Leukaemia and Lymphoma Nl Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 465,122 465,122 448,732 19,716 50 368,034 291,283 18,880 4,073 448,732 19,716 50 Total income 468,498 465,122 933,620 682,270 Expenditure Expenditure on charitable activities Total expenditure 9,10 {358.154) (277,732) (635,886) (603,703) {358,154) (277,732) (635,886) (603,703) Net (losses)Igains on investments 11 16.210 16,210 (56,329) Net incomel(expenditure) 126,554 187,390 313.944 22.238 Transfers between funds Net movement in funds 126,554 187,390 313,944 22,238 Reconciliation of funds Total funds brought forward Total funds carried forward 923,992 923,992 901,754 1.050,546 187,390 1,237,936 923,992 The statement of financial acb'vities includes all gains and losses recognised in the year. All income and expenditure derive from continuing acts"vities. The notes on pages 15 to 24 fomi part of these financial statements. 12
Leukaemia and Lymphoma Nl Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Fixed assets Investments 15 714,620 714,620 698,411 698,411 Current assets Debtors Cash at bank and in hand 16 146,063 537,379 110,380 258,096 683,442 308,476 Creditors: amounts falling due within one year Net current assets 17 (160,126) (142,895) 523,316 225,581 Total assets less current liabilities 1.237,936 1.237,936 923,992 923,992 Net assets Funds of the charity Restricted funds Unrestricted funds 187,390 1.050.546 923.992 Total charity funds 18 1,237,936 923,992 These financial statements were approved by the board of trustees and authorised for issue on 10th December 2024 and are signed on behalf of the board by: Mr R Buchanan Trustee The notes on pages 15 to 24 fomi part of these financial ststements. 13
Leukaemia and Lymphoma Nl Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net incomel(expenditure) 313.944 22,238 Adjustments for." Net (losses)Igains on investments Dividends, interest and rents from investments Other interest receivable and similar income Gains on disposal of tangible fixed assets (16,210) (19.716) 56,329 (18,880) Changes in." Trade and other debtors Trade and other creditors (35.683) 17.231 (60,380) (110,277) (110,970) Cash generated from operab'ons 259,566 Interest reiVed Net cash used in operating acb'vities 259,566 (110,970) Cash flows from investing activities Dividends. interest and rents from investrnents Proceeds from sale of intangible assets Purchases of other investments Proceeds from sale of other investments 19.716 18.880 790 (30,433) 42,636 49,818 Net cash from investing activities 31,918 69,488 Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 291,484 272,451 (41,482) 313,933 563,936 272,451 The notes on pages 15 to 24 forni part of these financial statements. 14
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General infomiation The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in Northern Ireland. The address of the registered office is Patrick G Johnston Centre for Cancer Research, 97 Lisburn Road, Belfast, BT9 7AE. statement of compliance These financial statements have been pEpared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material UnrtaIntieS about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make Judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. restricted income funds or endowment funds. 15
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income-. income from donations or grants is recognised when there is eviden of entrtlement to the gift, receipt is probable and its amount cAn bp. mpasiired reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilitias and services are racognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of sendices is recognised with the delivery of the contracted service. This is classtfied as unrestricted funds unless there is a contractual requirement for it to bc spcnt on a particular purpose and turned if unspent, in whiGh case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events. non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs inGurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 16
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements fconlinued) Year ended 31 March 2024 Accounting policies (conlinued) Intangible assets Intangible assets are initially recorded at cost. and are subsequently stated at cost less any accumulated amortisation and impaimient losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. Investments Investments 2024 2023 Cash Bonds Alternatives & Multi-Asset Equities TOTAL - Managed Portfolio 26,577 47,008 136,521 504,514 714,620 14,360 66,949 133,425 483,677 698,411 Investments in associates Investrnents in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impainnent losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Vere it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments in joint ventures Investments in jointly controlled entities accounted for in accordan wtth the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value tsken through income or expenditure. ere it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 17
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (condnued) Year ended 31 March 2024 Accounting policies (continued) Investments in joint ventures fcontinuedj Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review for indicators of impaiment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Vvhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimient testing. when it is not possible to estimate the recoverable amount of an individual asset. an estim2tp 1£ mAdp nf thp rernverAble amoLAnt of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to @ach of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other considerab'on expected to be paid or received and not discounted. Debt instruments are subsequently rneasured at amortised cost. Ihere investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investmersts are subsequently measured at cost less impairment Other financial instruments. including derivatives, are inits-ally recognised at fair value, unless payment for an asset is deferred beyond nonnal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rats of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exptIOn of hedging instruments in a designated hedging relationship. 18
Leukaemia and Lymphoma Nl Company Limited by Guarantse Notes to the Financial Statements (ci¥ntinuedJ Year ended 31 March 2024 Accounting policies fcontsnued) Financial instruments (continued) Financial assets that are measured at cost or amortised cost are reviewed for objects've evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the inits'al gain was recognised For all equity instruments regardless of significance. and other financial assets that are individually significant. these are assessed individually for imp2irment. Othpr fin2nr.ial assets are either assessed individually or grouped on the basis of similar credit risk Gharacteristics. Any reversals of impairment are recognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The company. being a company limited by guarantee. does not have share capital. The liability of members of the company is limited to £1 per member. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Grants Grant Income 465,122 465,122 Unrestricted Funds Restricted Total Funds Funds 2023 Grants Grant Income 368,034 368,034 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Legacies Trading Activities Branch Income Stem cell harvest 352,745 55,154 15.413 25.420 352,745 55.154 15,413 25,420 235,702 16,000 11,751 23,870 3,960 235,702 16,000 11,751 23,870 3,960 448.732 448,732 291,283 291,283 19
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Investment Income 19,716 19.716 19.716 18,880 18,880 19,716 18,880 18,880 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Sundry Income 50 50 4,073 4,073 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable Activities 358.429 277.733 636.162 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable Activities 243,169 360,534 603,703 10. Expenditure on charitable activities by activty type Activities undertaken Total funds directly 2024 Total fund 2023 Charitable Activities 636,162 636,162 603,703 11. Net (losses)Igains on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Movement on valuation of investments 16.210 16,210 (56,329) (56,329) 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,975 4,740 20
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 13. Staff costs The total staff costs and employee benefits ft)r the reporting period are analysed as follows.. 2024 2023 Wages and salaries 82,221 109,207 LLNI do not employ staff directly. staff are employed by a third paty, Queens University, and LLNI pays grants towards the salaries of those employees working for LLNI, therefore a breakdown of the costs between salaries, pension etc is not possible. The average head count of employees during the year was Nil (2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 14. Trustee remuneration and expenses Trustees did not re1ve MUneratIon or reimbursement of expenses during the year. (2023: £Nil} 15. Investments Cash or cash Listed equivalents investments Total Cost or valuation At 1 April 2023 Additions Disposals Fair value movements Other movements 14,355 684,056 22,920 {10,672) 4,006 (12,247) 688,063 698,411 22,920 (10,672) 4,006 (45) 714,620 12,202 26,557 At 31 March 2024 Impairnient At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 26,557 688,062 714,620 698,411 At 31 March 2023 14.355 684,056 All investments shown above are held at valuation. Financial assets held at fair value The listed investments are valued by Evelyn Partners, Belfast and held at market value. 16. Debtors 2024 2023 Other debtors 146,063 110,380 21
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 160,126 142,895 18. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Galns ano At losses 31 Mar 2024 Income Expenditure Transfers General funds Clinic trials nurse PhD Studentship Research Grants 137,082 80,230 292,314 414,366 468,498 (130.050) (360,753) (21.555) (2,491) (204,333) 358.429 16.485 131,262 58,675 359,246 501,363 69,423 291,330 923,992 468.498 16,485 1.050,546 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income ExpendÈture Transfers General funds Clinic trials nurse PhD Studentship Research Grants 147,998 24,062 296,065 409,934 314,236 (146,808) {122,015) (56,329) (13,832) 70,000 {3,751) 86.961 137,082 80,230 292,314 414,366 (82,529) 314,236 (243.169) 878,059 31.195 (56,329) 923,992 The designated funds have been set aside by LLNI as result of awards of various grants approved by the Board of LLNI for future research projects. Rostricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers PhD Studentship Research Grant 126,815 338,307 (126.815) (150.917) (277,732) 187,390 187,390 465.122 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers PhD Studentship Research Grant 26,695 111.752 256,282 (111,752) (23,695) (248,782) (7,500) (360,534) (31,195) 23.695 368,034 22
Leukaemia and Lymphoma Nl Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 18. Analysis of charitable funds (contlnuedj The restricted funds were received from the Medical Research Council for the UK Government and a donation of £200,000 for the MyBlock Project. The aim of the funding was to support early areer researchers undertaking medical research and to protect the pipeline of early career researchers and future research leaders. The transfer out of restricted funds relates to a correction of the opening balance. 19. Analysis of net assets between funds Unrestricted Funds Restricted ToLIl Funds Funds 2024 Intangible assets Investments Current assets Creditors less than 1 year Net assets 714,620 445,658 {109.732) 1,050,546 714,620 683,442 (160,126) 1,237,936 237,784 (50,394} 187.390 Unrestricted Funds Restricted Total Funds Funds 2023 Intangible assets Investments Current assets Credrtors less than 1 year Not assets 698,411 295,061 (69,480) 923,992 698,411 368,476 (142,895) 923,992 73,415 {73,415) 20. Taxation The Company is a registered charity. and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objecb'ves. 21. Contingent liability A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 22. Anatysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 258,096 279,283 537,379 24