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← The William Harvey Research Foundation

2025-03-31-accounts

WILLIAM HARVEY RESEARCH FOUNDATION (A Company Limited By Guarantee)

Trustees' Annual Report and Consolidated Financial Statements 31 MARCH 2025

COMPANY NUMBER: 2472965 CHARITY NUMBER: 803012

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES YEAR ENDED 31st MARCH 2025

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 and early-career research training through funding of PhD studentships, postdoctoral fellowships, specialised training opportunities 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 its objectives for the public benefit and is consistent with the membership requirements of the Association of Medical Research Charities (AMRC).

ACHIEVEMENTS AND PERFORMANCE

(i) The Foundation and its Trading Company, William Harvey Research Limited, maintained its research support to QMUL’s Faculty of Medicine and Dentistry (FMD) at £1,757,436 (2024: £1,098,881), as follows: £779,433 (2024: £677,976) on cardiovascular disease and £978,003 (2024: £420,905) on inflammatory disorders. Between the Foundation and the Trading Company 11 (2024: 10) FMD scientists were funded in full or in part during the year.

(ii) Two consumables grants of £5k each were awarded in 2024-25, one to QMUL’s William Harvey Research Institute (WHRI) and the other to QMUL’s Blizard Institute (2024: £Nil). Funds of £1,500 received in support of the research of Dr Myles Lewis were awarded to WHRI for this purpose.

(iii) The John Vane Academy (JVA), launched in October 2022, targets support on the next generation of medical scientific investigators. During the year £8,739 (2024: £9,650) was awarded to early-career researchers at QMUL’s Faculty of Medicine and Dentistry (FMD) to support specialised training under the annual John Vane bursary. Claims made and paid during the year totalled £9,774 (2024: £5,673). Also, £4,779 (2024: £4,729) was expended on the Daphne Vane media training bursary supporting the training in key media skills to promote medical research in the public domain, utilising the bequest of £25,000 from Lady Daphne Vane’s estate received in 2021-22. A donation of £10,000 to support international exchange for early-career researchers was awarded to WHRI for the inaugural JVA Anglo-Polish exchange programme in 2025.

(iv) The charity continued its Lay Communication Prize, awarding £500 to each to the six finalists 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. Expenditure in the year on these and previous years’ awards was £886 (2024: £710).

(v) The charity received donations for restricted purposes in 2024-25 totalling £34,000 (2024: £4,926). Total funds donated to date for the new professorial chair in Intensive Care Medicine at the William Harvey Research Institute and Barts Health NHS Trust amount to £77,039 plus £20,000 of WHRF’s own pledged contribution of £25,000 over five years to support applicable research. This is a key research priority in the light of 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.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2025

FINANCIAL REVIEW

In the year and taking into account movement in investments, the Foundation received total income of £2,390,968 (2024: £1,620,349). With total expenditure of £2,276,251 (2024: £1,571,550), there was a net surplus of £114,717 (2024: £48,799). The Foundation's net assets at 31st March 2025 were £663,960 (2024: £549,242). Cash in hand was £1,137,124 (2024: £564,431).

The Trading Company distributed £115,551 (2024: £195,327) in the financial year ended 31st March 2025 and, subject to a final decision taking account of all circumstances, future commitments and material liabilities, will distribute £170,479 in the financial year ending 31st March 2026 to be added to the Foundation's reserves to cover future operational costs and support future grant-making, as determined by the Trustees.

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 and Risk Committee, and confirm that systems and a reporting structure have been established to enable ongoing monitoring and action to mitigate risks, including the regular review and renewal of relevant insurance policies and a business-continuity plan. The principal systemic risks identified are the reliance on key personnel, on an interdependent relationship with Queen Mary University of London and on the conference activities of the trading subsidiary. These risks are being mitigated by focusing on the development and retention of key personnel and on promoting and maintaining key stakeholder relationships. In addition, both entities continue to review their cost structures to reduce the financial burden of the reserves policy to sustain and improve the charity's position to offer grants.

Another academically successful John Vane Memorial Symposium was held in March 2025, which was the final meeting in the latest funding series supported by an unrestricted educational grant of £744,600 over four years awarded by United Therapeutics (UT). An application for a further four-year unrestricted educational grant was successful in 2025, which will be used to support a further four years of the JVMS series

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 exceed £85,000, in line with the limit of the Financial Services Compensation Scheme. These accounts are under review as interest rates improve and changes will be made in 2025 in line with a new Treasury policy and action plan being devised to manage cash more pro-actively. Key to this will be an assessment of Trustees’ risk appetite.

Reserves policy

The reserves are held to cover the Foundation's operational costs, with a proportion of salary costs for administration, depending on the role, reimbursed to the Trading Company. The Foundation's reserves policy, as determined by the Trustees, is to achieve free reserves approximating to a level: (i) to meet costs covering 18months' expenditure, which is approximately £90,000 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 £424,136 (2024: £356,565). Free reserves are funds that do not have a restricted or designated purpose and which are not tied up in fixed assets. While at a level greater than the reserves target, Trustees have approved the latest annual grant-funding plan along with a proposed grant-funding budget for the next three years with a view to making additional awards.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2025

FUTURE PLANS

The Trustees will continue developing and delivering the John Vane Academy objectives, prioritising resources on tactical opportunities to provide additional funding for research and training support to WHRI researchers in a way that reinforces the mutually beneficial relationship with QMUL. Key to this will be to continue to offer full support to the Trading Company, its Directors and their business model and to develop a more pro-active cash management plan. The Board’s membership will be kept under review to improve diversity and foster 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, also registered with Companies House. It is governed by its Memorandum and Articles of Association, 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 the Trading Company Board's Audit and Risk Committee and Remuneration Committee.

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 (i.e. QMUL Faculty of Medicine and Dentistry), 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. There were no retirements in 2024-25. On 24 April 2024 the Trustees appointed Nicola Maguire and Professor Clive Page as Trustees. Professor Rod Flower is set to retire at the 2025 AGM on 8 October 2025.

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 and Risk Committee, containing a majority of members who are Trustees, the John Vane Academy Management Committee, and an ad hoc 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 last met in 2020. A new membership will be appointed when necessary. 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 recommendations by committees to the Board.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

The Board and its committees have been supported by a Programmes Manager to manage the John Vane Academy and other grants and communications, and a part-time Finance Manager. Further support is provided by a newly appointed part-time Corporate Secretary in 2025 and by a governance and management services consultancy, Allhallows Consulting Ltd. These also support the Board of the Trading Company, which has five 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 participants or professional fundraisers. Any funds raised directly come with the explicit consent of potential donors. During the year the Foundation rescinded its registration with the Fundraising Regulator (FR) and no longer contributes to the FR levy, applicable since August 2024. This change arose following a review of the Foundation’s income-generating strategy, which accepted the strategic dependence of the charity on the activities of its Trading Company to raise funds, and which make up the vast majority of the reported cost of raising funds. The charity’s own costs come well below the Fundraising Regulator’s threshold of £100,000. The relationship between the Foundation and its trading subsidiary is governed by other statutory bodies. The Foundation will nevertheless continue to adhere to the existing and new FR Code of Practice to the extent that it applies. 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. ‘Know-your-customer’ policies for the Foundation and for the Trading Company are in place.

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.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES (continued) YEAR ENDED 31st MARCH 2025

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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.

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AUDITORS

Moore Kingston Smith LLP were appointed auditors to the company during the year and, in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed auditor will be put at the Annual General Meeting.

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

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This report was approved by the Board on mms.LOCA
C\4y a
Mr J. Tigue
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2025.
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Chair

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS

DIRECTORS AND TRUSTEES Jeremy Tigue Steven Bates Vanela Bushi 2 Prof. Sir Mark Caulfield Prof. Roderick Flower 2, 3 Dr Francesca Gliubich 2, 3 Andrew Hall 1 Kathryn Kerle 1 Nicola Maguire (appointed 24 April 2024) Prof. Clive Page OBE (appointed 24 April 2024) 2 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 and Risk Committee

2 John Vane Academy Management Committee

3 Grants Review Committee

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

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 2025 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 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.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

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:

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

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:

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

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.

Adam Fullerton (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 15 October 2025 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.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31st MARCH 2025

Notes
INCOME from:
Donations
2a
Charitable activities
2b
Other trading activities
2c
Investments
2d
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 2025
17
Fund balances brought forward at 1 April
2024		 Unrestricted
Funds
£
32,821
267,780
2,052,239
4,128
2,356,968
340,284
1,912,163
2,252,447
104,521
(15,000)
(21,972)
67,549
357,406
424,955		 Restricted
Funds
£
34,000
-
-
-
34,000
-
23,804
23,804
10,196
15,000
-
25,196
102,266
127,462		 Total
2025
£
66,821
267,780
2,052,239
4,128
2,390,968
340,284
1,935,967
2,276,251
114,717
-
(21,972)
92,745
459,672
552,417		 Total
2024
£
39,036
243,180
1,334,115
4,018
1,620,349
309,729
1,261,821
1,571,550
48,799
-
31,910
80,709
378,963
459,672

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 16 to 31 form part of these accounts.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED BALANCE SHEET YEAR ENDED 31st MARCH 2025

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|||||||| |---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|E| |Current|Assets| |Short|term|investments|56,094|55,765| |Debtors|12|252,934|552,032| |Cash|at bank and|in|hand|1,137,124|564,431| |1,446,152|1,172,728| |Creditors:|Amounts|falling due| |within|one year|13|(782,192)|(611,657)| |Net|Current Assets|663,960|561,071| |Total|Assets|less|Current|Liabilities|663,960|561,071| |Provisions|for|liabilities|for| |future|costs|14|-|(11,829)| |Total|Net Assets|_|663,960|549,242| |The|funds|of the|charity|—| |Restricted|Funds|19|127,462|102,266| |Unrestricted|Funds| |Designated|20|841|841| |General|20|256,833|222,240| |257,674|223,081| |Funds|retained|within|a|non-charitable| |subsidiary|167,283|134,345| |552,419|459,692| |Minority|interests|111,541|89,550| |Total|charity funds|663,960|549,242|°|

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The financial statements were approved and authorised for issue by the Trustees on 3 Oe 2025 andna below on their behalf by:

Mr J. Tigue Chair

Registered Company Number: 2472965

The notes on pages 16 to 31 form part of these accounts.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CHARITABLE COMPANY BALANCE SHEET YEAR ENDED 31st MARCH 2025

2025 2024
Notes £ £ £ £
Fixed Assets
Investments in subsidiaries pla 30 30
30 30
Current Assets
Debtors 12 6,641 14,838
Cash atbankand in hand 427,165 354,297
433,806 369,135
Creditors:Amounts fallingdue
within oneyear 13 (48,700) (31,989)
Net CurrentAssets 385,106 337,146
Total Assets less Current Liabilities 385,136 337,176
7
Provisions for liabilities for
future costs 14 - (11,829)
Total NetAssets 385,136 325,347
The funds ofthe charity
Restricted Funds 19 127,462 102,266
Unrestricted Funds
Designated 20 841 841
General 20 256,833 222,240
257,674 223,081
Totalcharityfunds 385,136 325,347

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 £59,789 (2024: surplus of £128,574).

The financial statements were approved and authorised for issue by the Trustees on SUCTOKEL 2025 and were signed mown their behalf by: Mr J. Tigue L\ ae Chair — ~ ) | Registered Company Number: 2472965 The notes on pages 16 to 31 form part of these accounts.

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31st MARCH 2025

2025
£
Cash inflows/(outflows) from operating activities
Net cash generated by operating activities
568,565
Cash flows from investing activities
Investment income and interest received
4,128
Total cash flows from investing activities
4,128
Change in cash and cash equivalents
572,693
Cash and cash equivalents at beginning of year
564,431
Cash and cash equivalents at end of year
1,137,124
Reconciliation of net income to net cash flow from operating activities
2025
£
Net income
114,717
Adjustments for:
(Increase) in current asset investments
(329)
Investment income
(4,128)
Decrease/(increase) in debtors
299,598
Increase in creditors
158,707
Net cash generated by operating activities
568,565
Analysis of cash and cash equivalents
2025
£
Cash in hand
1,052,561
Notice deposits (less than 3 months)
84,563
Total cash and cash equivalents
1,137,124		 2024
£
44,369
4,018
4,018
48,387
516,044
564,431
2024
£
48,799
(327)
(4,018)
(125,645)
125,560
44,369
2024
£
482,472
81,959
564,431

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS (continued) YEAR ENDED 31st MARCH 2025

Analysis of changes in net cash/(debt)
1 April 2024
£
Cash and cash equivalents
Cash in hand
482,472
Notice deposits (less than 3 months)
81,959
Total cash and cash equivalents
564,431		 Cash flows
£
570,089
2,604
572,693		 31 March 2025
£
1,052,561
84,563
1,137,124

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WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS YEAR ENDED 31st MARCH 2025

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.

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 not limited to, the use of property, utilities and facilities.

Page 16

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

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.

i) Pensions

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

Page 17

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

1. ACCOUNTING POLICIES (continued)

k) Investments

Shares in William Harvey Research Ltd are stated at cost.

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 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.

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 18

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

1. ACCOUNTING POLICIES (continued)

r) Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 19

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

2. INCOME

2a. Donations

Year to 31 March 2025
Donated office facilities
Donations towards charitable objects
Total Donations
Year to 31 March 2024
Donated office facilities
Donations towards charitable objects
Total Donations
Charitable activities
Year to 31 March 2025
John Vane Memorial conferences income
Total Charitable activities
Year to 31 March 2024
John Vane Memorial conference income
Total Charitable activities		 Unrestricted
Funds
£
32,821
-
32,821
Unrestricted
Funds
£
31,559
86
31,645
Unrestricted
Funds
£
267,780
267,780
Unrestricted
Funds
£
243,180
243,180		 Restricted
Funds
£
-
34,000
34,000
Restricted
Funds
£
-
7,391
7,391
Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 Total
2025
£
32,821
34,000
66,821
Total
2024
£
31,559
7,477
39,036
Total
2025
£
267,780
267,780
Total
2024
£
243,180
243,180

2b. Charitable activities

Page 20

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

2. INCOME (continued)

2c. Other trading activities

Year to 31 March 2025
Research income on Cardiovascular diseases
Research income on Inflammation diseases
Research income on Metabolic diseases
Professional fees
Medical education management services
Total Other trading activities
Year to 31 March 2024
Research income on Cardiovascular diseases
Research income on Inflammation diseases
Research income on Metabolic diseases
Professional fees
Medical education management services
Total Other trading activities		 Unrestricted
Funds
£
870,924
1,123,460
-
39,965
17,890
2,052,239
Unrestricted
Funds
£
850,916
390,980
-
72,387
19,832
1,334,115		 Restricted
Funds
£
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
-
-		 Total
2025
£
870,924
1,123,460
-
39,965
17,890
2,052,239
Total
2024
£
850,916
390,980
-
72,387
19,832
1,334,115
2d. Investments
Year to 31 March 2025
Interest on cash deposits
Total Investments
Year to 31 March 2024
Interest on cash deposits
Total Investments		 Unrestricted
Funds
£
4,128
4,128
Unrestricted
Funds
£
4,018
4,018		 Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 Total
2025
£
4,128
4,128
Total
2024
£
4,018
4,018

Page 21

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

**3. ** TOTAL INCOME BY GEOGRAPHICAL MARKET 2025 2024
United Kingdom 55% 54%
Europe 13% 28%
North America 32% 18%
Rest of the World 0% 0%

4. TRUSTEES AND KEY MANAGEMENT PERSONNEL

The Trustees received no remuneration. One Trustee (2024: one) received travelling and other expenses during the year totalling £183 (2024: £428).

Key management personnel include the WHRF Trustees and WHRL Directors. Total remuneration including employee benefits of the charity's key management personnel was £71,300 (2024: £69,709).

**5. ** ANALYSIS OF STAFF COSTS 2025 2024
£ £
Salaries 147,594 132,130
Social security costs 11,084 2,658
Other pension costs 11,444 6,369
170,122 141,157
During the year no employee received emoluments exceeding £60,000 (2024: Nil).
**6. ** ANALYSIS OF STAFF NUMBERS
The monthly average number of staff employed during the period was as follows:
2025 2024
number number
Support 9 9
9 9
**7. ** MOVEMENT IN NET FUNDS FOR THE YEAR 2025 2024
£ £
Net outgoing resources are stated after charging:
Auditors’ remuneration:
Audit fees 16,424 14,984
Other fees 2,627 2,487

Page 22

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

8. EXPENDITURE

8a. Raising funds

Year to 31 March 2025
Fundraising and publicity
Administration expenses
Professional fees related costs
Medical education management services
Audit fees
Other governance costs
Total Costs of raising funds
Year to 31 March 2024
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
£
39,688
205,340
63,172
-
16,424
15,660
340,284
Unrestricted
Funds
£
35,259
181,462
60,327
324
14,984
17,373
309,729		 Restricted
Funds
£
-
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
-
-
-		 Total
2025
£
39,688
205,340
63,172
-
16,424
15,660
340,284
Total
2024
£
35,259
181,462
60,327
324
14,984
17,373
309,729

8b. Charitable activities

Charitable activities by fund category

Year to 31 March 2025
Research on Cardiovascular diseases
Research on Inflammation diseases
Conferences and Symposia
Total Charitable activities		 Unrestricted
Funds
£
779,433
958,986
173,744
1,912,163		 Restricted
Total
Funds
2025
£
£
779,433
19,017
978,003
4,787
178,531
23,804
1,935,967

Page 23

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

8. EXPENDITURE (continued)

8b.Charitable activities (continued)

Charitable activities by fund category (continued)

Unrestricted
Year to 31 March 2024
Funds
£
Research on Cardiovascular diseases
677,976
Research on Inflammation diseases
413,514
Conferences and Symposia
147,140
Total Charitable activities
1,238,630
Charitable activities by expenditure category
Year to 31 March 2025
Staff costs
Other costs
£
£
Research on Cardiovascular diseases
-
-
Research on Inflammation diseases
-
-
Conferences and Symposia
-
178,531
Total Charitable activities
-
178,531
Charitable activities by expenditure category
Year to 31 March 2024
Staff costs
Other costs
£
£
Research on Cardiovascular diseases
-
-
Research on Inflammation diseases
-
-
Conferences and Symposia
-
162,940
Total Charitable activities
-
162,940
Direct costs
Direct costs		 Restricted
Funds
£
7,391
15,800
23,191
Grants costs
£
779,433
978,003
-
1,757,436
Grants costs
£
677,976
420,905
-
1,098,881		 Total
2024
£
677,976
420,905
162,940
1,261,821
Total
2025
£
779,433
978,003
178,531
1,935,967
Total
2024
£
677,976
420,905
162,940
1,261,821

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

Page 24

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

9. GRANTS AND AWARDS

During the year the charity paid or made provision to pay claims on eight grants (2024: seven) with a total value of £22,699 (2024: £23,164). These eight grants (2024: seven) were made to the William Harvey Research Institute, QMUL totalling £22,699 (2024: £23,164).

In addition, the trading subsidiary paid or made provision to pay awards to the William Harvey Research Institute, QMUL with a total value of £1,732,802 (2024: £1,091,517).

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.

==> picture [465 x 81] intentionally omitted <==

----- Start of picture text -----
11. FIXED ASSETS INVESTMENTS 2025 2024
£ £
Group
Investment in subsidiary – at cost 30 30
----- End of picture text -----

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 25

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

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		 2025
£
2,321,880
(2,151,401)
170,479
(115,551)
54,928		 2024
£
1,579,170
(1,463,619)
115,551
(195,327)
(79,776)
Total assets
Total liabilities
Shareholders’ funds		 2025
£
1,021,287
(742,434)
278,853		 2024
£
804,742
(580,817)
223,925

Transactions from the trading company to the charitable company for the year ended 31 March 2025 are as follows:

Transactions from the charitable company to the trading company for the year ended 31 March 2025 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 2025 is a surplus of £21,971 (2024: £31,910).

Queen Mary University’s share of shareholders’ funds at 31 March 2025 is £111,521 (2024: £89,550).

Page 26

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

12. DEBTORS
Other taxes
13. CREDITORS: amounts falling
due within one year
Intercompany creditor
14. PROVISION FOR LIABILITIES
Future costs payable:
Grant for research expenditure
already committed and payable until
March 2025
Trade debtors
Intercompany debtor
Prepayments
Accrued income
Other taxes and social security costs
Other creditors
Deferred income
Accruals
Trade creditors		 2025
2024
£
£
162,109
479,432
-
-
2,060
-
19,008
2,150
69,757
70,950
252,934
552,532
2025
2024
£
£
1,339
31,479
-
-
30,347
25,435
2,492
1,029
244,282
-
503,732
553,714
782,192
611,657
2025
2024
£
£
-
11,829
GROUP
GROUP
GROUP		 2025
2024
£
£
-
-
1,727
1,150
-
-
581
741
4,333
12,947
6,641
14,838
2025
2024
£
£
1,063
53
7,214
6,582
-
-
-
-
-
-
40,423
25,354
48,700
31,989
2025
2024
£
£
-
11,829
CHARITABLE COMPANY
CHARITABLE COMPANY
CHARITABLE COMPANY

Page 27

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

15. SHARE CAPITAL

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

At 31 March 2025 the charity had 43 members (2024: 41). Each member’s liability is limited to £1.

16. RELATED PARTY TRANSACTIONS 2025 2024
£ £
Directors of the William Harvey Research Limited
Professors M. Perretti, C. Thiemermann and Dr T. Montero-
Melendez
Professional fees 31,500 32,000

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

In their QMUL capacity, no Directors (2024: one) were in receipt of funding (2024: £31,841). In 2024-25 a final payment of £11,829 was made in respect of this grant which had ended on 31st March 2024. This grant related to a PhD studentship 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.

2025 2024
£ £
Parmigiani Consulting Ltd
John Vane Memorial conference organiser fees 34,247 32,930
John Vane Memorial conference recharge of ancillary expenses 534 870

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.

2025 2024
£ £
Queen Mary University of London
Research expenditure invoiced to the trading company 1,776,386 863,223
Other expenditure invoiced to the trading company 1,643 407
Grant expenditure invoiced to the charity 17,110 35,564
Management fees invoiced by the trading company 258,169 160,153
Debtor balance at 31 March 2,326 14,632

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

Page 28

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

17. ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Year to 31 March 2025
Net assets
Net current assets – excluding minority interests
Net assets before minority interests
Net current assets – minority interests		 Unrestricted
Funds
£
424,957
424,957
111,541
536,498		 Restricted
Funds
£
127,462
127,462
-
127,462		 Total
2025
£
552,419
552,419
111,541
663,960
Year to 31 March 2024
Net assets
Net current assets – minority interests
Net current assets – excluding minority interests
Net assets before minority interests		 Unrestricted
Funds
£
357,426
357,426
89,550
446,976		 Restricted
Funds
£
102,266
102,266
-
102,266		 Total
2024
£
459,692
459,692
89,550
549,242

18. ANALYSIS OF CHARITABLE COMPANY NET ASSETS BETWEEN FUNDS

Year to 31 March 2025
Fixed asset investments
Net assets
Year to 31 March 2024
Fixed asset investments
Net assets
Net current assets
Net current assets		 Unrestricted
Funds
£
30
257,644
257,674
Unrestricted
Funds
£
30
223,051
223,081		 Restricted
Funds
£
-
127,462
127,462
Restricted
Funds
£
-
102,266
102,266		 Total
2025
£
30
385,106
385,136
Total
2024
£
30
325,317
325,347

Page 29

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

19. CHARITABLE COMPANY RESTRICTED FUNDS

Year to 31 March 2025
Respiratory diseases
Pharmacology research
Inflammation diseases
Total restricted funds		 1 April
2024
£
72,038
29,228
1,000
102,266		 Income
£
20,000
-
14,000
34,000		 Expenditure
£
-
(12,304)
(11,500)
(23,804)		 Transfers
£
5,000
10,000
-
15,000		 31 March
2025
£
97,038
26,924
3,500
127,462

Restricted fund for Respiratory research:

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

Restricted funds for Pharmacology research:

Appeal for the ‘John Vane Academy’, previously for the 'John Vane Chair'. John Vane Academy (JVA) John Vane Bursary Awards JVA Daphne Vane Media Training Scheme Awards.

Restricted fund for Inflammation research:

JVA Nikki Vane International Scheme: Anglo-Polish research-student exchange programme New therapeutic targets for treating the failing heart in arthritis.

Year to 31 March 2024
Respiratory diseases
Pharmacology research
Inflammation diseases
Total restricted funds		 1 April
2023
£
67,038
30,028
1,000
98,066		 Income
£
-
-
7,391
7,391		 Expenditure
£
-
(15,800)
(7,391)
(23,191)		 Transfers
£
5,000
15,000
-
20,000		 31 March
2024
£
72,038
29,228
1,000
102,266

Page 30

WILLIAM HARVEY RESEARCH FOUNDATION (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (continued) YEAR ENDED 31st MARCH 2025

20. CHARITABLE COMPANY UNRESTRICTED FUNDS

Year to 31 March 2024
Designated
Cardiovascular diseases
Unspecified research funds
Administration fund
Total designated funds
General funds
Total unrestricted funds		 1 April
2024
£
-
841
-
841
222,240
223,081		 Income
£
-
-
35,088
35,088
115,551
150,639		 Expenditure
£
-
-
(101,046)
(101,046)
-
(101,046)		 Transfers
£
-
-
65,958
65,958
(80,958)
(15,000)		 31 March
2025
£
-
841
-
841
256,833
257,674

Unrestricted fund for Cardiovascular research:

Small equipment grant for a new rat echo transducer for the Centre of Biochemnical Pharmacology.

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 2024
Designated
Cardiovascular diseases
Unspecified research funds
Administration fund
Total designated funds
General funds
Total unrestricted funds		 1 April
2023
£
-
755
-
755
97,952
98,707		 Income
£
-
86
33,701
33,787
195,327
229,114		 Expenditure
£
27
-
(84,767)
(84,740)
-
(84,740)		 Transfers
£
(27)
-
51,066
51,039
(71,039)
(20,000)		 31 March
2024
£
-
841
-
841
222,240
223,081

21. FUTURE FUNDING COMMITMENTS

Amount:

One year of £5,000 per annum remaining pledged in £5,000 support of the Professorial Chair in Intensive Care Medicine.

Page 31