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2022-03-31-accounts

WILLIAM HARVEY RESEARCH FOUNDATION (A Company Limited By Guarantee)

Trustees' Annual Report and Consolidated Financial Statements 31 MARCH 2022

COMPANY NUMBER: 2472965 CHARITY NUMBER: 803012

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES YEAR ENDED 31st MARCH 2022

OBJECTIVES AND ACTIVITIES

The objectives of the charity, as contained within its Memorandum and Articles of Association, are to promote and support, for the benefit of the public, medical research leading to new treatments for cardiovascular, inflammatory, metabolic and other diseases and to disseminate the results thereof. In shaping the objectives for the year and planning activities, and in presenting this report, the Trustees have endeavoured to comply with the Charity Commission's public-benefit requirements to illustrate identifiable benefits that are for the public good. The charity carries out its objectives primarily by pursuing the following activities:

(i) funding research into the causes and underlying mechanisms of cardiovascular, inflammatory and endocrine diseases, and the experimental evaluation of potential new treatments, the results of which are published in scientific journals and presented at scientific meetings;

(ii) Supporting postgraduate research training through funding of PhD studentships, postdoctoral fellowships and travel awards to attend scientific meetings; and

(iii) Sponsorship of conferences and seminars to discuss advances in research in certain disease areas.

The charity's grant-making policy has been established to achieve the charity's objectives for the public benefit and is consistent with the requirements of its membership of the Association of Medical Research Charities (AMRC).

ACHIEVEMENTS AND PERFORMANCE

(i) Four research grants were awarded to the William Harvey Research Institute in 2021-22. Two of these, amounting to £10,821, were small equipment awards, and £5,432 was awarded to pay for the publication of PhD research, undertaken using a Foundation grant, in two prestigious academic journals. An unrestricted donation of £10,000 received by the Foundation was awarded for specialised lipid-mediator profiling. Disbursement of the grant of £115,407 awarded in 2020-21 (comprising a grant of £94,008 from the Lorna and Yuti Chernajovsky Biomedical Research Foundation and a further award of £21,399 from the Foundation for further training and development, for a PhD studentship investigating new therapeutic targets for treating the failing heart in arthritis) was begun in 2021-22 following delays caused by the coronavirus pandemic.

(ii) The Foundation and its trading subsidiary maintained its research support at £1,277,040 (2021: £873,997), as follows: £601,249 (2021: £558,564) on cardiovascular disease, £545,573 (2021: £206,747) on inflammatory disorders, £100,000 (2021: £nil) on endocrine diseases and £30,218 (2021: £108,686) on other diseases. Between the Foundation and the Trading Company 15 (2021: 12) scientists at WHRI were funded in full or in part during the year. Of these two-thirds were female and about half come from a BAME background.

(iii) The charity continued its Lay Communication Prize, awarding £400 and £300 to the winner and runner-up to support the costs of attending academic meetings. This is targeted at early-career researchers at the William Harvey Research Institute to encourage the skill of presenting to non-scientific audiences, through both written and oral communication. This also forms part of marketing efforts to raise the profile of the charity.

(iv) The launch of the John Vane Academy, which targets support for research into therapeutic innovation to address unmet medical need on the next generation of scientific investigators, was postponed due to the pandemic. A bequest of £25,000 from Lady Daphne Vane’s estate has been received, which will be used to fund the Daphne Vane Media Training bursary, alongside the John Vane bursary scheme, both of which will be administered as part of the John Vane Academy.

(v) The charity continued to receive donations in 2021-22, totalling £46,652, for a new professorial chair in Intensive Care Medicine at the William Harvey Research Institute and Barts Health NHS Trust. In addition, it has pledged to the fundraiser a contribution of £25,000 over five years to support research in line with its charitable objectives. This is a key research priority, particularly in the light of COVID-19 and the unique position of Barts Health to conduct medical research to meet the urgent medical needs of the population it serves with globally-representative demographics.

Page 1

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2022

FINANCIAL REVIEW

In the year and taking into account movement in investments, the Foundation received total income of £1,662,601 (2021: £1,132,361). With total expenditure of £1,578,421 (2021: £1,143,633), there was a net surplus of £84,180 (2021: £11,272 deficit). The Foundation's net assets at 31st March 2022 were £372,914 (2021: £288,733). Cash in hand was £500,994 (2021: £357,101).

The Trading Company distributed £76,597 (2021: £71,586) in the financial year ended 31st March 2022 and, subject to a final decision taking account of all circumstances, future commitments and material liabilities, will distribute £84,173 in the financial year ending 31st March 2023 to be added to the Foundation's reserves, primarily to cover future operational costs and support future grant-making, as determined by the Trustees. This distribution is lower than average due to the significant adverse impact of the coronavirus pandemic on trading activity in 2020-22.

Risk management

The Trustees examine on a regular basis both real and potential major business and operational risks, based on an in-depth analysis provided by the Audit committee, and confirm that systems and a reporting structure have been established to enable ongoing monitoring and action to be taken to mitigate risks, including the regular review and renewal of relevant insurance policies. The principal, systemic risks to the Foundation are the loss of access to critical resources that are dependent entirely on the charity’s unique model of interdependent relationships that depend in turn on continuing recognition of the mutual benefits of the model, and the loss of capacity and expertise from a failure to attract and retain key human and other resources. These risks are being mitigated by a concerted effort to promote and maintain key stakeholder relationships and by reviewing and updating internal procedures and processes to ensure effective business continuity during periods of change.

The chief operational risk to both entities has been the impact of the coronavirus pandemic, in particular the opportunity to conduct contract research and to host events. With the cancellation of the John Vane Memorial Symposium in March 2020 liabilities were accounted for in 2020-21 although some principal costs were deferred to 2022 when the event will next be hosted in person. An online meeting took place in March 2021 for which there was an applicable reduction in the unrestricted educational grant received from United Therapeutics Corporation (UT). The next, in-person meeting in September 2022 will be held utilising support from UT, which has awarded an unrestricted educational grant of £744,600 over four years. Both entities have reviewed their cost structures to reduce the financial burden of the reserves policy and thus maintain and improve the charity's position to offer grants.

In order to maximise possible returns, to diversify the risk and to ensure readily available funds to meet its cash-flow commitments, the Foundation invests its cash reserves in several short-term deposit accounts, with the aim that no single deposit with any one financial institution exceeds £85,000, in line with the limit of the Financial Services Compensation Scheme.

Reserves policy

The reserves are held to cover the Foundation's operational costs, with 33% of salary costs for administration reimbursed to the Trading Company, reduced from 40% in 2020-21.

The Foundation's reserves policy, as determined by the Trustees, is to achieve free reserves approximating to a level: (i) to meet costs covering 12-months' expenditure, calculated at approximately £55,000 at current levels; and (ii) to meet future grant commitments entered into in previous years (see Note 21). Relying on both the Trading Company and Foundation, the level of free reserves for the year under review amounts to £211,793 (2021: £206,681). Free reserves are funds that do not have a restricted or designated purpose and which are not tied up in fixed assets.

Page 2

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2022

PLANS FOR FUTURE PERIODS

The Trustees will prioritise its efforts promoting the John Vane Academy and making grants in support of early-career researchers, and will continue to mitigate the identified principal systemic risks. Key to both these is to continue to offer full support to the Trading Company, its Directors and their business model.

The Trustees continue to build and cultivate a closer working relationship with the William Harvey Research Institute (WHRI) and to support its scientific and educational endeavours.

The Trustees continue to look to broaden and deepen their expertise to deliver the priorities of the Foundation, and are committed to keeping under review governance arrangements to ensure ongoing compliance and the effective working of the Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Foundation is registered as a charity with the Charity Commission of England and Wales and is a company limited by guarantee not having a share capital and registered with Companies House. It is governed by its Memorandum and Articles of Association, which were amended by resolution at the Company's annual general meeting (AGM) on 12 October 2016 and again by resolution at an extraordinary general meeting on 28 January 2020.

The Foundation is the majority shareholder (60%) of William Harvey Research Limited, a company limited by shares and registered in England and Wales. The minority shareholder (40%) is Queen Mary University of London (QMUL). There are no Trustees on the Board of Directors of the Trading Company, but Trustees make up the majority of members of the Trading Company Board's Audit and Remuneration committees.

Trustees are appointed by ordinary resolution at a general meeting of the charitable company, although Trustees may be appointed pro tem by the Board of Trustees until the following AGM. The exception is one representative of Barts and The London School of Medicine, whom the Trustees may appoint as a Trustee under the provisions of the Articles of Association. The minimum number of Trustees at any time is four, and the maximum ten. Trustees are appointed for five years and on retirement are eligible to be re- appointed, normally for one further term only. Gary McRae retired as a Trustee at the AGM, held on 5 October 2021, and Professor Steve Thornton, QMUL Vice Principal (Health), retired as a Trustee on 21 December 2021. On 3 May 2022, Professor Sir Mark Caulfield, the newly appointed QMUL Vice Principal (Health), was appointed a Trustee as the representative of Barts and The London School of Medicine; along with Vanela Bushi, Andrew Hall and Kathryn Kerle, who were appointed pro tem until the next AGM. Peter Marshall is due to retire as a Trustee at the next AGM in October 2022 on completion of his second term.

New Trustees are identified by the Board of Trustees and must first be Members of the company, appointed as such by the Board of Trustees. (The membership of the company must contain a majority who are relevantly scientifically qualified.) The Board of Trustees is constituted of individuals with appropriate expertise and experience to direct the activities of the Foundation, in particular its charitable, scientific and executive functions. The Trustees are aware of the importance of improving the diversity of Board membership and fully supports the initiative of its Trading Company in this area.

The work of the Board of Trustees is supported by the Audit committee, containing a majority of members who are Trustees, and a Grants Review Committee (GRC), which includes over 50% external, unconnected persons, in line with the peer-review policies of the Association of Medical Research Charities. The GRC membership is 50% female and has one member from a BAME background. Each Board committee has terms of reference agreed by the Board, and there is a schedule of matters reserved for the Board and a protocol to ensure appropriate and timely communication and decision-making between committees and the Board.

Page 3

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Board and its committees have been supported by a part-time Development Manager to support its fundraising activities, a post now redundant following the adverse impact of the coronavirus pandemic and a change in fundraising operations, and a part-time Accountant, whose time has been reduced to one day a week. Further support is provided as required by a Chartered Secretary in Public Practice.

The same Chartered Secretary and Accountant also support the Board of the Trading Company, which has four directors. Trustees receive no remuneration. Remuneration of the Trading Company's directors and staff is reviewed and benchmarked annually. The Foundation works closely with the Trading Company and the William Harvey Research Institute, benefitting from their relevant expertise and capacity to enhance the Foundation's fundraising activities.

FUNDRAISING POLICY

The Foundation's approach to fundraising excludes any contact with the public and involves no commercial participators or professional fundraisers. The Foundation promotes support for its charitable activities and seeks to raise funds with explicit consent from potential donors. The Foundation is registered with the Fundraising Regulator (FR) and contributes to the FR levy and adheres to the FR Code of Practice. No complaints have been received in the year.

Due diligence is undertaken on funds received from third parties to ensure the continuing professional integrity of William Harvey Research, its research aims and the Foundation’s charitable purpose.

RELATED PARTIES

The Trustees have submitted to Moore Kingston Smith LLP, the Foundation's external Auditors, for inspection 'Declaration of Related Party Interests and Fit and Proper Status' forms to assist them in conducting their audit in accordance with the revised and redrafted auditing standards as issued by the Auditing Practices Board.

Page 4

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2022

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also Directors of the William Harvey Research Foundation) 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).

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

In so far as the Trustees are aware:

Page 5

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2022

AUDITORS

Moore Kingston Smith LLP were appointed auditors to the company during the year. After ten consecutive appointments of Moore Kingston Smith LLP, the Trustees are conducting an auditor review and selection process. Following this process, and in accordance with section 485 of the Companies Act 2006, a resolution proposing the appointment of an auditor will be put at the Annual General Meeting.

The Trustees' Annual Report is approved by the Trustees in their capacity as Directors.

This report was approved by the Board on ...................................... 2022.

Mr J. Tigue

Chair

Page 6

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS

DIRECTORS AND TRUSTEES J. Tigue S. Bates V. Bushi (appointed 3 May 2022) Prof. Sir M. Caulfield (appointed 3 May 2022) Prof. R. Flower 2 Dr F. Gliubich 2 A. Hall (appointed 3 May 2022) 1 K. Kerle (appointed 3 May 2022) 1 P. Marshall (due to retire October 2022) 1 G. McRae (retired 5 October 2021) 1 Prof. S. Thornton (retired 21 December 2021) CHARITY NUMBER 803012 COMPANY NUMBER 2472965 REGISTERED OFFICE and BUSINESS ADDRESS John Vane Science Centre Charterhouse Square London EC1M 6BQ AUDITOR Moore Kingston Smith LLP 6[th] Floor 9 Appold Street London EC2A 2AP BANKER HSBC plc SOLICITOR Taylor Wessing LLP 5 New Street Square London EC4A 3TW

Committees: 1 Audit 2 Grants Review

Page 7

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE WILLIAM HARVEY RESEARCH FOUNDATION

Opinion

We have audited the financial statements of William Harvey Research Foundation (the ’parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2022 which comprises the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, 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 FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s 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 UK, including the FRC’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 group’s and parent 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.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

Page 8

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE WILLIAM HARVEY RESEARCH FOUNDATION (continued)

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5, 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 group and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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 auditor’s 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 9

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE WILLIAM HARVEY RESEARCH FOUNDATION (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

Page 10

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE WILLIAM HARVEY RESEARCH FOUNDATION (continued)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 and, in respect of the consolidated financial statements, to the charity’s trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees those matters which we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company, the charitable company’s members, as a body, and the charity’s trustees, as a body, for our audit work, for this report, or for the opinion we have formed.

Shivani Kothari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date:

Floor 6 9 Appold Street London EC2A 2AP

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

Page 11

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st MARCH 2022

Notes
INCOME from:
Donations
2a
Charitable activities
2b
Other trading activities
2c
Investments
2d
Other income
2e
Total income
EXPENDITURE on:
Raising funds
8a
Charitable activities
8b
Total expenditure
Net income/(expenditure)
Transfers between funds
Minority interests
11
Net movement in funds
Reconciliation of funds
Fund balances carried forward
at 31 March 2022
17
Fund balances brought forward at 1 April
2021		 Unrestricted
Funds
£
27,600
31,988
1,520,585
776
-
1,580,949
268,693
1,299,028
1,567,721
13,228
(5,086)
(3,030)
5,112
207,456
212,568		 Restricted
Funds
£
81,652
-
-
-
-
81,652
-
10,700
10,700
70,952
5,086
-
76,038
7,289
83,327		 Total
2022
£
109,252
31,988
1,520,585
776
-
1,662,601
268,693
1,309,728
1,578,421
84,180
-
(3,030)
81,150
214,745
295,895		 Total
2021
£
125,889
119,151
877,377
1,244
8,700
1,132,361
214,347
929,286
1,143,633
(11,272)
-
(2,004)
(13,276)
228,021
214,745

As permitted by section 408 of the Companies Act 2006 the income and expenditure account of the Parent Company is not presented as part of these accounts.

The notes on pages 17 to 33 form part of these accounts.

Page 12

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET YEAR ENDED 31st MARCH 2022

Notes
Current Assets
Short term investments
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling due
within one year
13
Net Current Assets
Total Assets less Current Liabilities
Provisions for liabilities for
future costs
14
Total Net Assets
The funds of the charity
Restricted Funds
19
Unrestricted Funds
Designated
20
General
20
Funds retained within a non-charitable
subsidiary
Minority interests
Total charity funds		 £
£
55,113
328,047
583,122
966,282
(512,149)
454,133
454,133
(81,219)
372,914
83,327
755
96,315
97,070
115,498
295,895
77,019
372,914
2022		 £
£
54,789
445,673
438,962
939,424
(513,638)
425,786
425,786
(137,053)
288,733
7,289
755
95,748
96,503
110,953
214,745
73,988
288,733
2021		 £
£
54,789
445,673
438,962
939,424
(513,638)
425,786
425,786
(137,053)
288,733
7,289
755
95,748
96,503
110,953
214,745
73,988
288,733
2021
425,786
(137,053)
288,733
7,289
96,503
110,953
214,745
73,988
288,733

The financial statements were approved and authorised for issue by the Trustees on ………………..... 2022 and were signed below on their behalf by:

Mr J. Tigue Chair

Registered Company Number: 2472965

The notes on pages 17 to 33 form part of these accounts.

Page 13

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITABLE COMPANY BALANCE SHEET YEAR ENDED 31st MARCH 2022

Notes
Fixed Assets
Investments in subsidiaries
11
Current Assets
Debtors
12
Cash at bank and in hand
Creditors: Amounts falling due
within one year
13
Net Current Assets
Total Assets less Current Liabilities
Provisions for liabilities for
future costs
14
Total Net Assets
The funds of the charity
Restricted Funds
19
Unrestricted Funds
Designated
20
General
20
Total charity funds		 £
£
30
30
69,922
209,797
279,719
(18,133)
261,586
261,616
(81,219)
180,397
83,327
755
96,315
97,070
180,397
2022		 £
£
30
30
101,548
158,603
260,151
(19,336)
240,815
240,845
(137,053)
103,792
7,289
755
95,748
96,503
103,792
2021		 £
£
30
30
101,548
158,603
260,151
(19,336)
240,815
240,845
(137,053)
103,792
7,289
755
95,748
96,503
103,792
2021
240,845
(137,053)
103,792
7,289
96,503
103,792

As provided by section 408 of the Companies Act 2006 a separate statement of financial activities is not presented for the William Harvey Research Foundation. The parent charitable company's net movement in funds was a surplus of £76,605 (2021: deficit of £16,283).

The financial statements were approved and authorised for issue by the Trustees on ……………….... 2022 and were signed below on their behalf by:

Mr J. Tigue Chair

Registered Company Number: 2472965

The notes on pages 17 to 33 form part of these accounts.

Page 14

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31st MARCH 2022

2022 2021
£ £
Cash inflows/(outflows) from operating activities
Net cash generated by/(used in) operating activities 143,278 (212,879)
Cash flows from investing activities
Investment income and interest received 882 1,744
Total cash flows from investing activities 882 1,744
Change in cash and cash equivalents 144,160 (211,135)
Cash and cash equivalents at beginning of year 438,962 650,097
Cash and cash equivalents at end of year 583,122 438,962
Reconciliation of net income to net cash flow from operating activities
2022 2021
£ £
Net income/(expenditure) 84,180 (11,272)
Adjustments for:
(Increase) in current asset investments (324) (567)
Investment income (882) (1,744)
Decrease/(increase) in debtors 117,626 (271,451)
(Decrease)/increase in creditors (57,322) 72,155
Net cash generated by/(used in) operating activities 143,278 (212,879)
Analysis of cash and cash equivalents
2022 2021
£ £
Cash in hand 500,994 357,101
Notice deposits (less than 3 months) 82,128 81,861
Total cash and cash equivalents 583,122 438,962

Page 15

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS (continued) YEAR ENDED 31st MARCH 2022

Analysis of changes in net cash/(debt)

Cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents
Borrowings
Debt due within one year
Total borrowings
Total net cash		 1 April 2021
£
357,101
81,861
438,962
(18,741)
(18,741)
420,221		 Cash flows
£
143,893
267
144,160
(238,572)
(238,572)
(94,412)		 31 March
2022
£
500,994
82,128
583,122
(257,313)
(257,313)
325,809

Page 16

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31st MARCH 2022

1. ACCOUNTING POLICIES

a) Accounting Convention

These financial statements are prepared on a going concern basis, under the historical cost convention, modified so that investments are being measured at fair value through income and expenditure within the Statement of Financial Activities.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company and its subsidiary form a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (the FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. This primarily arises from the coronavirus pandemic, which temporarily reduced income from the trading subsidiary as a result of the difficulties of conducting contract research, which have since eased, and hosting events. In particular, arrangements for and the timing of the John Vane Memorial Symposium in 2020-2022 have varied, with proportionate adjustments to the unrestricted educational grant received as a result. The pre-pandemic arrangements will resume from 2023.

The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the Trustees have considered the charitable group’s forecasts and projections, and have taken account of pressures on donation and investment income as well as the contribution from the trading subsidiary. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

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 pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

b) Basis of Consolidation

The William Harvey Research Foundation holds sixty per cent of the shareholding and voting rights in William Harvey Research Limited and is therefore its Parent Company and prepares consolidated accounts that include the activities, assets and liabilities of William Harvey Research Limited.

c) Income

Income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. Donations in kind appraised and included in Donations are typically but are not limited to the use of property, utilities and facilities.

Page 17

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

1. ACCOUNTING POLICIES (continued)

d) Sponsorship and Contract Research income

Sponsorship and Contract Research income is recognised on an accruals basis: income relating to future accounting periods is deferred and recognised in those future accounting periods. The basis of apportionment over the time is specified by the sponsor or the client.

e) Expenditure

Liabilities are 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.

f) Expenditure on raising funds

The costs of raising funds consist of marketing fees, sponsorship and contract research management costs, administration and governance expenses incurred for the running of the William Harvey Research Foundation and William Harvey Research Ltd.

g) Expenditure on charitable activities

Charitable expenditure comprises all expenditure incurred directly relating to the objects of the charity. They are accounted for on an accrual basis and have been classified under headings that aggregate all costs related to the category. They include grants made for research within the William Harvey Research Institute.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. Unconditional grant offers are accrued once the recipient has been notified of the grant award and its payment is probable. Grant awards that are subject to the recipient fulfilling performance or other conditions are accrued when the recipient has been notified of the grant and either the performance condition is met or any remaining unfulfilled condition attaching to the grant is outside of the control of the Charity.

Grants are paid only for scientific research where an application covering the scientific proposal outlining the background of and the needs for the research, methods and financial support is submitted. The grant applications are evaluated by the Grants Review Committee, which recommends applications for approval to the Trustees, who make the decision. Provisions for future expenditure related to single or multi-year grants are made for salaries and PhD studentships. Further details of grants are disclosed in notes 8 and 9.

h) Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include statutory audit and legal fees as well as Trustees' related expenses.

Page 18

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

1. ACCOUNTING POLICIES (continued)

i) Pensions

The company contributes to employees’ personal pension schemes in accordance with employment contracts and statutory pension regulations.

j) Irrecoverable VAT

Irrecoverable VAT incurred by the William Harvey Research Foundation is charged against the category of resources expended for which it was incurred.

k) Investments

Fixed asset investments are stated at market value. The Statement of Financial Activities includes net gains and losses arising on revaluation and disposals throughout the year.

Shares in William Harvey Research Ltd are stated at cost.

Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or expenditure section of the Statement of Financial Activities as ‘gains or losses on investments’ and are allocated to the appropriate fund, holding or disposing of the relevant investment.

l) Provision

In accordance with the SORP, provision for future costs is recognised for those grants where there is the constructive obligation of future provision of funds for payments of awarded grants.

m) Restricted Funds

Restricted funds represent amounts yet to be expended on grants from fund holders on restricted research projects. These are funds which were given for specific purposes which are narrower than the general objectives of the charity. Further details of restricted funds are disclosed in note 19.

n) Designated Funds

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes, in furtherance of the charitable objectives. Further details of unrestricted funds are disclosed in note 20.

o) Foreign Currencies

Transactions denominated in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Exchange differences arising in the ordinary course of business are included in the operating profit. Assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rates ruling at the balance sheet date.

Page 19

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

1. ACCOUNTING POLICIES (continued)

p) Critical accounting estimates and areas of judgement

In the view of the Trustees in applying the accounting policies adopted, no judgements were required that had a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.

q) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's statement of financial activities when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exception of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS102. See notes 12 and 13 for the debtor and creditor notes.

Page 20

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

2. INCOME

2a. Donations

Year to 31 March 2022
Donated office facilities
Donations towards research projects
Total Donations
Year to 31 March 2021
Donated office facilities
Donations towards research projects
Gift Aid repayment from HMRC
Total Donations
Charitable activities
Year to 31 March 2022
John Vane Memorial conference income
Total Charitable activities
Year to 31 March 2021
John Vane Memorial conference income
Total Charitable activities		 Unrestricted
Funds
£
27,600
-
27,600
Unrestricted
Funds
£
29,131
200
50
29,381
Unrestricted
Funds
£
31,988
31,988
Unrestricted
Funds
£
119,151
119,151		 Restricted
Funds
£
-
81,652
81,652
Restricted
Funds
£
-
96,508
-
96,508
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 Total
2022
£
27,600
81,652
109,252
Total
2021
£
29,131
96,708
50
125,889
Total
2022
£
31,988
31,988
Total
2021
£
119,151
119,151

2b. Charitable activities

Page 21

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

2. INCOME (continued)

2c. Other trading activities

Unrestricted
Year to 31 March 2022
Funds
£
Research income on Cardiovascular diseases
691,485
Research income on Inflammation diseases
611,545
Research income on Metabolic diseases
113,000
Research income on other diseases
29,818
Professional fees
74,737
Total Other trading activities
1,520,585
Unrestricted
Year to 31 March 2021
Funds
£
Research income on Cardiovascular diseases
636,310
Research income on Inflammation diseases
92,962
Research income on other diseases
115,000
Professional fees
22,667
Medical education management services
10,438
Total Other trading activities
877,377		 Restricted
Funds
£
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
-
-		 Total
2022
£
691,485
611,545
113,000
29,818
74,737
1,520,585
Total
2021
£
636,310
92,962
115,000
22,667
10,438
877,377

2d. Investments

Year to 31 March 2022
Interest on cash deposits
Total Investments
Year to 31 March 2021
Interest on cash deposits
Total Investments		 Unrestricted
Funds
£
776
776
Unrestricted
Funds
£
1,244
1,244		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 Total
2022
£
776
776
Total
2021
£
1,244
1,244

Page 22

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

2. INCOME (continued)

2e. Other income

Unrestricted
Year to 31 March 2022
Funds
£
Job Retention Scheme government grant
-
Total Other income
-
Unrestricted
Year to 31 March 2021
Funds
£
Job Retention Scheme government grant
8,700
Total Other income
8,700
3. TOTAL INCOME BY GEOGRAPHICAL MARKET
United Kingdom
Europe
North America
Rest of the World		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-
2022
64%
19%
11%
6%		 Total
2022
£
-
-
Total
2021
£
8,700
8,700
2021
67%
11%
22%
0%

Page 23

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

4. TRUSTEES AND KEY MANAGEMENT PERSONNEL

The Trustees received no remuneration. No Trustees received travelling expenses during the year (2021: Nil).

Key management personnel include the WHRF Trustees and WHRL Directors. Total remuneration including employee benefits of the charity's key management personnel was £53,158 (2021: £52,050).

**5. ** ANALYSIS OF STAFF COSTS 2022 2021
£ £
Salaries 106,200 102,682
Social security costs 3,059 2,535
Other pension costs 4,530 3,297
113,789 108,514
During the year no employee received emoluments exceeding £60,000 (2021: Nil).
**6. ** ANALYSIS OF STAFF NUMBERS
The monthly average number of staff employed during the period was as follows:
2022 2021
number number
Fundraising - 1
Support 5 5
5 6
**7. ** MOVEMENT IN NET FUNDS FOR THE YEAR 2022 2021
£ £
Net outgoing resources are stated after charging:
Auditors’ remuneration:
Audit fees 15,058 15,373
Other fees 1,683 2,449

Page 24

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

8. EXPENDITURE

8a. Raising funds

Year to 31 March 2022
Fundraising and publicity
Administration expenses
Professional fees related costs
Audit fees
Other governance costs
Total Costs of raising funds
Year to 31 March 2021
Fundraising and publicity
Administration expenses
Professional fees related costs
Medical education management services
Audit fees
Other governance costs
Total Costs of raising funds		 Unrestricted
Funds
£
26,429
146,442
62,700
15,058
18,064
268,693
Unrestricted
Funds
£
18,382
148,607
9,517
3,137
15,373
19,331
214,347		 Restricted
Funds
£
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
-
-
-		 Total
2022
£
26,429
146,442
62,700
15,058
18,064
268,693
Total
2021
£
18,382
148,607
9,517
3,137
15,373
19,331
214,347

8b. Charitable activities

Charitable activities by fund category

Year to 31 March 2022
Research on Cardiovascular diseases
Research on Inflammation diseases
Research on Metabolic diseases
Research on other diseases
Conferences and Symposia
Total Charitable activities		 Unrestricted
Funds
£
601,249
535,573
100,000
30,218
31,988
1,299,028		 Restricted
Funds
£
-
10,000
-
-
700
10,700		 Total
2022
£
601,249
545,573
100,000
30,218
32,688
1,309,728

Page 25

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

8. EXPENDITURE (continued)

8b Charitable activities (continued)

Charitable activities by fund category (continued)

Unrestricted
Year to 31 March 2021
Funds
£
Research on Cardiovascular diseases
558,564
Research on Inflammation diseases
91,340
Research on other diseases
108,686
Conferences and Symposia
54,589
Total Charitable activities
813,179
Charitable activities by expenditure category
Year to 31 March 2022
Staff costs
Other costs
£
£
Research on Cardiovascular diseases
-
-
Research on Inflammation diseases
-
-
Research on Metabolic diseases
-
-
Research on other diseases
-
-
Conferences and Symposia
-
32,688
Total Charitable activities
-
32,688
Charitable activities by expenditure category
Year to 31 March 2021
Staff costs
Other costs
£
£
Research on Cardiovascular diseases
-
-
Research on Inflammation diseases
-
-
Research on other diseases
-
-
Conferences and Symposia
1,588
53,701
Total Charitable activities
1,588
53,701
Direct costs
Direct costs		 Restricted
Funds
£
-
115,407
-
700
116,107
Grants costs
£
601,249
545,573
100,000
30,218
-
1,277,040
Grants costs
£
558,564
206,747
108,686
-
873,997		 Total
2021
£
558,564
206,747
108,686
55,289
929,286
Total
2022
£
601,249
545,573
100,000
30,218
32,688
1,309,728
Total
2021
£
558,564
206,747
108,686
55,289
929,286

Income received in grant funding is not used to meet support or governance costs.

Page 26

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

9. GRANTS AND AWARDS

During the year the charity paid or made provision to pay claims on four grants (2021: three) with a total value of £26,253 (2021: £130,092). These grants (2021: three grants) were made to the William Harvey Research Institute, QMUL totalling £26,253 (2021: £130,092).

In addition, the trading subsidiary paid or made provision to pay awards to the William Harvey Research Institute, QMUL with a total value of £1,251,486 (2021: £740,391).

10. TAXATION

The William Harvey Research Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

11. FIXED ASSETS INVESTMENTS 2022 2021
£ £
Group
Investment in subsidiary – at cost 30 30

The investment represents 60% of the total share capital of £50 of William Harvey Research Limited, a company incorporated in England and Wales.

William Harvey Research Limited principally receives Sponsorship and Contract Research income to conduct medical research. Net profit is passed by charitable distribution to the charity.

Queen Mary University of London owns the remaining 40% of William Harvey Research Limited. QMUL cannot place any restrictions on the group’s activities.

Page 27

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

11. FIXED ASSETS INVESTMENTS (continued)

Paid to the William Harvey Research Foundation
Net movement in reserves
Summary of William Harvey Research Limited’s results
Total income for the year
Expenditure to third parties
Net income		 2022
£
1,553,148
(1,468,975)
84,173
(76,597)
7,576		 2021
£
1,006,041
(929,444)
76,597
(71,586)
5,011

£1,553,148 (2021: £1,006,041) has been adjusted in income and £1,468,975 (2021: £929,444) adjusted in expenditure to reflect the intercompany trading balances between William Harvey Research Limited and William Harvey Research Foundation.

Total assets
Total liabilities
Shareholders’ funds		 2022
£
686,563
(494,016)
192,547		 2021
£
679,273
(494,302)
184,971

Transactions from the trading company to the charitable company for the year ended 31 March 2022 are as follows:

Transactions from the charitable company to the trading company for the year ended 31 March 2022 are as follows:

As noted Queen Mary University own 40% of William Harvey Research Limited.

Queen Mary University’s share of the result for the year ended 31 March 2022 is a profit of £3,031 (2021: £2,004).

Queen Mary University’s share of shareholders’ funds at 31 March 2022 is £77,019 (2021: £73,988).

Page 28

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

12. DEBTORS
13. CREDITORS: amounts falling
due within one year
14. PROVISION FOR LIABILITIES
Future costs payable:
Grant for research expenditure
already committed and payable until
March 2024
Trade creditors
Trade debtors
Other taxes and social security
Prepayments
Accrued income
Other taxes and social security costs
Other creditors
Deferred income
Accruals
Other debtors		 2022
2021
£
£
157,313
118,812
24,200
38,026
2,000
-
42,009
173,497
102,525
115,338
328,047
445,673
2022
2021
£
£
92,810
1,733
19,252
16,976
145,251
32
64,607
339,771
190,229
155,126
512,149
513,638
2022
2021
£
£
81,219
137,053
GROUP
GROUP
GROUP		 2022
2021
£
£
-
-
-
6,464
-
-
2,862
813
67,060
94,271
69,922
101,548
2022
2021
£
£
2,585
1,517
-
389
-
-
-
-
15,548
17,430
18,133
19,336
2022
2021
£
£
81,219
137,053
CHARITABLE COMPANY
CHARITABLE COMPANY
CHARITABLE COMPANY

Page 29

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

15. SHARE CAPITAL

The charity does not have any share capital and is limited by guarantee.

At 31 March 2022 the charity had 40 members (2021: 32). This number increased to 43 on 3 May 2022. Each member’s liability is limited to £1.

16. RELATED PARTY TRANSACTIONS 2022 2021
£ £
Directors of the William Harvey Research Limited
Professors M. Perretti, C. Thiemermann, B. Whittle, M. Yaqoob
Professional fees and honoraria 23,200 51,500

Currently, three of the Directors are employees of the minority shareholder, Queen Mary University of London. This remuneration is determined solely by QMUL.

In their QMUL capacity, two Directors (2021: one) were in receipt of £53,394 (2021: £31,394) during the year as funding towards two PhD studentships as part of two grants awarded by the William Harvey Research Foundation on the recommendation of its external peer review panel in accordance with the guidance of the Association of Medical Research Charities.

2022 2021
£ £
Parmigiani Consulting Ltd
John Vane Memorial conference organiser fees 18,400 22,000
John Vane Memorial conference recharge of ancillary expenses Nil 457

The sole shareholder and Managing Director of Parmigiani Consulting Ltd, appointed by the Board of Directors, is the spouse of the CEO of the William Harvey Research Limited.

2022 2021
£ £
Queen Mary University of London
Contract research expenditure paid (incl. of VAT) 1,238,981 1,253,493
Grants expenditure paid 80,215 31,525
Creditor balance at 31 March 87,069 941
Management fees payments received (incl. of VAT) 224,160 151,190
Debtor balance at 31 March 23,321 41,831

Queen Mary University of London is the William Harvey Research Limited's minority shareholder (40%).

Page 30

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

17. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Year to 31 March 2022
Net assets
Net current assets – excluding minority interests
Net assets before minority interests
Net current assets – minority interests		 Unrestricted
Funds
£
212,568
212,568
77,019
289,587		 Restricted
Funds
£
83,327
83,327
-
83,327		 Total
2022
£
295,895
295,895
77,019
372,914
Year to 31 March 2021
Net assets
Net current assets – minority interests
Net current assets – excluding minority interests
Net assets before minority interests		 Unrestricted
Funds
£
207,456
207,456
73,988
281,444		 Restricted
Funds
£
7,289
7,289
-
7,289		 Total
2021
£
214,745
214,745
73,988
288,733

18. ANALYSIS OF CHARITABLE COMPANY NET ASSETS BETWEEN FUNDS

Year to 31 March 2022
Fixed asset investments
Net assets
Year to 31 March 2021
Fixed asset investments
Net assets
Net current assets
Net current assets		 Unrestricted
Funds
£
30
97,040
97,070
Unrestricted
Funds
£
30
96,473
96,503		 Restricted
Funds
£
-
83,327
83,327
Restricted
Funds
£
-
7,289
7,289		 Total
2022
£
30
180,367
180,397
Total
2021
£
30
103,762
103,792

Page 31

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

19. CHARITABLE COMPANY RESTRICTED FUNDS

Year to 31 March 2022
Respiratory Diseases
Pharmacology research
Inflammation diseases
Conferences and Symposia
Total restricted funds		 1 April
2021
£
-
5,675
1,000
614
7,289		 Income
£
46,652
25,000
10,000
-
81,652		 Expenditure
£
-
-
(10,000)
(700)
(10,700)		 Transfers
£
5,000
-
-
86
5,086		 31 March
2022
£
51,652
30,675
1,000
-
83,327

Restricted fund for Respiratory research:

Appeal for the 'Professorial Chair in Intensive Care Medicine'.

Restricted fund for Pharmacology research:

Appeal for the ‘John Vane Academy’, previously for the 'John Vane Chair'.

Restricted funds for Inflammation research:

New therapeutic targets for treating the failing heart in arthritis. Specialised lipid mediator profiling during androgen deprivation therapy for prostate cancer.

Year to 31 March 2021
Pharmacology research
Inflammation diseases
Conferences and Symposia
Total restricted funds		 1 April
2020
£
4,175
-
1,314
5,489		 Income
£
1,500
95,008
-
96,508		 Expenditure
£
-
(115,407)
(700)
(116,107)		 Transfers
£
-
21,399
-
21,399		 31 March
2021
£
5,675
1,000
614
7,289

Page 32

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2022

20. CHARITABLE COMPANY UNRESTRICTED FUNDS

Year to 31 March 2022
Designated
Inflammation diseases
Cardiovascular diseases
Other diseases
Unspecified research funds
Administration fund
Total designated funds
General funds
Total unrestricted funds		 1 April
2021
£
-
-
-
755
-
755
95,748
96,503		 Income
£
-
-
-
-
27,801
27,801
76,597
104,398		 Expenditure
£
(7,000)
(3,821)
(4,732)
-
(83,192)
(98,745)
-
(98,745)		 Transfers
£
7,000
3,821
4,732
-
55,391
70,944
(76,030)
(5,086)		 31 March
2022
£
-
-
-
755
-
755
96,315
97,070

Unrestricted fund for Inflammation research:

Small equipment grant for a new MilliQ water system for the Centre for Biochemical Pharmacology.

Unrestricted fund for Cardiovascular research:

Small equipment grant for a new glass washer to be located in the William Harvey Heart Centre for communal use.

Designated fund for Other diseases research:

Role of MIF in trauma-associated haemorrhagic shock.

The above designated funds have been earmarked by Trustees into specific projects. All the designated funds are for projects that will be completed within 1 year.

The transfers between funds are contributions from existing funds to newly allocated projects as per Trustees’ decisions over the year, and contributions from Reserves to cover support costs for the year.

Year to 31 March 2021
Designated
Inflammation diseases
Other diseases
Unspecified research funds
Administration fund
Total designated funds
General funds
Total unrestricted funds		 1 April
2020
£
-
-
505
-
505
114,081
114,586		 Income
£
-
-
250
29,562
29,812
71,586
101,398		 Expenditure
£
(6,000)
(8,685)
-
(83,397)
(92,082)
-
(92,082)		 Transfers
£
6,000
8,685
-
53,835
62,520
(89,919)
(27,399)		 31 March
2021
£
-
-
755
-
755
95,748
96,503

21. FUTURE FUNDING COMMITMENTS

Four years of £5,000 per annum remaining pledged in £20,000 support of the Professorial Chair in Intensive Care Medicine.

Amount:

Page 33