Charity Registration No. 802862
CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Professor H Gaston Dr N Shenker Dr F Hall Professor A McCaskie Dr D Jadon Dr N Jordan Charity number 802862 Registered office Box 194 Unit E6 Addenbrookes Hospital Hills Road Cambridge Cambridgeshire CB2 0QQ Independent examiner Mrs J Boatfield ACA Ensors Accountants LLP Victory House Vision Park Histon Cambridge CB24 9ZR
CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Statement of Trustees' responsibilities | 5 |
| Independent examiner's report | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 17 |
CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report and financial statements for the year ended 31 March 2021. Cambridge Arthritis Research Endeavour is abbreviated to CARE in the report below.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Charity's trust deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The purpose and work of CARE is primarily in the field of arthritis and relief and education concerning such conditions.
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers.
The Trustees believe that the Charity’s research is of huge benefit to the public. The Charity was formed by a Trust Deed dated 29 January 1990. (Charity number 802862).
Since it is essentially a medical charity, it is appropriate that most of the Trustees are medical. In setting up the charity it was recognised that it was important to have a balanced mix of Trustees. The initial mix was mainly medical with a fundraiser and a lawyer.
As Trustees have resigned and replacements needed, the broad focus has been on replacing like with like, so a medical Trustee on leaving has been replaced by an incoming medical Trustee. The Board of Trustees have felt this to be in line with the original intent of the charity. In appointing Trustees, the Board has focussed on finding Trustees, who, not only have excellent credentials, but who would also be able to make a significant contribution to the work of CARE. The Trustees intend to appoint additional trustees with legal and/or financial expertise in due course.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance
CARE administrates the academic and commercial research studies conducted in the rheumatology research unit (RRU). This includes: accepting grants and other funds to perform the research; pay salaries of the research doctors, nurses, practitioners and administrators (under the auspices of their employer, Cambridge University Hospitals NHSFT); and pay for equipment, consumables and training required to perform the research duties.
The charity has continued to support research activities across a wide field of topics that are important in rheumatology. Although the COVID-19 pandemic imposed limitations on our ongoing trials, with many temporarily put on hold, we have set up eight new trials, and restarted a number of projects collecting data for The British Society for Rheumatology Biologics Register for Ankylosing Spondylitis (BSRBR-AS), Psoriatic Arthritis Register (BSRBR-PsA) and Rheumatoid Arthritis (BSRBR-RA). In addition, rheumatologists have used their expertise in clinical trials and the use of “biological” treatments. The pandemic highlighted the crucial importance of rapid and well-organized research trials to discover useful treatments for a novel disease and to understand it better. The Tactic-R trial, led by Dr Frances Hall and supported by our research nurses, and enrolment to the trial started in May 2020. Patients were recruited across 22 sites in the UK. The trial looked at the prospect of using current licenced immunosuppression agents as an effective therapy against Covid-19. The charity is committed to using the knowledge and experience gained throughout the pandemic to continue to investigate rheumatic diseases and their treatment with the urgency and efficiency as needed.
Dr Deepak Jadon is a consultant rheumatologist and Director of the Rheumatology Research Unit (RRU) at Addenbrooke’s Hospital. His clinical and research interests relate to inflammatory arthritides such as psoriatic arthritis (PsA), ankylosing spondylitis (AS) and rheumatoid arthritis (RA).
We currently have approaching 20 active clinical studies and several due to start over the coming year. We have a balanced portfolio of academic and non-academic (often clinical trials of new medications) research. The team comprises of a senior administrator, a research nurse manager, four research nurses, a research practitioner and several research fellows.
Dr Natasha Jordan has an interest in studies studies in Autoimmune Connective Tissue Diseases (CTD). The clinical trial studies recently opened include the SLEek study, an international multicentre trial investigating the safety and efficacy of ABBV-105 and Upadacitinib in active SLE patients. In conjunction with the University of Leeds the GCA Consortium aims to establish a database which will permit clinical characterisation of giant cell arteritis (GCA) and polymyalgia rheumatica (PMR) with a view to developing a better understanding of these diseases. The research team will carry out genetic studies investigating the contribution of relevant genes to the susceptibility to GCA/PMR and the risk of complications and response to therapy.
In addition the United Kingdom primary Sjögren’s syndrome registry is a study aiming to establish a cohort of well-characterised primary Sjögren’s syndrome (pSS) patients and matched healthy controls, together with samples of DNA, RNA, serum and immune cells in order to facilitate clinical trials, genetic and epidemiological studies in this disease area.
Dr Nicholas Shenker continues to be an active member of CamPAIN contributing to the research studies collaborating with various scientists across the Cambridge biomedical campus. Participants with Complex Regional Pain Syndromes have contributed to several studies including having their genetic coded sequenced (exome sequencing) and their pain responses studies with EEG. This work is in collaboration with a group in Switzerland and a technology firm that provides the headsets to study the electrical activity from their brains (EEG) to wear at home, recording what the brain ‘looks like’ when the person experiences pain.
Dr Frances Hall has a number of studies which have now closed and have been analysed, the results embargoed pending publication. Due to the Covid-19 pandemic other studies were put on hold due to managers and statisticians have been fully-engaged with Covid-related studies. As a result of the pandemic a ‘ mulTi-Arm Therapeutic study in pre-Icu patients admitted with Covid -19 – Repurposed Drugs (TACTIC-R)’ was opened. TACTIC-R is a platform clinical trial designed to test immunomodulatory agents, licenced for use in other diseases, for efficacy in Covid-19. Enrolment into TACTIC—R spanned 12 months with recruitment across 22 sites in the United Kingdom.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Prof Andrew McCaskie became Head of the Department of Surgery in 2017. He established and became Director of the Arthritis Research UK Tissue Engineering Centre. The Centre brings together many institutions across the UK in addition to clinicians, engineers and biologists from research and clinical groups to develop regenerative therapies for people with Osteoarthritis. The centre was subsequently renamed; Versus Arthritis; Tissue Engineering and Regenerative Therapies Centre. Professor McCaskie led the Smart Step programme as part of Stage II UK Regenerative Medicine Platform and is a co-investigator in the recently established UK Regenerative Medicine Platform Hub; Engineered cell environment. His clinical interest is lower limb, particularly hip disease in young patients and he aims to link research to the clinic, for example clinical trials (cell therapy trial for knee arthritis). He is one of the three editors of Bailey and Love's Short Practice of Surgery 27th Edition and is the Director of the Academic Foundation Programme in Cambridge, establishing the transplant and regeneration theme. He Chairs the Cell Therapy Oversight Committee and represents Addenbrooke’s in the Midlands and Wales Advanced Therapy Treatment Centre.
Financial review
Fixed asset investments have increased in value during the year by £138,161 (2020 – decrease of £23,377) and generated spendable income of £23,735 (2020 - £24,196), which the Trustees consider to be satisfactory performance.
It is the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which is adequate to meet the charity's objectives.
The results for the year are set out in the attached financial statements. At the balance sheet date the Charity had total net assets less current liabilities of £613,915 (2020 - £643,269). The Charity reserves amounted to £587,996 (2020 - £583,012).
The Trustees have conducted their own review of the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Procedures have been put in place to minimise both the external and internal risks and these procedures are periodically reviewed to ensure that they still meet the needs of the Charity.
The risks are largely defined as being financial and/or medical. Financially, the Charity has taken professional advice and its finances are handled by CCLA Investment Management Ltd with part of its cash invested in Units and part invested on term deposits. Overall the Charity is seeking to ensure that there is approximately five years of anticipated funding needs in its reserves (or such reserves as may be advised by the Charity Commission); the five years funding in reserves is an aspiration at the moment. Steps are being taken on the fund-raising front to enhance the level of reserves.
Medically, the Charity is exposed to risk in the following ways:
1. The CARE website
The CARE website has been reconstructed.
2. CARE Speaker and Social Meetings
These events bring together members of the Rheumatology Department and patients, with their relatives and friends. Venues selected are used regularly for conferences and present no unusual hazard. Several medical members of the team are present at these events, should medical attention be required.
3. CARE involvement in scientific research and clinical trials
All scientific research sponsored by CARE is conducted under the ethical and management policies of Cambridge University Hospitals NHS Foundation Trust (CUHNHSFT) (to whom proposals are submitted for peer review). Where CARE staff participate in clinical trials, these are normally conducted on behalf of pharmaceutical companies, or their agents, and therefore subject to the normal regulatory processes. Where CARE sponsors clinical trials directly, these are conducted under the regulations set out by CUHNHSFT, and are subject to ethical review. Insurance against adverse outcomes in any CARE-instigated clinical trial is provided through CUHNHSFT.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Structure, governance and management
The Governing document of the Charity is a Declaration of Trust dated 29 January 1990.
The address of the charity is:
Box 194 Unit E6 Addenbrookes Hospital Hills Road Cambridge Cambs CB2 0QQ
The Trustees who served during the year and up to the date of signature of the financial statements were:
Professor H Gaston Dr N Shenker Dr F Hall Professor A McCaskie Dr D Jadon Dr N Jordan
Prospective and newly appointed Trustees are given a detailed understanding of the research work carried out by CARE, so that those who are invited to join are conversant with what is expected of them.
In planning for the coming year, the Trustees agree the framework in which CARE will operate and the day-today detail to achieve this is delegated to the staff of CARE. Should the staff wish to change the framework, then an approach is made to the Trustees to seek their authority to make the changes.
The day to day affairs of the charity are run by the Administrator.
The charity's current policy concerning the payment of trade creditors is to:
-
settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
The Trustees' report was approved by the Board of Trustees.
Professor H Gaston Trustee
19 January 2022
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.
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 in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
I report to the Trustees on my examination of the financial statements of Cambridge Arthritis Research Endeavour (the Charity) for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mrs J Boatfield ACA Ensors Accountants LLP
Victory House Vision Park Chivers Way Histon Cambridgeshire CB24 9ZR
Dated: 27 January 2022
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 3,245 - Charitable activities 4 49,435 - Other income 5 - - Investment income 6 23,837 - Total income 76,517 - Expenditure on: Charitable activities 7 210,478 33,554 Net gains/(losses) on investments 12 138,161 - Net movement in funds 4,200 (33,554) Fund balances at 1 April 2020 585,418 57,851 Fund balances at 31 March 2021 589,618 24,297 |
Total Unrestricted Restricted funds funds 2021 2020 2020 £ £ £ 3,245 2,069 - 49,435 73,609 175,008 - 5,800 - 23,837 24,426 - 76,517 105,904 175,008 244,032 109,997 182,918 138,161 (23,377) - (29,354) (27,470) (7,910) 643,269 612,888 65,761 613,915 585,418 57,851 |
Total 2020 £ 2,069 248,617 5,800 24,426 280,912 292,915 (23,377) (35,380) 678,649 643,269 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
BALANCE SHEET
AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 13 | 1,572 | 2,356 | ||
| Investments | 14 | 961,148 | 799,253 | ||
| 962,720 | 801,609 | ||||
| Current assets | |||||
| Debtors | 15 | 73,891 | 50,365 | ||
| Cash at bank and in hand | 69,831 | 109,604 | |||
| 143,722 | 159,969 | ||||
| Creditors: amounts falling due within | |||||
| one year | 16 | (492,527) | (318,309) | ||
| Net current liabilities | (348,805) | (158,340) | |||
| Total assets less current liabilities | 613,915 | 643,269 | |||
| Income funds | |||||
| Restricted funds | 17 | 24,297 | 57,851 | ||
| Unrestricted funds | |||||
| General unrestricted funds | 589,568 | 585,368 | |||
| Trustees' subscriptions | 50 | 50 | |||
| 589,618 | 585,418 | ||||
| 613,915 | 643,269 |
The financial statements were approved by the Trustees on 19 January 2022
Professor H Gaston Trustee
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BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
1 Critical accounting estimates and judgements
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2 Accounting policies
Charity information
Cambridge Arthritis Research Endeavour is a Registered Charity governed by a declaration of trust dated 29 January 1980. Its objectives are the relief of persons who are suffering from rheumatoid arthritis and related diseases and to promote and advance medical research and education concerning such disorders provided that the useful results of such research shall be published.
.
2.1 Accounting convention
The financial statements have been prepared in accordance with the Charity's declaration of trust, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements subject to the impact that the COVID 19 pandemic might have on the Charity which is unknown at this time.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2 Accounting policies
(Continued)
2.3 Charitable funds
Resources received are allocated to restricted funds according to the limitations specified on their use by the donors or other providers. Funds which can be used for general purposes of the Charity are treated as unrestricted. Where income has been received to cover running costs for a project and the costs cannot be directly identified, a transfer is made from unrestricted funds to the relevant restricted fund for this expenditure.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
2.4 Incoming resources
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Legacy income is recognised when the following conditions have been met: the final estate accounts have been approved, the legacy is capable of measurement and there is no reversionary interest.
Grants received for use in purchasing capital items are included as income within restricted funds and are reduced each year by an amount equivalent to depreciation of those assets.
Revenue grants are included as income on a receivable basis.
Income from drug trials is recognised only when it is certain that payment will be received and can be measured accurately.
2.5 Resources expended
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 are allocated on the portion of the asset’s use.
2.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings 15% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
2 Accounting policies
(Continued)
2.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
2.8 Impairment of fixed assets
At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
3 Donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Donations and gifts | 3,245 | 1,569 |
| Legacies receivable | - | 500 |
| 3,245 | 2,069 |
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
4 Charitable activities
| 2021 2020 £ £ Grants - 175,008 Drug trial income 49,435 73,609 49,435 248,617 Analysis by fund Unrestricted funds 49,435 73,609 Restricted funds - 175,008 5 Other income Unrestricted Unrestricted funds funds 2021 2020 £ £ Sponsorship - 5,800 6 Investment income Unrestricted Unrestricted funds funds 2021 2020 £ £ COIF 23,735 24,196 Bank interest 102 230 23,837 24,426 |
2021 £ - 49,435 49,435 49,435 - |
2020 £ 175,008 73,609 |
|---|---|---|
| 248,617 | ||
| 73,609 175,008 |
||
| 24,426 |
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
7 Charitable activities
| Staff costs Depreciation and impairment Archiving Conferences and travel Grants Drug trials Patient travel Insurance Stationery and computer supplies Sundry expenses Bank charges Repairs and maintenance Research Share of support costs (see note 8) Share of governance costs (see note 8) Analysis by fund Unrestricted funds Restricted funds For the year ended 31 March 2020 Unrestricted funds Restricted funds |
2021 £ 235,175 784 261 313 - (19,151) 101 284 1,373 7,575 108 - - 226,823 11,518 5,691 244,032 210,478 33,554 244,032 109,997 182,918 292,915 |
2020 £ 245,696 868 265 3,590 (13,000) (38,016) 4,749 278 1,379 4,141 - 222 63,590 273,762 11,197 7,956 292,915 109,997 182,918 292,915 |
|---|---|---|
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
8 Support costs
| Staff costs Independent examiner's fees Recharged employment costs Analysed between Charitable activities |
Support costs Governance costs £ £ 11,518 - - 1,852 - 3,839 11,518 5,691 11,518 5,691 |
2021 £ 11,518 1,852 3,839 17,209 17,209 |
Support costs Governance costs £ £ 11,197 - - 4,224 - 3,732 11,197 7,956 11,197 7,956 |
2020 £ 11,197 4,224 3,732 |
|---|---|---|---|---|
| 19,153 | ||||
| 19,153 |
9 Grants payable
There were no grants payable in 2021. In 2020 there was a reversal of a prior year accrual in respect of grants payable of £13,000.
10 Trustees
-
- During the year, no Trustees received any remuneration (2020 £nil), benefits in kind (2020 £nil) or - reimbursement of expenses (2020 £nil) in relation to their role as Trustees. During the year, the charity reimbursed Cambridge University Hospitals NHS Foundation Trust for salary costs in relation to research - work carried out by the following Trustees: Dr Jordan £12,864 (2020 £12,312), Dr Jadon £10,761 (2020 - £10,300) and Dr Hall £12,830 (2020 - £12,280). During the year, no Trustees received expenses. (2020 - £267).
11 Employees
There were no employees during the year.
| Employment costs | 2021 | 2020 |
|---|---|---|
| £ | £ | |
| Wages and salaries recharged from Cambridge University Hospitals NHS | ||
| Foundation Trust | 250,532 | 260,625 |
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
12 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Revaluation of investments | 138,161 | (23,377) |
| Tangible fixed assets | ||
| Fixtures and fittings | ||
| £ | ||
| Cost | ||
| At 1 April 2020 | 44,736 | |
| At 31 March 2021 | 44,736 | |
| Depreciation and impairment | ||
| At 1 April 2020 | 42,380 | |
| Depreciation charged in the year | 784 | |
| At 31 March 2021 | 43,164 | |
| Carrying amount | ||
| At 31 March 2021 | 1,572 | |
| At 31 March 2020 | 2,356 |
13 Tangible fixed assets
14 Fixed asset investments
| COIF Units Deposit Fund - Capital Deposit Fund - Income £ £ £ Cost or valuation At 1 April 2020 667,412 7,023 124,818 Valuation changes - - 23,735 Unrealised gain 138,160 - - At 31 March 2021 805,572 7,023 148,553 Carrying amount At 31 March 2021 805,572 7,023 148,553 At 31 March 2020 667,412 7,023 124,818 |
Total £ 799,253 23,735 138,160 |
|---|---|
| 961,148 | |
| 961,148 | |
| 799,253 |
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
15 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income |
2021 £ 52,983 656 20,252 73,891 |
2020 £ 22,233 656 27,476 |
| 50,365 |
16 Creditors: amounts falling due within one year
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2021 £ 2,060 21,798 402,076 66,593 492,527 |
2020 £ - 3,536 217,405 97,368 |
|---|---|---|
| 318,309 |
17 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | |||||
|---|---|---|---|---|---|
| in funds | |||||
| Incoming | Balance at | Resources | Balance at | ||
| resources | 1 April 2020 | expended | 31 | March 2021 | |
| £ | £ | £ | £ | ||
| ePROMS and ePREMS | - | 48,091 | - | 48,091 | |
| Spondylarthritis Academy | - | 9,760 | (33,554) | (23,794) | |
| - | 57,851 | (33,554) | 24,297 |
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CAMBRIDGE ARTHRITIS RESEARCH ENDEAVOUR
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 18 | Analysis of net assets | between funds | |||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
| funds | funds | funds | funds | ||||
| 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | ||
| £ | £ | £ | £ | £ | £ | ||
| Fund balances at 31 | |||||||
| March 2021 are | |||||||
| represented by: | |||||||
| Tangible assets | 1,572 | - | 1,572 | 2,356 | - | 2,356 | |
| Investments | 961,148 | - | 961,148 | 799,253 | - | 799,253 | |
| Current assets/ | |||||||
| (liabilities) | (373,102) | 24,297 | (348,805) | (216,191) | 57,851 | (158,340) | |
| 589,618 | 24,297 | 613,915 | 585,418 | 57,851 | 643,269 |
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