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 2022
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 | 2-8 |
| Independent Auditors' Report on the Financial Statements | 9 -12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 |
| Statement of Cash Flows | 15 |
| Notes to the Financial Statements | 16 -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 2022
Trustees
Mr Patrick Burgess OBE DL, Chair The Rt Hon the Lord Neuberger PC Sir Guy Weston Dr Jeffrey Herbert (resigned 6 July 2022) Dr The Revd Sir Ralph Waller KBE
Company registered number
02161565
Charity registered number
800365
Registered office
Emmanuel Kaye Building, Manresa Road, London, SW3 6LR
Company secretary
Mrs Diana Rawstron
President of the Institute
Rt Hon Professor the Lord Kakkar, KBE 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
Smyth Barkham LLP, 1 Mitre Court Buildings, Inner Temple, London, EC4Y 7BS
Page 1
THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022
The Trustees present their annual report together with the audited financial statements of the Company for the year 1 August 2021 to 31 July 2022. 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 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 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 lnstitute'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 2022
{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.
At the year-end, Patrick Burgess was a Trustee of the Institute and the Thrombosis Research Trust.
Policies and objectives
The Thrombosis Research lnstitute'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 lnstitute'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:
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To perform clinical research to improve the scope of antithrombotic drugs used to prevent and treat thrombosis, extending their use in diseases not currently addressed by treatment guidelines where thrombosis is a common problem, thus reducing substantially deaths from cardiovascular disease and cancer.
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To carry out fundamental laboratory research into how natural anticlotting molecules affect the behaviour of cells and how these can be manipulated to treat heart attacks, strokes, cancers and inflammation.
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To organise a series of educational symposia, bringing together leaders throughout the world in thrombosis research with practicing clinicians to disseminate the results of research and rapidly improve patient care.
The benefits arising from these objectives will be a better understanding of throrr1J�9sis, 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 lnstitute's objectives.
Page 3
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
(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 £23,777 (2021: £31,585) 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.
The Laboratory research program continues to explore the institute's innovative and proprietary dendroaspin scaffold platform to create novel immuno-therapeutics to prevent and treat addresses the immunology of atherosclerosis with the ongoing objective of developing a 'vaccine against atheroma', and to explore it's utility in creating vaccines for against various viruses and cancers .. 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 has, over the past 15 years, curated a research grade fully anonymised database of 73,000 research subjects which forms the basis of studies designed to elucidate, risk and outcomes for thromboembolic stroke and venous thromboembolism. These studies have led to the develop of clinical decision support tools for the evaluation of risk for poor clinical outcome in atrial fibrillation, deep vein thrombosis and pulmonary embolism and the basis for the establishment of an artificial intelligence and machine learning program of research in the discipline of thrombosis with access to the UK Biobank resource.
The Institute remains committed to large population based studies to evaluate clinical outcomes in patients with newly diagnosed atrial fibrillation and venous thromboembolism conducted globally through a network of carefully monitored digitally connected sites.
The Institute continues to support educational activities by regularly bring together clinicians and scientists in the field of thromboembolic disease and this year has delivered the International Symposium on Thromboembolism in London for the first time since the Covid 19 global pandemic ..
The Trustees anticipate that the current programmes of research that are now well established will continue to deliver important contributions in the coming years ..
Page4
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Strategic report (continued)
Achievements and performance (continued)
Investment policy and performance
For the year under review, the lnstitute'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 £41,216 in the year.The total return on the investments has been 24.6% over 3 years and 24% 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 lnstitute'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.
Pages
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Strategic report (continued)
Achievements and performance (continued)
BREXIT:and post Covid 19
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.
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 lnstitute'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.
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 £4,410,857 in order to carry out its activities this year, the Trustees consider it is prudent to maintain the unrestricted reserves of £8,586,309 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 £11,235,916 at 31 July 2022, which consisted of unrestricted funds of £8,586,309, endowment funds of £2,408,899 and £240,708 of restricted funds. Within the unrestricted funds there were £1,859,408 of designated funds (see below) and £6,726,901 of general funds.
The charity has set up a designated Fixed Asset Funds which represents the net book value of fixed assets.
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 20 to the financial statements.
Page 6
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
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 £3,533,040 (2021: £3,264,723) and net expenditure before investment gains was £877,917 (2021: £3,659,046). After investment gains, net expenditure amounted to £836,601 (2021: £3,403,161). This has reduced unrestricted funds at the year-end to £8,586,309 (2021: £9,464,126).
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.
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.
Page?
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
Members' liability
The Membe.rs 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
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:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
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.
the members of the board of Trustees on 21 March 2023 and signed on their behalf by:
Patrick Burgess
Page 8
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 2022 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:
-
give a true and fair view of the state of the charitable company's affairs as at 31 July 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 9
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 o"n 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:
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the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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• certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report.
Page 10
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 safetyregulations 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' 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 engagementteam included:
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Inspecting correspondence with regulators and tax authorities;
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Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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Evaluating management's controls designed to prevent and detect irregularities;
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Identifying and testing journals, in particular journal entries posted at the year-end; and
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Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE THROMBOSIS RESEARCH INSTITUTE (CONTINUED)
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.ukauditorsresponsibilities. This description forms part of our Auditors' Report.
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.
Kathryn Burton (Senior Statutory Auditor) for and on behalf of Haysmacintyre LLP Statutory Auditors 10 Queen Street Place London EC4R1AG
21 March 2023 Date: 24th March 2023
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THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31. JULY 2022
| Endowment | Restricted | Unrestricted | Total | Ttal | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | ||
| 2022 | 2022 | 2022 | 2022 | 2021 | ||
| Note | £ | £ | £ | £ | £ | |
| Income and | ||||||
| endowments from: | ||||||
| Donations and legacies | 4 | 2,766,345 | 2,766,345 | 2,069,415 | ||
| Charitable activities | 5 | 630,162 | 630,162 | 735,393 | ||
| Other trading activities | 6 | 107,950 | 107,950 | 451,128 | ||
| Investments | 7 | 5,774 | 5,774 | 8,787 | ||
| Other income | 8 | 22,809 | 22,809 | |||
| Total income and | ||||||
| endowments | 3,533,040 | 3,533,040 | 3,264,723 | |||
| Expenditure on: | ||||||
| Charitable activities | 4,410,857 | 4,410,857 | 6,923,769 | |||
| Total expenditure | 4,410,857 | 4,410,857 | 6,923,769 | |||
| Net expenditure | ||||||
| before net gains on | ||||||
| investments | (877,817) | (877,817) | (3,659,046) | |||
| Net gains on | ||||||
| investments | 41,216 | 41,216 | 255,885 | |||
| Net movement in | ||||||
| funds | 41,216 | (877,817) | (836,601) | (3,403, 161) | ||
| Reconciliation of | ||||||
| funds: | ||||||
| Total funds brought | ||||||
| forward | 2,367,683 | 240,708 | 9,464,126 | 12,072,517 | 15,475,678 | |
| Net movement in funds | 41,216 | (877,817) | (836,601) | (3,403, 161) | ||
| Total funds carried | ||||||
| forward | 2,408,899 | 240,708 | 8,586,309 | 11,235,916 | 12,072,517 |
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THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee) REGISTERED NUMBER: 02161565
BALANCE SHEET AS AT 31 JULY 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 14 | 1,856,408 | 1,949,007 | ||
| Investments | 15 | 2,409,742 | 2,368,525 | ||
| 4,266,150 | 4,317,532 | ||||
| Current assets | |||||
| Debtors | 16 | 188,680 | 827,806 | ||
| Cash at bank and in hand | 8,514,378 | 8,572,343 | |||
| 8,703,058 | 9,400,149 | ||||
| Creditors: amounts falling due within one | |||||
| year | 17 | (753,068) | (853,609) | ||
| Net current assets | 7,949,990 | 8,546,540 | |||
| Total assets less current liabilities | 12,216,140 | 12,864,072 | |||
| Creditors: amounts falling due after more | |||||
| than one year | 18 | (980,224) | (791,555) | ||
| Net assets excluding pension asset | 11,235,916 | 12,072,517 | |||
| Total net assets | 11,235,916 | 12,072,517 | |||
| Charity funds | |||||
| Endowment funds | 20 | 2,408,899 | 2,367,683 | ||
| Restricted funds | 20 | 240,708 | 240,708 | ||
| Unrestricted funds | 20 | 8,586,309 | 9,464,126 | ||
| Total funds | 11,235,916 | 12,072,517 |
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 21 March 2023 and signed on their behalf by:
Patrick Burgess
40 form
��
ancial statements.
Page 14
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net cash used in operating activities | (33,250) | (1,694,083) |
| Cash flows from investing activities | ||
| Dividends, interests and rents from investments | 5,774 | 8,787 |
| Purchase of tangible fixed assets | (30,489) | (20,510) |
| Net cash used in investing activities | (24,715) | (11,723) |
| Cash flows from financing activities | ||
| Net cash provided by financing activities | ||
| Change in cash and cash equivalents in the year | (57,965) | (1,705,806) |
| Cash and cash equivalents at the beginning of the year | 8,572,343 | 10,278, 149 |
| Cash and cash equivalents at the end of the year | 8,514,378 | 8,572,343 |
| The notes on pages 16 to 40 form part of these financial statements |
Page 15
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1. General information
The company was incorporated as a company limited by guarantee in England. Its principal activity is tated in the Trustees Report. Its registered office is stated in the Reference and Adminsitration 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 Going concern
These financial statements are prepared on a going concern basis as the charity intends to continue its operations for the forseeable future.
2.3 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.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.4 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.
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.
Page 16
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.5 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.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £NIL 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. 7 Investments
Fixed asset investments are a form of financial instrument and are initially recogniseq 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.
2.8 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.
2.9 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 17
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.10 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.
2.11 Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.
Page 18
THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.12 Pensions
The company operates 3 defined benefits pension schemes for staff employed prior to 1 st 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 1 st 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 26. All schemes are centralised defined benefit schemes, and are contracted out of the State .Earnings Related Pension Scheme.
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 $tate 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.
Page 19
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
2. Accounting policies (continued)
2.13 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.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer 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) with the resulting expense charged through the profit or loss account 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 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 ..
Page 20
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
4. Income from donations and legacies
| Unrestricted | Total | Ttal | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | ·£ | |
| Donations | 2,766,345 | 2,766,345 | 2,069,415 |
| Total 2021 | 2,069,415 | 2,069,415 |
5. Income from charitable activities
| Unrestricted | Total | Ttal | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Income from charitable activities - Research | 380,162 | 380,162 | 735,393 |
| Income from charitable activities - Education and Symposia | 250,000 | 250,000 | |
| 630,162 | 630,162 | 735,393 | |
| Total 2021 | 735,393 | 735,393 |
6. Income from other trading activities
| Unrestricted | Total | Ttal | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Rental income | 107,950 | 107,950 | 451,128 |
| Ttal 2021 | 451,128 | 451,128 |
Page 21
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
7. Investment income
| Unrestricted | Total | Ttal | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2021 | ||
| £ | £ | £ | ||
| Investment income | 5,774 | 5,774 | 8,787 | |
| Total 2021 | 8,787 | 8,787 | ||
| 8. | Other income | |||
| Unrestricted | Total | Total | ||
| funds | funds | funds | ||
| 2022 | 2022 | 2021 | ||
| £ | £ | £ | ||
| Other income | 22,809 | 22,809 |
| 9. | EXPENDITURE - 2022 | |||||
|---|---|---|---|---|---|---|
| Direct - staf | Direct - other | Support | Total | Ttal | ||
| costs | costs | costs | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Research | 1,703,365 | 1,610,859 | 910,012 | 4,224,236 | 6,825,786 | |
| Education and symposia | 65,654 | 18,022 | 83,676 | 82,132 | ||
| Governance costs | 17,500 | 17,500 | 15,850 | |||
| 1,769,019 | 1,628,359 | 928,034 | 4,325,412 | 6,923,768 |
Page 22
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
EXPENDITURE - 2021
| Direct - staf | Direct - other | Support | Total | Ttal | |
|---|---|---|---|---|---|
| costs | costs | costs | 2021 | 2020 | |
| £ | £ | £ | £ | £ | |
| Charitable activities | |||||
| Research | 1,975,445 | 3,709,603 | 1,140,738 | 6,825,786 | 7,435,600 |
| Education and symposia | 68,478 | 13,654 | 82,132 | 89,286 | |
| Governance costs | 15,850 | 15,850 | 15,000 | ||
| 2,043,923 | 3,725,453 | 1,154,392 | 6,923,768 | 7,539,886 |
10. SUPPORT COSTS - 2022
| Education | ||||
|---|---|---|---|---|
| and | Total | Ttal | ||
| Research | symposia | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Staf costs | 595,942 | 11,802 | 607,744 | 820,615 |
| Premises costs | 295,580 | 5,854 | 301,434 | 304,779 |
| Other costs | 18,490 | 366 | 18,856 | 28,998 |
| 910,012 | 18,022 | 928,034 | 1,154,392 |
SUPPORT COSTS - 2021
| Staf costs Premises costs Other costs |
Education and Research symposia £ £ 810,848 9,767 301,152 3,627 28,738 260 1,140,738 13,654 Total Ttal 2021 2020 £ £ 820,615 828,435 304,779 357,203 28,998 354,184 1,154,392 1,539,822 |
|---|---|
Page 23
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
11. Auditors' remuneration
| Auditors' remuneration | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fees payable to the Company's auditor for the audit of the Company's | ||
| annual accounts | 17,500 | 16,000 |
12. Staff costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,353,684 | 1,674,252 |
| Social security costs | 142,038 | 194,366 |
| Contribution to defined contribution pension schemes | 273,297 | 175,305 |
| 1,769,019 | 2,043,923 |
The average number of pers_ons employed by the Company during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Research staff | 14 | 16 |
| Support & Administrative staf | 10 | 10 |
| 24 | 26 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| In the band £60,001 - £70,000 | 2 | |
| In the band £70,001 - £80,000 | 1 | |
| In the band £80,001 - £90,000 | 2 | 1 |
| In the band £100,001 - £110,000 | 1 | 2 |
| In the band £190,000 - £200,000 | 1 | 1 |
13. Trustees' remuneration and expenses
-
During the year, no Trustees received any remuneration or other benefits (2021 £NIL).
-
During the year ended 31 July 2022, no Trustee expenses have been incurred (2021 £NIL).
Page 24
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
14. Tangible fixed assets
| Freehold | Plant and | Motor | ||
|---|---|---|---|---|
| property | machinery | vehicles | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 August 2021 | 3,933,832 | 805,127 | 69,623 | 4,808,582 |
| Additions | 30,489 | 30,489 | ||
| At 31 July 2022 | 3,933,832 | 835,616 | 69,623 | 4,839,071 |
| Depreciation | ||||
| At 1 August 2021 | 2,155,680 | 673,435 | 30,460 | 2,859,575 |
| Charge for the year | 78,677 | 34,620 | 9,791 | 123,088 |
| At 31 July 2022 | 2,234,357 | 708,055 | 40,251 | 2,982,663 |
| Net book value | ||||
| At 31 July 2022 | 1,699,475 | 127,561 | 29,372 | 1,856,408 |
| At 31 July 2021 | 1,778,152 | 131,692 | 39,163 | 1,949,007 |
15. Fixed asset investments
| Listed | Loans to | ||
|---|---|---|---|
| investments | subsidiaries | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 August 2021 | 2,367,684 | 842 | 2,368,526 |
| Revaluations | 41,216 | 41,216 | |
| At 31 July 2022 | 2,408,900 | 842 | 2,409,742 |
Page 25
THE THROMBOSIS RESEARCH INSTITUTE {A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
15. 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 lnstitute's subsidiary undertakings, as follows:
TRI Technology Transfer Limited (intellectual property) TRI Clinical Trials Limited (research and development)
The two subsidiaries remained dormant throughout the financial year and have therefore not been consolidated in these financial statements.
16. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Trade debtors | 46,659 | 623,044 |
| Amounts owed by group undertakings | 1,500 | 51,680 |
| Other debtors | 112,825 | 108,393 |
| Prepayments and accrued income | 44,689 | |
| Tax recoverable | 27,696 | |
| 188,680 | 827,806 |
Page 26
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
17. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Pension fund deficit reduction plan (see below) | 10,254 | 29,001 |
| Trade creditors | 311,866 | 363,287 |
| Other taxation and social security | 40,787 | 127,683 |
| Other creditors | 18,563 | 21,163 |
| Accruals and deferred income | 371,598 | 312,475 |
| 753,068 | 853,609 |
18. Creditors: Amounts falling due after more than one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Pension fund deficit reduction plan (see below) | 393,892 | 205,223 |
| Other loans | 586,332 | 586,332 |
| 980,224 | 791,555 |
19. RECONCILIATION OF OPENING AND CLOSING PENSION DEFICIT PROVISION
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Provision at start of year | 234,224 | 101,773 |
| Unwinding of the discount factor (interest expense) | 6,020 | 2,178 |
| Deficit contributions paid | (8,807) | (13,257) |
| Remeasurements - amendments to the contribution schedule | 172,709 | 143,530 |
| Provision at end of the year | 404,146 | 234,224 |
Page 27
THE THROMBOSIS RESEARCH INSTITUTE (A Company limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
Split as follows:
| Split as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Due within one year | 10,254 | 29,001 |
| Due afer one year | 393,892 | 205,223 |
| 404,146 | 234,224 |
Page 28
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
20. Statement of funds
Statement of funds - current year
| Balance at 1 | Transfers | Gains/ | Balance at | |||
|---|---|---|---|---|---|---|
| August 2021 | Income | Expenditure | in/out | (Losses) | 31 July 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| Designated | ||||||
| funds | ||||||
| Designated | ||||||
| Funds - all funds | 1,949,007 | .(89,599) | 1,859,408 |
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 | ||||||
|---|---|---|---|---|---|---|
| General Funds - | ||||||
| all funds | 7,515,119 | 3,533,040 | (4,325,412) | 89,599 | 6,812,346 | |
| Unallocated | ||||||
| amounts | (85,445) | (85,445) | ||||
| 7,515,119 | 3,533,040 | (4,410,857) | 89,599 | 6,726,901 | ||
| Total | ||||||
| Unrestricted | ||||||
| funds | 9,464,126 | 3,533,040 | (4,410,857) | 8,586,309 | ||
| Endowment | ||||||
| funds | ||||||
| Garield Weston | ||||||
| Fund | 417,733 | 7,272 | 425,005 | |||
| Margaret | ||||||
| Thatcher Fund | 203,851 | 2,922 | 206,773 | |||
| Emmanuel Kaye | ||||||
| Fund | 1,746,099 | 31,022 | 1,777,121 | |||
| 2,367,683 | 41,216 | 2,408,899 |
Page 29
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
20. 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 - 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.
Page 30
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
20. Statement of funds (continued) Statement of funds - prior year
| Balance at | ||||||
|---|---|---|---|---|---|---|
| 1 August | Transfers | Gains/ | Balance at | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 31 July 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted | ||||||
| funds | ||||||
| Designated | ||||||
| funds | ||||||
| Fixed asset fund | 2,059,071 | (110,064) | 1,949,007 | |||
| General funds | ||||||
| General Funds - | ||||||
| all funds | 11,064,101 | 3,264,723 | (6,923,769) | 110,064 | 7,515,119 | |
| Total | ||||||
| Un restricted | ||||||
| funds | 13,123,172 | 3,264,723 | (6,923,769) | 9,464,126 | ||
| Endowment | ||||||
| funds | ||||||
| Garfield Weston | ||||||
| Fund | 372,585 | 45,148 | 417,733 | |||
| Margaret | ||||||
| Thatcher Fund | 181,�19 | 22,032 | 203,851 | |||
| Emmanuel Kaye | ||||||
| Fund | 1,557,394 | 188,705 | 1,746,099 | |||
| 2,111,798 | 255,885 | 2,367,683 | ||||
| Balance at | ||||||
| 1 August | Transfers | Gains/ | Balance at | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 31 July 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Restricted | ||||||
| funds | ||||||
| Indian Mortality | ||||||
| Study | 154,388 | 154,388 | ||||
| UK Oncology | 54,298 | 54,298 |
Page 31
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
20. Statement of funds (continued)
Statement of funds - prior year (continued)
| Balance at | ||||||
|---|---|---|---|---|---|---|
| 1 August | Transfers | Gains/ | Balance at | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 31 July 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Cancer and | ||||||
| Thrombosis | ||||||
| Symposium at | ||||||
| NCRI | 23,340 | 23,340 | ||||
| Emmanuel Kaye | ||||||
| Chair | 8,682 | 8,682 | ||||
| 240,708 | 240,708 | |||||
| Total of funds | 15,475,678 | 3,264,723 | (6,923,769) | 255,885 | 12,072,517 |
21. Summary of funds
Summary of funds - current year
| Balance at 1 | Transfers | Gains/ | Balance at | |||
|---|---|---|---|---|---|---|
| August 2021 | Income | Expenditure | in/out | (Losses) | 31 July 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Designated | ||||||
| funds | 1,949,007 | (89,599) | 1,859,408 | |||
| General funds | 7,515,119 | 3,533,040 | (4,410,857) | 89,599 | 6,726,901 | |
| Endowment | ||||||
| funds | 2,367,683 | 41,216 | 2,408,899 | |||
| Restricted funds | 240,708 | 240,708 | ||||
| 12,072,517 | 3,533,040 | (4,410,857) | 41,216 | 11,235,916 |
Page 32
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
21. Summary of funds (continued)
Summary of funds - prior year
| Balance at | ||||||
|---|---|---|---|---|---|---|
| 1 August | Transfers | Gains/ | Balance at | |||
| 2020 | Income | Expenditure | in/out | (Losses) | 31 July 2021 | |
| £ | £ | £ | £ | £ | £ | |
| Designated | ||||||
| funds | 2,059,071 | (110,064) | 1,949,007 | |||
| General funds | 11,064,101 | 3,264,723 | (6,923,769) | 110,064 | 7,515, 119 | |
| Endowment | ||||||
| funds | 2,111,798 | 255,885 | 2,367,683 | |||
| Restricted funds | 240,708 | 240,708 | ||||
| 15,475,678 | 3,264,723 | (6,923,769) | 255,885 | 12,072,517 |
22. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Endowment | Restricted | Unrestricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2022 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,856,408 | 1,856,408 | ||
| Fixed asset investments | 2,408,899 | 843 | 2,409,742 | |
| Current assets | 240,708 | 8,462,350 | 8,703,058 | |
| Creditors due within one year | (753,068) | (753,068) | ||
| Creditors due in more than one year | (980,224) | (980,224) | ||
| Total | 2,408,899 | 240,708 | 8,586,309 | 11,235,916 |
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THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
22. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Endowment | Restricted | Unrestricted | Ttal | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| 2021 | 2021 | 2021 | 2021 | |
| £ | £ | £ | £ | |
| Tangible fixed assets | 1,949,007 | 1,949,007 | ||
| Fixed asset investments | 2,367,683 | 842 | 2,368,525 | |
| Current assets | 240,708 | 9,159,441 | 9,400,149 | |
| Creditors due within one year | (853,609) | (853,609) | ||
| Creditors due in more than one year | (791,555) | (791,555) | ||
| Total | 2,367,683 | 240,708 | 9,464,126 | 12,072,517 |
23. Reconciliation of net movement in funds to net cash flow from operating activities
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Net expenditure fr the year (as per Statement of Financial Activities) | (836,601) | (3,403,161) | |
| Adjustments for: | |||
| Depreciation charges | 123,088 | 130,574 | |
| Losses on investments | (41,216) | (255,885) | |
| Dividends, interests and rents from investments | (5,774) | (8,787) | |
| Decrease in debtors | 639,126 | 1,976,220 | |
| lncrease/(decrease) in creditors | 88,127 | (133,044) | |
| Net cash used in operating activities | (33,250) | (1,694,083) | |
| 24. | Analysis of cash and cash equivalents | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Cash in hand | 8,514,378 | 8,572,343 | |
| Total cash and cash equivalents | 8,514,378 | 8,572,343 |
Page 34
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FORTHE YEAR ENDED 31 JULY 2022
25. Analysis of changes in net debt
| Other non- | ||||
|---|---|---|---|---|
| At 1 August | cash | At 31 July | ||
| 2021 | Cash flows | changes | 2022 | |
| £ | £ | £ | £ | |
| Cash at bank and in hand | 8,572,343 | (57,965) | 8,514,378 | |
| Debt due within 1 year | (29,001) | 18,747 | (10,254) | |
| Debt due afer 1 year | (791,555) | (188,669) | (980,224) | |
| 7,751,787 | (39,218) | (188,669) | 7,523,900 |
26. Pension commitments
Group Personal Pension Plan
The Institute operates a defined contribution Group Personal Pension Plan which is open to all staff employed since 1 st 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 lnstitute's pension contributions paid in respect of this plan for the year was £34,466 (2021: £64,193).
The Institute participates in three defined benefit pension schemes for staff employed prior to 1 st 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 is 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.
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.
Page 35
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
26. Pension commitments (continued)
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 are due to be reviewed 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 Thrombosis Research 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. Thrombosis Research 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 (i.e. cash amounts) in 2022 of £6,336 (2021: £5,755) 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 Thrombosis Research Institute.
Universities Superannuation Scheme
Significant accounting policies
The Institute participates in Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed 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 scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 "Employee benefits", the Institute therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the scheme. 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
Page 36
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
26. Pension commitments (continued)
payable that arise from the agreement (to the extent that they relate to the deficit) and therefore an expense is recognised.
Critical accounting judgements
FRS 102 makes the distinction between a group plan and a multi-employer scheme. A group plan consists of a collection of entities under common control typically with a sponsoring employer. A multi-employer 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 trustees are satisfied that the Universities Superannuation Scheme meets the definition of a multi-employer scheme and has therefore recognised the discounted fair value of the contractual contributions under the funding plan in existence at the date of approving the financial statements.
The total cost charged to the Statement of Financial Activities is £62,506 (2021: £58,590).
Deficit recovery contributions due within one year for the institution are £10,254 (2021: £29,001). The latest available complete actuarial valuation of the Retirement Income Builder is as at 31 March 2020 (the valuation date), and was carried out using the projected unit method.
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 2020 valuation was the sixth valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £66.5 billion and the value of the scheme's technical provisions was £80.6 billion indicating a shortfall of £14.1 billion and a funding ratio of 83%.
The key financial assumptions used in the 2020 valuation are described below. More detail is set out in the Statement of Funding Principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding principles).
Page 37
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
26. Pension commitments {continued)
| CPI assumption | Term dependent rates in line with the diference |
|---|---|
| between the Fixed Interest and Index Linked yield | |
| curves less: | |
| 1.1% p.a. to 2030, reducing linearly by 0.1% p.a. to a | |
| long-term difference of 0.1% p.a. from 2040 | |
| Pension increases {subject | CPI assumption plus 0.05% |
| to a floor of 0%) | |
| Discount rate (forward | Fixed interest gilt yield curve plus: |
| rates) | |
| Pre-retirement: 2. 75% p.a. | |
| Post retirement: 1.00% p.a. |
The main demographic assumptions used relate to the mortality assumptions. These assumptions are based on analysis of the scheme's experience carried out as part of the 2020 actuarial valuation. The mortality assumptions used in these figures are as follows:
| 2020 valuation | |
|---|---|
| Mortality base table | 101% of S2PMA "light" for males and |
| 95% of S3PFA for females | |
| Future improvements to | CMI 2019 with a smoothing parameter of 7.5, an |
| mortality | initial addition of 0.5% p.a. and a long-term |
| improvement rate of 1.8% pa for males and 1.6% pa | |
| for females |
The current life expectancies on retirement at age 65 are:
Page 38
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
26. Pension commitments (continued)
| Pension commitments (continued) | ||
|---|---|---|
| 2022 | 2021 | |
| Males currently aged 65 (years) | 23.9 | 24.7 |
| Females currently aged 65 (years) | 25.5 | 26.1 |
| Males currently aged 45 (years) | 25.9 | 26.7 |
| Females currently aged 45 (years) | 27.3 | 27.9 |
A new deficit recovery plan was put in place as part of the 2020 valuation, which requires payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate will increase to 6.3%. The 2022 deficit recovery liability reflects this plan. The liability figures have been produced using the following assumptions:
following assumptions: |
||
|---|---|---|
| 2022 | 2021 | |
| Discount rate* | 3.06% | 2.57% |
| Pensionable salary growth* | 5% | 3% |
NHS Pension Scheme
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 lnstitute's pension contributions for the year was £5,377 (2021 : £11,321).
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://w . nhsbsa. nhs. uk/nhs-pension-scheme-accounts-and-valuation-reports. Copies can also be obtained from The Stationery Office.
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.
Page 39
THE THROMBOSIS RESEARCH INSTITUTE (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
26. Pension commitments (continued)
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.
27. Related party transactions
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 July 2022.
Page 40
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022
----- Start of picture text -----
2022 2022 2021 2021
£ £ £ £
Income
Income from principal activities 3,527,266 3,255,936
Investment income 5,774 8,787
3,533,040 3,264,723
Gains on investments
Unrealised gain on investments 41,216 255,885
41,216 255,885
Gross income in the reporting period 3,574,256 3,520,608
Less:
Direct expenditure
Reseach costs including salaries 3,168,822 5,755,409
Other expenditure 3,168,822 5,755,409
----- End of picture text -----
Page 41
THE THROMBOSIS RESEARCH INSTITUTE
(A Company Limited by Guarantee)
INCOME AND EXPENDITURE ACCOUNT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
| 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Administrative expenditure | ||||
| Advertising | 68,590 | 15,117 | ||
| Ofice costs | 175,314 | 183,541 | ||
| Premises costs | 79,214 | 75,482 | ||
| Professional fees | 24,507 | 86,550 | ||
| Consultancy fees | 81,000 | 107,152 | ||
| Legal fees | 8,922 | 1,949 | ||
| Motor expenses | 7,146 | 4,862 | ||
| Insurance | 46,778 | 215,672 | ||
| Bank charges and interest | 12,672 | 10,867 | ||
| Motor, travel and accommodation | 60,937 | 7,040 | ||
| Repairs | 29,232 | 84,573 | ||
| Other staf costs | 415,665 | 214,621 | ||
| Depreciation | 123,088 | 130,573 | ||
| Audit | 17,500 | 15,850 | ||
| Other costs | 6,025 | 4,757 | ||
| Loss on currency exchange | 9,754 | |||
| Irrecoverable VAT | 85,445 | |||
| 1,242,035 | 1,168,360 | |||
| Total expenditure | 4,410,857 | 6,923,769 | ||
| Net expenditure before taxation for the reporing | ||||
| period | (836,601) | (3,403,161) | ||
| Taxation | ||||
| Net expenditure for the reporing period | (836,601) | (3,403,161) | ||
| Deficit for the reporting period | (836,601) | (3,403, 161) | ||
| Surplus brought forward at 1 August 2021 | 12,072,517 | 15,475,678 | ||
| Surplus carried forward at 31 July 2022 | 11,235,916 | 12,072,517 |
The notes on pages 16 to 40 form part of these financial statements.
Page 42