervised by an independent steering committee of globally recognised experts, and independent audit of the programs is conducted. All research outputs are carefully evaluated to ensure intellectual property is protected. Data protection is ensured through rigorous technology systems selection and security measures.

Health and safety: the Institute is subject to stringent environmental and health and safety laws and regulations covering its employees and research work. Comprehensive training is given to all employees where required, and the Institute carries out full compliance reporting through appropriate channels to ensure it meets and exceeds its obligations.

Reputation and charitable status: protection of its reputation and registered charity status are of paramount importance, and robust protocols are in place to ensure neither are damaged.

Key staff:

Attracting and retaining talented staff with the necessary skills in a competitive employment market including substantial competition for staff with the commercial life sciences sector and global academic institutions is recognised to be an increasing challenge.

Where possible this risk is mitigated through active staff engagement and communication; continuing professional development to inform and assist in career progression within the Institute; and the external benchmarking of compensation and benefits for staff.

Covid19:

Covid 19 has had a substantial impact on worldwide medical research and the Trustees continue to monitor its

Page 5

THE THROMBOSIS RESEARCH INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Strategic report (continued)

Achievements and performance (continued)

potential long term impact on the conduct of global clinical studies.

Brexit:

Brexit may have substantial implications for the conduct of clinical research in Europe by organisations outside the European Union.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Institute 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.

The accounts are approved during a period where there is much uncertainty as a result of the international spread of a coronavirus (COVID-19). The Institute’s response has been to implement its contingency planning arrangements for such circumstances in order to remotely deliver its first class research. The Institute will therefore continuing to serve its research partners, while still able to look after the well-being of its staff. As part of contingency planning, remote systems of delivery have been implemented, staff have been trained and the delivery has been successfully trialled. The ultimate impact of COVID-19 on the UK, the world, the economy and the Institute is yet to be seen. However, through appropriate consideration of risks as part of its normal risk management processes and mitigating actions both already taken and available to be taken, the trustees consider it appropriate for the going concern basis to be adopted for these accounts.

Consolidation

On 19 September 2020, the composition of the Trustee Boards of the Thrombosis Research Institute and the Thrombosis Research Trust were changed, and under the new Board compositions the element of common control was removed. The basis of charitable consolidation of the results of the two organisation together with the Trust’s former subsidiary, Cyte Limited, is no longer appropriate, and the comparative figures have been restated in these financial statements.

Financial review

Reserves policy

The Institute is engaged in carrying out scientific research and clinical trials which require it to maintain a state of the art research facility, and for which the Trustees consider it prudent to maintain reserves where possible of not less than one year’s running expenses. Given the levels of unrestricted annual expenditure of £6,923,769 in order to carry out its activities this year, the Trustees consider it is prudent to maintain the unrestricted reserves of £9,464,126 currently retained, representing funds that have been hypothecated to particular projects for which grants have been received. The Trustees monitor the position of the Institute reserves regularly at their meetings.

Total funds stood at £12,072,517 at 31 July 2021, which consisted of unrestricted funds of £9,464,126,endowment funds of £2,367,683 and £240,708 of restricted funds. Within the unrestricted funds there were £1,949,007 of designated funds (see below) and £7,515,119 of general funds.

The charity has set up a designated Fixed Asset Funds which represents the net book value of fixed assets.

Page 6

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

The charity holds endowment funds - The Garfield Weston Fund, the Margaret Thatcher Fund and the Emmanuel Kaye Fund. Details of these and the restricted funds can be found in note 19 to the financial statements.

Financial Review

The Institute continues to raise funds for its core and educational activities. As a result of reduced interest rates, investment income, which derives from bank deposits, has remained low. The charity's principal funding has come from donations and from research programmes as described in the review of activities.

Income in the year amounted to £2,907,302 (2020: £8,960,132) and net expenditure before investment gains was £3,659,046 (2020: £605,845). After investment gains, net expenditure amounted to £3,403,161 (2020: £471,169). This has reduced unrestricted funds at the year-end to £9,464,126 (2020: £13,123,172).

The Trustees consider the financial health of the Institute to be good. The Institute continues to attract funds to support its activities of research and education.

Pay policy for senior staff

The Institute is a medical research charity operating to deliver an ambitious research mission. In order to achieve that ambition, it is imperative that the charity can attract and retain individuals with an appropriate range of skills and experience to support the effective delivery of its strategy on a global basis.

Salaries for the senior management team are set and reviewed annually by the board of Trustees.

As a medical research charity, the Institute receives the support of key stakeholders for its basic research and clinical trials. The charity does not employ a team of fundraisers to generate donations from the general public. The charity’s corporate supporters continue to support the Institute because of the quality of its research outputs delivered by key scientists. The remuneration policy is designed to provide a reward framework which allows the charity to offer an appropriate and competitive rate of pay, without providing for excessive levels of reward. The board uses market data to define an external market benchmark establishing a reference point which is taken into account when considering an appropriate rate of pay for a given role. The external comparators for this purpose are chosen to reflect the sector in which the charity operates, but also the commercial challenges to its activities with regard to competing for staff. Total pay is targeted below levels within the commercial life sciences sector with which it regularly competes for staff but above levels paid at similar-sized charities due to the specialist nature of the work. The Trustees believe this to be an appropriate position to adopt given the competitive environment in which it operates with regard to attracting and retaining key staff as well as recognising its status as a registered charity. As a general principle, remuneration is set no higher than is necessary to recruit, retain, and support the charity's aims and objectives.

Page 7

(A Company Limited by Guarantee)

THE THROMBOSIS RESEARCH INSTITUTE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Plans for future periods

The Trustees will continue to raise funds to support the core objectives. Venous thrombosis remains the commonest avoidable cause of hospital deaths, and arterial thrombosis as manifest by heart attacks and strokes is one of the most important and fastest growing public health challenges in developing economies. The research programme therefore remains of the highest relevance.

The long-term clinical research project into the worldwide incidence and treatment of atrial fibrillation and outcome in clinical practice continues to be part of the research programme, the results of which will be of great significance to global health practice.

Members' liability

The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic 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 year. 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 Company 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Page 8

THE THROMBOSIS RESEARCH INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Auditors

The auditors, Haysmacintyre LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 17 March 2022 and signed on their behalf by:

Patrick Burgess

Patrick Burgess (Apr 27, 2022 12:15 GMT+1)

Mr Patrick Burgess OBE DL (Chair of Trustees)

Page 9

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE

Opinion

We have audited the financial statements of The Thrombosis Research Institute (the 'charitable company') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 10

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 11

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to employment law and health and safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 12

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Murtaza Jessa (Senior Statutory Auditor)

for and on behalf of

Haysmacintyre LLP

Statutory Auditors 10 Queen Street Place London EC4R 1AG

Date: May 5, 2022

Page 13

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021

Note
Income and
endowments from:
Donations and legacies
3
Charitable activities
Other operational
activities
4
Investments
5
Other income
6
Total income and
endowments
Expenditure on:
Charitable activities
Total expenditure
Net expenditure
before net gains on
investments
Net gains on
investments
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in funds
Total funds carried
forward		 Endowment
funds
2021
£
-
-
-
-
-
-
-
-
-
255,885
255,885
2,111,798
255,885
2,367,683		 Restricted
funds
2021
£
-
-
-
-
-
-
-
-
-
-
-
240,708
-
240,708		 Unrestricted
funds
2021
£
2,069,415
735,393
451,128
8,787
-
3,264,723
6,923,769
6,923,769
(3,659,046)
-
(3,659,046)
13,123,172
(3,659,046)
9,464,126		 Total
funds
2021
£
2,069,415
735,393
451,128
8,787
-
3,264,723
6,923,769
6,923,769
(3,659,046)
255,885
(3,403,161)
15,475,678
(3,403,161)
12,072,517		 Total
funds
2020
£
2,030,731
6,787,522
59,280
25,340
57,259
8,960,132
9,565,977
9,565,977
(605,845)
134,676
(471,169)
15,946,847
(471,169)
15,475,678

Page 14

(A Company Limited by Guarantee) REGISTERED NUMBER: 02161565

THE THROMBOSIS RESEARCH INSTITUTE

BALANCE SHEET AS AT 31 JULY 2021

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
16
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
19
Restricted funds
19
Unrestricted funds
19
Total funds		 827,806
8,572,343
9,400,149
(853,609)		 2021
£
1,949,007
2,368,525
4,317,532
8,546,540
12,864,072
(791,555)
12,072,517
12,072,517
2,367,683
240,708
9,464,126
12,072,517		 2,804,026
10,278,149
13,082,175
(1,093,361)		 2020
£
2,059,071
2,112,640
4,171,711
11,988,814
16,160,525
(684,847)
15,475,678
15,475,678
2,111,798
240,708
13,123,172
15,475,678

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 on 17 March 2022 and signed on their behalf by:

Page 15

THE THROMBOSIS RESEARCH INSTITUTE

(A Company Limited by Guarantee) REGISTERED NUMBER: 02161565

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2021

Patrick Burgess

Patrick Burgess (Apr 27, 2022 12:15 GMT+1)

................................................

Mr Patrick Burgess OBE DL

(Chair of Trustees)

The notes on pages 18 to 40 form part of these financial statements.

Page 16

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 40 form part of these financial statements		 2021
£
(1,694,083)
8,787
(20,510)
(11,723)
-
(1,705,806)
10,278,149
8,572,343		 2020
£
(4,370,093)
25,758
(37,824)
(12,066)
-
(4,382,159)
14,660,308
10,278,149

Page 17

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1. General information

The company was incorporated as a company limited by guarantee in England. Its principal activity is stated in the Trustees Report. Its registered office is stated in the Reference and Administration page.

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.

The Thrombosis Research Institute 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.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 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 classified by activity. The costs of each activity are 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. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 18

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Freehold property - 2% straight line
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

2.7 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.

2.8 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 date of acquisition or opening of the deposit or similar account.

Page 19

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities 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 Company 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.

2.10 Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

2.11 Pensions

The company operates 3 defined benefits pension schemes for staff employed prior to 1st January 2009 and the pension charge is based on actuarial valuations. The schemes are multi-employer schemes where it is not possible, in the normal course of events, to identify on a consistent and reasonable basis, the share of underlying assets and liabilities belonging to individual participating employers. Therefore, as required by FRS102, the company accounts for this scheme as if it was a defined contribution scheme. The amount charged to the Statement of Financial Activities represents contributions payable to the scheme in respect of the accounting period.

For staff employed since 1st January 2009, the Institute operates a defined contribution Group Personal Pension Plan.

Defined benefit schemes

The Institute is a participating employer in the Superannuation Arrangements of the University of London (SAUL), Universities Superannuation Scheme (USS) and NHS Pension Scheme details of which are given in note 25. All schemes are centralised defined benefit schemes, and are contracted out of the State Earnings Related Pension Scheme.

Page 20

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

2.11 Pensions (continued)

Throughout the current and preceding periods, the SAUL and USS schemes were defined benefit only pension schemes until 31 March 2016 which were contracted out of the State Second Pension (S2P). The assets of the schemes are held in separate trustee-administered funds. Because of the mutual nature of the schemes, the schemes' assets are not hypothecated to individual institutions and a scheme-wide contribution rate is set. The Institute is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the schemes on a consistent and reasonable basis and therefore, as required by Section 28 of FRS 102 “Employee benefits”, accounts for the schemes as if they were defined contribution schemes. As a result, the amount charged to the income and expenditure account represents the contributions payable to the schemes in respect of the accounting period. Since the Institute has entered into an agreement (the Recovery Plan that determines how each employer within the scheme will fund the overall deficit), the Institute recognises a liability for the contributions payable that arise from the agreement to the extent that they relate to the deficit and the resulting expense in the income and expenditure account.

The SAUL and USS schemes are “last man standing” schemes so that in the event of insolvency of any of the participating employers in SAUL or USS respectively, the amount of any pension funding shortfall (which cannot otherwise be recovered) in respect of that employer will be spread across the remaining participant employers and reflected in the next actuarial valuation.

Each scheme is formally valued every three years by a professionally qualified independent actuary using the Projected Unit Method. Informal reviews of the position are carried out between formal valuations. Pension costs are assessed in accordance with the advice and recommendations of the actuary based on the latest valuations of the schemes. The expected cost of providing pensions is charged to the SOFA so as to spread the cost over the service lives of employees in such a way that the pension costs equal the annualised long term cash outlay to the scheme.

2.12 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 Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company 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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 21

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

3. Income from donations and legacies

Donations
Legacies
Total 2020		 Unrestricted
funds
2021
£
2,004,541
64,874
2,069,415
2,030,731		 Total
funds
2021
£
2,004,541
64,874
2,069,415
2,030,731		 Total
funds
2020
£
1,970,731
60,000
2,030,731

4. Income from other operational activities

Rental income
Total 2020
Investment income
Investment income
Total 2020		 Unrestricted
funds
2021
£
451,128
59,280
Unrestricted
funds
2021
£
8,787
25,340		 Total
funds
2021
£
451,128
59,280
Total
funds
2021
£
8,787
25,340		 Total
funds
2020
£
59,280
Total
funds
2020
£
25,340

5. Investment income

Page 22

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

6. Other income

Other income
Total 2020		 Unrestricted
funds
2021
£
-
57,259		 Total
funds
2021
£
-
57,259		 Total
funds
2020
£
57,259

7. EXPENDITURE - 2021

Research
Education and symposia
Governance costs		 Direct - staff
costs
£
1,975,445
68,478
-
2,043,923		 Direct - other
costs
£
3,709,603
-
15,850
3,725,453		 Support
costs
£
1,140,738
13,654
-
1,154,392		 Total
2021
£
6,825,786
82,132
15,850
6,923,768		 Total
2020
£
7,435,600
89,286
15,000
7,539,886

EXPENDITURE - 2020

Charitable activities
Research
Education and symposia
Governance costs		 Direct - staff
costs
£
2,382,177
70,218
-
2,452,395		 Direct - other
costs
£
3,531,669
-
15,000
3,546,669		 Support
costs
£
1,521,754
19,068
-
1,540,822		 Total
2020
£
7,435,600
89,286
15,000
7,539,886		 Total
2019
£
10,774,977
83,332
-
10,858,309

Page 23

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

8. SUPPORT COSTS - 2021

Staff costs
Premises costs
Other costs		 Research
£
810,848
301,152
28,738
1,140,738		 Education
and
symposia
£
9,767
3,627
260
13,654		 Total
2021
£
820,615
304,779
28,998
1,154,392		 Total
2020
£
828,435
357,203
354,184
1,539,822

SUPPORT COSTS - 2020

Research
Education
and
symposia
£
£
Staff costs
818,714
9,721
Premises costs
353,012
4,191
Other costs
353,562
1,622
1,525,288
15,534
Auditors' remuneration
Fees payable to the Company's auditor for the audit of the Company's
annual accounts		 Total
2020
£
828,435
357,203
355,184
1,540,822
2021
£
16,000		 Total
2019
£
835,132
382,049
334,048
1,551,229
2020
£
15,000

9. Auditors' remuneration

Page 24

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
1,674,252
194,366
175,305
2,043,923		 2020
£
1,676,825
193,451
141,026
2,011,302

The average number of persons employed by the Company during the year was as follows:

Research staff
Support & Administrative staff		 2021
No.
16
10
26		 2020
No.
23
10
33

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2021 2020
No. No.
In the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 1 -
In the band £80,001 - £90,000 1 2
In the band £90,001 - £100,000 - 1
In the band £100,001 - £110,000 2 -
In the band £190,000 - £200,000 1 -
In the band £350,000 - £360,000 - 1
In the band £410,000 - £420,000 - 1

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 July 2021, no Trustee expenses have been incurred (2020 - £NIL) .

Page 25

(A Company Limited by Guarantee)

THE THROMBOSIS RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

12. Tangible fixed assets

Cost or valuation
At 1 August 2020
Additions
At 31 July 2021
Depreciation
At 1 August 2020
Charge for the year
At 31 July 2021
Net book value
At 31 July 2021
At 31 July 2020		 Freehold
property
£
3,933,832
-
3,933,832
2,077,003
78,677
2,155,680
1,778,152
1,856,829		 Plant and
machinery
£
784,617
20,510
805,127
634,592
38,843
673,435
131,692
150,025		 Motor
vehicles
£
69,623
-
69,623
17,406
13,054
30,460
39,163
52,217		 Total
£
4,788,072
20,510
4,808,582
2,729,001
130,574
2,859,575
1,949,007
2,059,071

13. Fixed asset investments

Cost or valuation
At 1 August 2020
Revaluations
At 31 July 2021		 Listed
investments
£
2,111,798
255,885
2,367,683		 Loans to
subsidiaries
£
842
-
842		 Total
£
2,112,640
255,885
2,368,525

Page 26

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

13. Fixed asset investments (continued)

Listed investments

The investment shown above consists entirely of shares in the CF Ruffer Absolute Return Account.

Group undertakings

The investments in group undertakings consist of shares and loans in the Institute's two subsidiary undertakings, as follows:

TRI Clinical Trials Limited (research and development) TRI Technology Transfer Limited (intellectual property)

The two subsidiaries remained dormant throughout the financial year and have therefore not been consolidated in these financial statements.

14. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Tax recoverable		 2021
£
623,044
51,680
108,393
44,689
-
827,806		 2020
£
463,709
2,040,386
47,740
178,474
73,717
2,804,026

Page 27

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

15. Creditors: Amounts falling due within one year

Pension fund deficit reduction plan (see below)
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2021
£
29,001
363,287
127,683
21,163
312,475
853,609		 2020
£
3,258
409,964
56,055
8,914
615,170
1,093,361

16. Creditors: Amounts falling due after more than one year

Pension fund deficit reduction plan (see below)
Other loans		 2021
£
205,223
586,332
791,555		 2020
£
98,515
586,332
684,847

17. Accruals and deferred income

Deferred income at 1 August 2020
Amounts released from previous periods
Deferred income at 31 July 2021		 2021
£
-
-
-		 2020
£
5,846,335
(5,846,335)
-

Page 28

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

18. RECONCILIATION OF OPENING AND CLOSING PENSION DEFICIT PROVISION

Provision at start of year
Unwinding of the discount factor (interest expense)
Deficit contributions paid
Remeasurements - amendments to the contribution schedule
Provision at end of the year
Split as follows:
Due within one year
Due after one year		 2021
£
101,773
2,178
(13,257)
143,530
234,224
2021
£
29,001
205,223
234,224		 2020
£
89,303
4,001
(4,532)
13,001
101,773
2020
£
3,258
98,515
101,773

Page 29

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

19. Statement of funds

Statement of funds - current year

Balance at 1 Transfers Gains/ Balance at
August 2020 Income Expenditure in/out (Losses) 31 July 2021
£ £ £ £ £ £
Unrestricted
funds
Designated
funds
Fixed asset fund 2,059,071 - - (110,064) - 1,949,007

The Fixed asset fund was set up to assist in identifying those funds that are not free funds and represents the net book value of tangible fixed assets.

General funds

General Funds -
all funds
Total
Unrestricted
funds
Endowment
funds
Garfield Weston
Fund
Margaret
Thatcher Fund
Emmanuel Kaye
Fund		 11,064,101
13,123,172
372,585
181,819
1,557,394
2,111,798		 3,264,723
3,264,723
-
-
-
-		 (6,923,769)
(6,923,769)
-
-
-
-		 110,064
-
-
-
-
-		 -
-
45,148
22,032
188,705
255,885		 7,515,119
9,464,126
417,733
203,851
1,746,099
2,367,683

Page 30

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

19. Statement of funds (continued)

Garfield Weston Fund - an endowment fund has been set up from a grant awarded by the Garfield Weston Foundation. The income from this fund will be used to support the Weston Chair of Molecular Medicine.

Margaret Thatcher Fund - an endowment fund has been set up from a grant awarded by the Margaret Thatcher Foundation. The income from this fund will be used to support the Thatcher Chair of Biological Chemistry.

Emmanuel Kaye Fund - an endowment fund has been set up from a grant awarded in memory of Sir Emmanuel Kaye. The income from the fund will be used to support the Kaye Chair of Thrombosis Innovation.

Restricted funds

Indian Mortality
Study
UK Oncology
Cancer and
Thrombosis
Symposium at
NCRI
Emmanuel Kaye
Chair		 154,388
54,298
23,340
8,682
240,708		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 -
-
-
-
-		 154,388
54,298
23,340
8,682
240,708

Indian Mortality Study - funds received in respect of the Indian Mortality Study to set up a registry of VTE to assess mortality outcomes in hospitalised patients in India.

UK Oncology - funds received to organise meetings of oncologists to review and advise on internationally available oncology guidelines for adoption in UK practice, and also advise on communication of problems of cancer associated thrombosis.

Cancer and Thrombosis Symposium at NCRI Conference - the funds have been collected to organise a symposium at this meeting.

Emmanuel Kaye Chair - income from the Endowment Fund to support the Kaye Chair of Thrombosis Innovation.

Total of funds 15,475,678 3,264,723 (6,923,769) - 255,885 12,072,517

Page 31

(A Company Limited by Guarantee)

THE THROMBOSIS RESEARCH INSTITUTE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Designated
Funds - all funds
General funds
General Funds -
all funds
Total
Unrestricted
funds
Endowment
funds
Garfield Weston
Fund
Margaret
Thatcher Fund
Emmanuel Kaye
Fund
Restricted
funds
Indian Mortality
Study
UK Oncology
Cancer and
Thrombosis
Symposium at
NCRI		 Balance at
1 August
2019
£
2,165,468
11,551,524
13,716,992
348,824
170,224
1,458,074
1,977,122
154,388
54,298
23,340		 Income
£
-
8,960,134
8,960,134
-
-
-
-
-
-
-		 Expenditure
£
-
(9,553,954)
(9,553,954)
-
-
-
-
-
-
-		 Transfers
in/out
£
(106,397)
106,397
-
-
-
-
-
-
-
-		 Gains/
(Losses)
£
-
-
-
23,761
11,595
99,320
134,676
-
-
-		 Balance at
31 July 2020
£
2,059,071
11,064,101
13,123,172
372,585
181,819
1,557,394
2,111,798
154,388
54,298
23,340

Page 32

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

19. Statement of funds (continued)

Statement of funds - prior year (continued)

Thrombosis
2020
Emmanuel Kaye
Chair
Total of funds		 Balance at
1 August
2019
£
12,023
8,682
252,731
15,946,845		 Income
£
-
-
-
8,960,134		 Expenditure
£
(12,023)
-
(12,023)
(9,565,977)		 Transfers
in/out
£
-
-
-
-		 Gains/
(Losses)
£
-
-
-
134,676		 Balance at
31 July 2020
£
-
8,682
240,708
15,475,678

20. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at 1
August 2020
£
2,059,071
11,064,101
2,111,798
240,708
15,475,678		 Income
£
-
3,264,723
-
-
3,264,723		 Expenditure
£
-
(6,923,769)
-
-
(6,923,769)		 Transfers
in/out
£
(110,064)
110,064
-
-
-		 Gains/
(Losses)
£
-
-
255,885
-
255,885		 Balance at
31 July 2021
£
1,949,007
7,515,119
2,367,683
240,708
12,072,517

Page 33

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

20. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds
Endowment
funds
Restricted funds		 Balance at
1 August
2019
£
2,165,468
11,551,524
1,977,122
252,731
15,946,845		 Income
£
-
8,960,134
-
-
8,960,134		 Expenditure
£
-
(9,553,954)
-
(12,023)
(9,565,977)		 Transfers
in/out
£
(106,397)
106,397
-
-
-		 Gains/
(Losses)
£
-
-
134,676
-
134,676		 Balance at
31 July 2020
£
2,059,071
11,064,101
2,111,798
240,708
15,475,678

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2021
£
-
2,367,683
-
-
-
2,367,683		 Restricted
funds
2021
£
-
-
240,708
-
-
240,708		 Unrestricted
funds
2021
£
1,949,007
842
9,159,441
(853,609)
(791,555)
9,464,126		 Total
funds
2021
£
1,949,007
2,368,525
9,400,149
(853,609)
(791,555)
12,072,517

Page 34

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Endowment
funds
2020
£
-
2,111,798
-
-
-
2,111,798		 Restricted
funds
2020
£
-
-
240,708
-
-
240,708		 Unrestricted
funds
2020
£
2,059,071
842
12,841,467
(1,093,362)
(684,847)
13,123,171		 Total
funds
2020
£
2,059,071
2,112,640
13,082,175
(1,093,362)
(684,847)
15,475,677

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease in debtors
Decrease in creditors
Net cash used in operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2021
£
(3,403,161)
130,574
(255,885)
(8,787)
-
1,976,220
(133,044)
(1,694,083)
2021
£
8,572,343
8,572,343		 2020
£
(471,169)
144,221
(134,676)
(25,758)
18,983
1,749,773
(5,651,467)
(4,370,093)
2020
£
10,278,149
10,278,149

Page 35

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

24. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year		 At 1 August
2020
£
10,278,149
(3,258)
(684,847)
9,590,044		 Cash flows
£
(1,705,806)
(25,743)
(106,708)
(1,838,257)		 At 31 July
2021
£
8,572,343
(29,001)
(791,555)
7,751,787

25. Pension commitments

Group Personal Pension Plan

The Institute operates a defined contribution Group Personal Pension Plan which is open to all staff employed since 1st January 2009. The scheme has been established in accordance with the Government’s Stakeholder Regulations as well as the new Personal Pension Accounts proposed for 2012. The contribution structure has been set at an employer’s contribution of between 6% and 10% of pensionable salary and employee’s contribution of 6%. The Institute’s pension contributions paid in respect of this plan for the year was £64,193 (2020: £67,027).

The Institute participates in three defined benefit pension schemes for staff employed prior to 1st January 2009. The detail of these schemes are as follows:

Superannuation Arrangements of the University of London (SAUL)

The Institute participates in the Superannuation Arrangements of the University of London ("SAUL"), which is a centralised defined benefit scheme within the United Kingdom and was contracted- out of the Second State Pension (prior to April 2016).

SAUL is an independently-managed pension scheme for the non-academic staff of over 50 colleges and institutions with links to higher education.

Pension benefits accrued within SAUL currently build up on a Career Average Revalued Earnings ("CARE") basis.

The Institute is not expected to be liable to SAUL for any other current participating employer's obligations under the Rules of SAUL, but in the event of an insolvency of any participating employer within SAUL, an amount of any pension shortfall (which cannot otherwise be recovered) in respect of that employer, may be spread across the remaining participating employers and reflected in the next actuarial valuation.

Funding Policy

SAUL's statutory funding objective is to have sufficient and appropriate assets to meet the costs incurred by the Trustee in paying SAUL's benefits as they fall due (the "Technical Provisions"). The Trustee adopts assumptions which, taken as a whole, are intended to be sufficiently prudent for pensions and benefits already in payment to continue to be paid and for the commitments which arise from Members' accrued pension rights to be met.

Page 36

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

25. Pension commitments (continued)

The Technical Provisions assumptions include appropriate margins to allow for the possibility of events turning out worse than expected. However, the funding method and assumptions do not completely remove the risk that the Technical Provisions could be insufficient to provide benefits in the future.

A formal actuarial valuation of SAUL is carried out every three years by a professionally qualified and independent actuary. The last actuarial valuation was carried out with an effective date of 31 March 2020.Informal reviews of SAUL's position, reflecting changes in market conditions, cash flow information and new accrual of benefits, are carried out between formal valuations.

The funding principles were agreed by the Trustee and employers in June 2021 and will be reviewed again at SAUL's next formal valuation in 2023.

At the 31 March 2020 valuation SAUL was 94% funded on its Technical Provisions basis. However, market movements following the valuation date were positive and the Trustee and the Employers agreed to allow for post-valuation experience up to 30 April 2021. As SAUL was in surplus on its Technical Provisions basis at that date, no deficit contributions were required. However, the Trustee and the Employers have agreed that the ongoing Employers' contributions will increase from a rate of 16% of CARE Salaries to 19% of CARE Salaries from 1 April 2022 and to 21% of CARE Salaries from 1 January 2023.

Accounting Policy

The Institute is a Participating Employer in SAUL. The actuarial valuation applies to SAUL as a whole and does not identify surpluses or deficits applicable to individual employers. As a whole, the market value of SAUL's assets at 31 March 2020 was £3,612 million representing 94% of the liabilities. The market value of SAUL's assets at 30 April 2021 was £4,369 million representing 109% of the estimated liabilities.

It is not possible to identify an individual Employer's share of the underlying assets and liabilities of SAUL.The Institute accounts for its participation in SAUL as if it were a defined contribution scheme and pension costs are based on the amounts actually paid which in 2021 was £5,755 (2020: £5,645), in accordance with paragraphs 28.11 of FRS 102.

Although there was a Technical Provisions deficit at 31 March 2020, allowing for post valuation experience to 30 April 2021, SAUL had a Technical Provisions surplus. Therefore, no deficit contributions were required following the 2020 valuation and there is no defined benefit liability (i.e. the present value of any deficit contributions due to SAUL) to be recognised by the Institute.

Universities Superannuation Scheme

Significant accounting policies

The institute participates in Universities Superannuation Scheme. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are notattributed to individual institutions and a scheme-wide contribution rate is set. The institution is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the institution therefore accounts for the scheme as if it were a defined contribution scheme. As a result, the amount charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that determines how each employer within the scheme will fund the overall deficit, the institution recognises a liability for the contributions payable that arise from the agreement (to the extent

Page 37

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

25. Pension commitments (continued)

that they relate to the deficit) with related expenses being recognised through the profit and loss account.

Critical accounting judgements

FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consistsof a collection of entities under common control typically with a sponsoring employer. A multiemployer scheme is a scheme for entities not under common control and represents (typically) an industry-wide scheme such as Universities Superannuation Scheme. The accounting for a multi-employer scheme where the employer has entered into an agreement with the scheme that determines how the employer will fund a deficit results in the recognition of a liability for the contributions payable that arise from the agreement (to the extent that they relate to the deficit) and the resulting expense in profit or loss in accordance with section 28 of FRS 102. The directors are satisfied that Universities Superannuation Scheme meets the definition of a multi-employer scheme and the institution has therefore recognised the discounted fair value of the contractual contributions under the recovery plan in existence at the date of approving these financial statements.

Key sources of estimation uncertainty

The assumptions used in the calculation of the liability such as discount rate and salary growth may represent a source of material uncertainty in the calculation of the liability.

DEFICIT RECOVERY LIABILITY

The Institute's pension contribution for the year was £58,590 (2020: £56,736).

Deficit recovery contributions due within one year for the institution are £29,001 (2020: £3,258).

The latest available completed actuarial valuation of the Retirement Income Builder is at 31 March 2018 (the valuation date), which was carried out using the projected unit method. A valuation as at 31 March 2020 is underway but not yet complete.

Since the institution cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole. The 2018 valuation was the fifth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective,which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £63.7 billion and the value of the scheme’s technical provisions was £67.3 billion indicating a shortfall of £3.6 billion and a funding ratio of 95%.

The key financial assumptions used in the 2018 valuation are described below. More detail is set out in the Statement of Funding Principles.

Pension increases (CPI) Term dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves, less 1.3% p.a. Discount rate (forward Years 1-10: CPI + 0.14% reducing linearly to CPI – 0.73% rates) Years 11-20: CPI + 2.52% reducing linearly to CPI + 1.55% by year 21 Years 21 +: CPI + 1.55%

The main demographic assumption used relates to the mortality assumptions. These assumptions are

Page 38

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

25. Pension commitments (continued)

based on analysis of the scheme’s experience carried out as part of the 2018 actuarial valuation.

The mortality assumptions used in these figures are as follows:

2018 valuation

Mortality base table Pre-retirement: 71% of AMC00 (duration 0) for males and 112% of AFC00 (duration 0) for females Post-retirement: 97.6% of SAPS S1NMA “light” for males and 102.7% of RFV00 for females Future improvements to CMI_2017 with a smoothing parameter of 8.5 and a long term mortality improvement rateof 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

2021 2020
Males currently aged 65 (years) 24.6 24.4
Females currently aged 65 (years) 26.1 25.9
Males currently aged 45 (years) 26.6 26.3
Females currently aged 45 (years) 27.9 27.7

A new deficit recovery plan was put in place as part of the 2018 valuation, which requires payment of 2% of salaries over the period 1 October 2019 to 30 September 2021 at which point the rate will increase to 6%. The 2021 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:

duced using the following assumptions:
2021 2020
Discount rate 2.75% 2.14%
Pensionable salary growth 2% 2%

NHS Pension

The NHS Pension Scheme is a defined benefit scheme that provides members with benefits payable on retirement, incapacity, death or withdrawal from the National Health Service (NHS) in England and Wales.

The Institute's pension contributions for the year was £11,321 (2020 : £11,616).

The Scheme is subject to a full valuation every five years. The results of the latest valuation at 31 March 2016 have been published. Between valuations, the Government Actuary provides an update of the scheme liabilities on an annual basis. The latest assessment of the liabilities of the Scheme is contained in the Scheme Actuary report, which forms part of the annual NHS Pension Scheme (England and Wales) Resource Account, published every October. These accounts can be viewed on the NHS pensions Agency website at https://www.nhsbsa.nhs.uk/nhs-pension-scheme-accounts-and-valuation-reports. Copies can also be obtained from The Stationery Office.

Page 39

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

25. Pension commitments (continued)

The government actuary using the projected unit method determines contributions charged to the Statement of Financial Activities. The assumptions that have the most significant effect on the valuation are those relating to the rates of return on investments and the rates of increase in salaries and pensions. It was assumed that the investment return would be 6.5% per annum, that salary increases would average 6% per annum and future pensions would increase at 3.5% per annum.

Employer pension contribution costs are applied to operating expenses as and when they become due Employer contribution rates are reviewed every five years following a scheme valuation carried out by the Government Actuary. On advice from the actuary the contribution rate may be varied from time to time to reflect changes in the scheme’s liabilities.

The cost of pension increases have been excluded from valuations to date, consequently neither members nor employers have contributed to this benefit which is met directly by the Exchequer.

The contributions of the Institute were 14.38% of pensionable salary during the year.

The NHS Pension Scheme is an unfunded scheme under which contributions from employees and employers are paid to the Exchequer, which in turn meets the cost of paying benefits as and when they fall due.

26. Related party transactions

The Thrombosis Research Institute is connected with the Thrombosis Research Trust which has the object of promoting and funding research into the prevention and treatment of thrombosis diseases. During the year there were no grants or donations given by Thrombosis Research Trust to Thrombosis Research Institute. Thrombosis Research Institute has loans of £586,332 (2020: £586,332) repayable to the Thrombosis Research Trust. There were no other related party transactions in either the current or prior years.

Page 40

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2021

Income
Income from principal activities
Gift aid from Cyte Ltd
Sundry income
Investment income
Gains on investments
Unrealised gain on investments
Gross income in the reporting period
Less:
Direct expenditure
Reseach costs including salaries
Other expenditure
Administrative expenditure
Advertising
Office costs
Premises costs
Professional fees
Consultancy fees
Legal fees
Motor expenses
Insurance
Bank charges and interest
Motor, travel and accommodation
Repairs
Other staff costs
Depreciation
Audit
Other costs
Loss on disposal of fixed assets
Loss on currency exchange		 2021
£
3,255,936
-
-
8,787
255,885
5,755,409
15,117
183,541
75,482
86,550
107,152
1,949
4,862
215,672
10,867
7,040
84,573
214,621
130,573
15,850
4,757
-
9,754		 2021
£
3,264,723
255,885
3,520,608
5,755,409
1,168,360		 2020
£
6,908,119
1,969,413
57,260
25,340
134,676
8,426,066
30,666
189,951
126,611
32,743
63,000
10,472
4,572
57,284
11,098
129,149
48,595
237,348
144,221
15,000
7,007
18,983
13,211		 2020
£
8,960,132
134,676
9,094,808
8,426,066
1,139,911

Page 41

THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)

INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

2021
£
Total expenditure
Net expenditure before taxation for the reporting
period
Taxation
Net expenditure for the reporting period
Deficit for the reporting period
Surplus brought forward at 1 August 2020
Surplus carried forward at 31 July 2021		 2021
2020
£
£
6,923,769
(3,403,161)
-
(3,403,161)
(3,403,161)
15,946,847
12,543,686		 2020
£
9,565,977
(471,169)
-
(471,169)
(471,169)
15,475,678
15,004,509

The notes on pages 18 to 40 form part of these financial statements.

Page 42

Thrombosis Research Institute 2021 - Final Accounts signed

Final Audit Report

2022-05-05

Created: 2022-04-27 By: James To (jto@tri-london.ac.uk) Status: Signed Transaction ID: CBJCHBCAABAA4EqhouXR-_JmXYOrABDvMcaZ8tGa2hNs

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