2021-03-31-accounts - The William Harvey Research Foundation

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		Unrestricted	Restricted	Total	Total
	Notes	Funds	Funds	2021	2020
			E		6
INCOME from:
Donations	2a	29,381	96,508	125,889	29,810
Charitable activities	2b	119,151		119,151	75,406
Other trading activities	2c	877,377		877,377	1,348,688
Investments	2d	1,244		1,244	3,869
Other income	2e	8,700		8,700	575
Total income		1,035,853	96,508	1,132,361	1,458,348
EXPENDITURE on:
Raising funds	8a	214,347		214,347	309,564
Charitable activities	8b	813,179	116,107	929,286	1,162,655
Total expenditure		1,027,526	116,107	1,143,633	1,472,219
Net income/(expenditure)		8,327	(19,599)	(11,272)	(13,871)
Transfers between funds		(21,399)	21,399
Minority interests	11	(2,004)		(2,004]	23,383
Net movement in funds		(15,076)	1,800	(13,276)	9,512
Reconciliation offunds
Fund balances brought forward at	1April
2020		222,532	5,489	228,021	218,509
Fund balances carried forward
at31March 2021	17	207,456	7,289	214,745	228,021

	YEAR EN	DED 31stMARC	H 2021
		2021		2020
	Notes	E
Current Assets
Short term investments		54,789		54,222
Debtors	12	445,673		174,222
Cash at bank and in hand		438,962		650,097
		939,424		878,541
Creditors: Amounts	falling due
within one year	13	(513,638)		(538,698]
Net Current Assets			425,786		339,843
Total Assets less Current Liabilities			425,786		339,843
Provisions for liabilities for
future costs	14		(137,053)		(39,838]
Total Net Assets			288,733		300,005
The funds ofthe charity
Restricted Funds	19		7,289		5,489
Unrestricted Funds
Designated	20	755		505
General	20	95,748		114,081
			96,503		114,586
Funds retained within	a non-charitable
subsidiary			110,953		107,946
			214,745		228,021
Minority interests			73,988		71,984
Total charity funds			288.733		300,005

						2021	2020
						E	E
Cash inflows /(outflows) N t hg t dhy/[	from operating dt ] p tt g			activities tt ttt		~222879	246,533
Cash flows from investing	activities
Investment income and interest received						1,744	3,912
Total cash flows from investing activities						1,744	3,912
Change in cash and cash	equivalents					(211,135]	250,445
Cash and cash equivalents	at beginning	ofyear				650,097	399,652
Cash and cash equivalents	atend ofyear					438,962	650,097
Reconciliation ofnet income to net		cash		flow	from	operating activities
						2021	2020
						E	E
Net (expenditure)/income						(11,272)	(13,871]
Adjustments for:
(Increase) in current asset	investments					(567)	(590)
Investment income						(1,744)	(3,912)
(Increase) in debtors						(271,451]	(10,170)
Increase in creditors						72,155	275,076
N t thg t dhy/[	dt ] p		tt	g	tt ttt	~222, 879	246,533
Analysis ofcash and cash equivalents
						2021	2020
						E	E
Cash in hand						357,101	568,878
Notice deposits (less than	3 months)					81,861	81,219
Total cash and cash equivalents						438,962	650,097

2a. Donations
	Unrestricted	Restricted	Total
Year to 31March 2021	Funds	Funds	2021
		6	E
Donated office facilities	29,131		29,131
Donations towards research projects	200	96,508	96,708
Gift Aid repayment from HMRC	50		50
Total Donations	19,181	96588	115,889
	Unrestricted	Restricted	Total
Year to 31March 2020	Funds	Funds	2020
	E	E
Donated office facilities	28,560		28,560
Donations towards research projects		1,000	1,000
Giit Aid repayment from HMRC		250	250
Total Donations	28,560	1,250	29,810
2b.Charitable activities
	Unrestricted	Restricted	Total
Year to31March 2021	Funds	Funds	2021
	E	E
John Vane Memorial conference income	119,151		119,151
Total Charitable activities	119,151		119,151
	Unrestricted	Restricted	Total
Year to31March 2020	Funds	Funds	2020
	E	E
John Vane Memorial conference income	75,406		75,406
Total Charitable activities	75,406		75,406

Other trading ac	tivities
				Unrestricted	Restricted	Total
Year to 31March	2021			Funds	Funds	2021
				E	E	E
Research income	on Cardiovascular		diseases	636,310		636,310
Research income	on Inflammation		diseases	92,962		92,962
Research income	on other diseases			115,000		115,000
Consultancy income				22,667		22,667
Medical education	management	services		10,438		10,438
Total Other trading activities				877,377		877,377
				Unrestricted	Restricted	Total
Year to 31March	2020			Funds	Funds	2020
				E	E	E
Research income	on Cardiovascular		diseases	836,536		836,536
Research income	on Inflammation		diseases	207,930		207,930
Research income	on Endocrine diseases			5,652		5,652
Research income	on other diseases			201,250		201,250
Consultancy income				69,317		69,317
Medical education	management	services		28,003		28,003
Total Other trading activities				1,348,688		1,348,688

Investments
	Unrestricted	Restricted	Total
Year to 31March 2021	Funds	Funds	2021
		E	E
Interest on cash deposits	1,244		1,244
Total Investments	1,244		1,244
	Unrestricted	Restricted	Total
Year to 31March 2020	Funds	Funds	2020
	E		E
Interest on cash deposits	3,869		3,869
Total Investments	3,869		3,869
			Page 21

2e	.Other income
				Unrestricted	Restricted	Total
	Year to 31March 2021			Funds	Funds	2021
				E	E	E
	Job Retention Scheme government	grant		8,700		8,700
	Total Other income			8,7DO		8,700
				Unrestricted	Restricted	Total
	Year to 31March 2020			Funds	Funds	2020
				E	E	E
	Job Retention Scheme government	grant		575		575
	Total Other income			575		575
3.	TOTAL INCOME BYGEOGRAPHICAL		MARKET		2021	2020
	United Kingdom				67%	58%
	Europe				11%	1%
	North America				22%	38%
	Rest ofthe World				0%	3%

ANALYSIS OFSTAFF COSTS	2021	2020
	E	E
Salaries	102,682	141,514
Social security costs	2,535	6,585
Other pension costs	3,297	3,857
	108,514	151,956

	The monthly average number ofstaff employed during th	e period was as follo	ws:
		2021	2020
		number	number
	Fundraising
	Support
7.	MOVEMENT IN NET FUNDS FORTHE YEAR	2021	2020
		E	E
	Net outgoing resources are stated after charging:
	Auditors' remuneration:
	Audit fees	15,373	12,133
	Other fees	2,449	695

		Unrestricted	Restricted	Total
Year to 31March 2021		Funds	Funds	2021
Fundraising and publicity		18,382		18,382
Administration expenses		148,607		148,607
Consultancy related costs		9,517		9,517
Medical education management	services	3,137		3,137
Audit fees		15,373		15,373
Other governance costs		19,331		19,331
Total Costs ofraising funds		214,341		214,347
		Unrestricted	Restricted	Total
Year to31March 2020		Funds	Funds	2020
			6
Fundraising and publicity		55,195		55,195
Administration expenses		150,301		150,301
Consultancy related costs		58,783		58,783
Medical education management	services	6,838		6,838
Audit fees		12,133		12,133
Other governance costs		26,314		26,314
Total Costs ofraising funds		309,564		309,564

Charitable	activities by f	und category
			Unrestricted	Restricted	Total
Year to 31March 2021			Funds	Funds	2021
Research on	Cardiovascular	diseases	558,564		558,564
Research on	Inflammation	diseases	91,340	115,407	206,747
Research on	other diseases		108,686		108,686
Conferences	and Symposia		54,589	700	55,289
Total Charitable activities			813,179	116,107	929,286

Charitable a	ctivities by fu	nd category (co	ntinued)
			Unrestricted	Restricted	Total
Year to 31March 2020			Funds	Funds	2020
			E	E	E
Research on	Cardiovascular	diseases	749,098	1,145	750,243
Research on	Inflammation	diseases	177,718		177,718
Research on	Endocrine diseases		1,469		1,469
Research on	other diseases		174,977		174,977
Conferences	and Symposia		58,048	200	58,248
Total Charitable activities			1,16131II	1,345	1,162,655

Charitable activities by expenditure	Charitable activities by expenditure	category
		Direct	costs		Total
Year to 31March 2021		Staffcosts	Other costs	Grants costs	2021
		E	E	E	E
Research on Cardiovascular	diseases			558,564	558,564
Research on Inflammation	diseases			206,747	206,747
Research on other diseases				108,686	108,686
Conferences and Symposia		1,588	53,701		55,289
Total Charitable activities		1,588	53,701	873,997	929,286

Charitable activities by expenditure	Charitable activities by expenditure	category
		Direct	costs		Total
Year to 31March 2020		Staffcosts	Other costs	Grants costs	2020
		E	E	E	E
Research on Cardiovascular	diseases			750,243	750,243
Research on Inflammation	diseases			177,718	177,718
Research on Endocrine diseases				1,469	1,469
Research on other diseases				174,977	174,977
Conferences and Symposia		4,304	53,744		58,048
Total Charitable activities		4.304	53744	1.104407	1,163455

Summary ofWilliam Harvey Research Limited's results	2021	2020
	E	E
Total income for the year	1,006,041	1,427,277
Expenditure to third parties	(929,444)	(1,355,691)
Net income	76,597	71,586
Paid to the William Harvey Research Foundation	(71,586)	(130,043)
Net movement in reserves	5,011	~58,457

		2021	2020
			E
Total assets		679,273	701,646
Total liabilities		(494,302)	(521,686)
Shareholders'	funds	184,971	179,960

12.DEBTORS			GROUP		CHARITABLE	COMPANY
			2021	2020	2021	2020
			E	E	E
Trade debtors			118,812	85,055
Other taxes and social		security	38,026	11,902	6,464
Prepayments			173,497	37,402	813	866
Accrued income			115,338	39,863	94,271	645
			445,673	174,222	101,548	1,511
13.CREDITORS: amounts		falling	GROUP		CHARITABLE	COMPANY
due within one	year		2021	2020	2021	2020
			E	E	E	6
Trade creditors			1,733	43,615	1,517	1,746
Other taxes and social		security costs	16,976	19,821	389	686
Other creditors			32	42,704		70
Deferred income			339,771	81,304
Accruals			155,126	351,254	17,430	14,510
			513,638	538,698	19,336	17,012
14.PROVISION FOR	LIABILITIES		GROUP		CHARITABLE	COMPANY
			2021	2020	2021	2020
			E	E	E	E
Future costs payable:
Grant for research	expenditure
already committed	and	payable until
March 2024			137,053	39,838	137,053	39,838

RELATED PARTY TRANSACTIONS		2021	2020
		E
Directors ofthe William Harvey Research	Limited
Professors M.Perretti, C. Thiemermann,	B.Whittle, M.Yaqoob
Consultancy fees and honoraria		51,500	43,950

			2021	2021	2020
				E	E
Parmigiani Consulting	Ltd
John Vane Memorial conference organiser fees				22,000	26,286
John Vane Memorial conference recharge ofancillary expenses				457	214
The sole shareholder and Managing		Director ofParmigiani	Consulting	Ltd, appointed by
the Board ofDirectors,	is the spouse	ofthe CEO ofthe William Harvey		Research	Limited.
			2021		2020
				E	E
Queen Mary University	ofLondon
Research expenditure	paid to QMUL			941,060	927,862
Creditor balance at 31	March			941	29,826
Management fees invoiced to QMUL				122,190	135,004
Debtor balance at 31March				41,831	18,639
Queen Mary University	ofLondon is	the William Harvey Research Limited's minority
shareholder (40%).

	Unrestricted	Restricted	Total
Year to 31March 2021	Funds	Funds	2021
	E	E	E
Net current assets —excluding minority interests	207,456	7,289	214,745
Net assets before minority interests	207,456	7,289	214,745
Net current assets —minority interests	73,988		73,988
Net assets	281,444	7,289	288,733
	Unrestricted	Restricted	Total
Year to 31March 2020	Funds	Funds	2020
		6	6
Net current assets —excluding minority interests	222,532	5,489	228,021
Net assets before minority interests	222,532	5,489	228,021
Net current assets —minority interests	71,984		71,984
Net assets	294,516	5,489	300,005

	Unrestricted	Restricted	Total
Year to31March 2021	Funds	Funds	2021
	E	E	E
Fixed asset investments	30		30
Net current assets	96,473	7,289	103,762
Net assets	96,503	7,289	103,792
	Unrestricted	Restricted	Total
Year to31March 2020	Funds	Funds	2020
	E	E	6
Fixed asset investments	30		30
Net current assets	114,556	5,489	120,045
Net assets	114,586	5489	120,075

CHARITABLE COMPANY R	ESTRICTED FU	ESTRICTED FU	NDS
Year to 31March 2021	1April 2020		Income	Expenditure	Transfers	31March 2021
						E
inflammation diseases			95,000	(115,407)	21,399	1,000
Pharmacology research Conferences and Symposia		4,175 1,314	1,500	(700)		5,675 614
Total restricted funds		5,409	96,500	~126,207	21.399	7289

Year to31March 2020	1April 2019	Income	Expenditure	Transfers	31March 2020
					E
Cardiovascular diseases	1,172		(1,145)	(27)
Pharmacology research Conferences and Symposia Total restricted funds	2,925 1,514 5,611	1,250 1,250	(200) ~2.345	~27	4,175 1,314 5,489

Year to 31March	Year to 31March	2021		1April 2020	Income	Expenditure	Transfers	31March 2021
						E	E	E
Designated
Inflammation	diseases					(6,000)	6,000
Other diseases						(8,685)	8,685
Unspecified research funds				505	250			755
Administration	fund				29,562	(83,397)	53,835
Total designated		funds		505	29,812	(98,082)	68,520	755
General funds				114,081	71,586		(89,919)	95,748
T 1 1 t	1 1	dt	d	114506	101,390	~98002	~22,399	96,503

Trustees' decision	s over	the	year, and contri	butions fro	m Reserves to co	ver support co	sts for the
Year to31March	2020		1April 2019	Income	Expenditure	Transfers	31March 2020
							6
Designated
Other diseases					23	(23)
Unspecified research funds			505				505
Administration fund				29,823	(115,207)	85,384
Total designated	funds		505	29,823	(115,184)	85,361	505
General funds			69,373	130,042		(85,334)	114,081
Ttt 1'tdd		d	69078	159,065	~225,204	27	114,586