REGISTERb-D CIIARITI. NI',IIBF.R- IQ.S$447 REPORT OFTHE TRI".STEES..IND FINAICIAL ST,ITEIIENTS FOR THE I'E,IR ENDED 31 IIARCFI 2024 FOR THE BPR TRI ST Collards Chartered Accoujitants StatutoTh Aiidiloi i-9 Eden Strcct Kingston-upon-Thames Sunr KTI IBQ TIIE BPR TRLST CONTENTS OF TIIF. FIN.INCI.IL ST.ATE.IIENTS FOR THE I'E.4R ENDED 31 .11.4RCH 2024 Pdge Report of the Truslce Rtport of the Indepelldent Auditors Staiement of Fin#nc&al.Ictii"ities tu ihe Financial Statements 9 to 13 Detailed Statetnent of Fin#n¢iul Actii itie5 14 THE BPR TRI'ST REPORT OF TFIF. TRI.'STEES FOR THE I'EAR F.NDED 3111.4RCH 2024 The tsuslee% present their report i%'ith the financial statements of tlie charit!" for the iWdr ended ) l March 2024. Thc b￿SteeS Iiave adopted the proi'isions of Accounting and Reporting b!" Charities= Stalemcnl of Re¢timmended Praciice applicable to cliarities preparing their accounts in accordance i%"ith iht financial Reporting Siandard applicable in the UK and Repiiblic of Ireland IFRS 1021 {e￿ectIVe l Januari 2019). OBJECTII F.S AND plCTIVITIES Obje¢tilCs and for the public benefit The objectii'e of the Trust is to research into the fduses. mechani8rn5 and treatmejit of blood pressure and as%ocialed human conditions and the di8Eemination of the results of sucli research for the bcnefit of the public in relalioii tlicreto. Tl)L coiisider hoi? their grant making polic)" ivill contribute to the aims and objcctii.'es that the% hai'e set. Raised blood pr¢s5ure is the largest contribulor to deaths iyorldiiide. In the United Kin£dom it ranks alongside or possibly exceeds other causes of deaths. The publi¢ ￿nefIt of the of the BI￿￿] Pre55ure Research Trust falls into fiiie categories.. Education. ii'here the Trust Seeks to educate and inform the general public regarding the dangers of raised blood pressure. including encouragetncnt to reduce thcir intake of 5a]t- similarli" health professionals arc cncouraged to knoiv more about tlie dan(Ters of raised blo(Kl pressure and pass this onlo iheir palaents. Re5earcli, i%'hich is aimcd at achieN'ing a betler undcr5tanding of the m¢chanisms of rdised blocwj PTE5surc and encouragiiig the d¢i'elopment of bctter treaiments. Treatments for raiEed blood pressure. ii,hich focus on non41rng treatments ii.here possible and in particular issues sucl) as lif¢stvle and diet ii'here a redu¢lion in the salt intake is encouraged and the bcn¢fits olincreasing potassium intake is made knoiw. Supporting similar organisations i%'ith simtlar aim5: na¥nelF Aclion on Salt ii,hich n]ns campaigns to educaie the public on the danger inhcrcnt in an incr¢ased salt intake_ Obesit). is also an important underl)"inu mechanism to cause a rise in tilood pressure as iiEII ￿ liaving otlier Inajor l)atmful efTects on health. Exccss sugar like salt is an importanl Cause underl1.ing blood pressure and support is also beiiig provided to help Aclion on Sugar in it's lo endeai'our to get sugar intake doi¥n in the Uiiited Kin?dom in the same as salt intake has been rfXJuC￿. Thus. thc public beT2efit can be clearlN' seen fiorn the education and rcsearch actii'ities of Lhe Trnst and the considerable success thcre has al￿adI. been cncourdging a reduction in salt intake both Sn terms of educ21in(y manufacturers of food products to redEice the salt and sugar contcnt of Ihe foods n)ade bN' tliein. the general public and in persuading Cirant makin( polic Th¢ Trust has. in keepin8 with its objectiv¢, gii'en substantial SUp￿rt to research into thc causes and treatment of Iivpertension and thc -[NStee￿ Inonitor very closelj. an￿ rescarch i%hich is being supported. The Trustees are particularl). iiell-placed to coiisider if cxisting fiindiiig should conlinue and to dccide on ihe tn¢rits oran)" ncil" applicalions r¢ccii'ed. ,ICIIIEI'EIIENT AN'D PERFORlltliNCE Rek'ic)i" of d¢%'clopmcntS, 8CtitritÉcs and achiei'ements Durin the financial )'ear the Trust gai"e grants to organisaiions awKI indiNiduals i%hich folloTh' the Trusl's ohjective aiid particulars can be 5ecn in note S. The Trustees approved grdnts to the W'olfson Institut¢ of Prei'entiN"e Imedicine. ii'hicli oper8(tr under the auspi￿5 of Queeii Mar¥. Universit}, of l.ondon to assist ivith its ongoing r￿carCh i¥ork.The TnJstee5 hake committed to fjjnding thi5 ilork for a furt]ier 5 vea from l August 2023. Ini'estm¢nt poiiers, restrietion and policv Tlie Tnistecs havc i¥ide p()i%"crs of iniestmenl i¥"hich thei. hai'e del¢gated to their Inveslmeiit Advisers in aecordance ii'sth tile poyiller gii'en to them under the Trust Deed. Mie Inkestment Ad￿'ISe¥S hakc been insiTUCted lo folloii. a polic5, balanced beti¥een income and capital groisth. Their ini'estment polic!" remained cautious during thc s'ear 10 31 Marcli 2024. Thc Trustees reLFularl}' receivc repo￿ from tile l-msi Stockbrokers and the perf0￿]0n¢e of the Trusl portfolio 15 moiiitored bv thcn) and tlieir ad%'iser8 against the releN'ant market indices. Page TFIE BPR TRLST REPORT OFTHE TRI"STEES FOR THE I L.4R ENDED 3111,KRCH 2024 FIINANCIAL REI'IEII, R¢'sen'es policy The Tmtees have considered the level of free resetves {thai is those funds not tied up in tangibl¢ fixed assetsl thar the Trnst requitts io coniinue ils actii'ities.The total untestrieied resen".¢s at i l .￿￿h 2024 Ii'cre £ li,9)4. j 19 a lei'el i%.hieh the Trustees consider SIIITicient io provide Iin£ifiLldl Ilexibilit% oi'¢r th¢ Lourye ol. thc foresceable futurc. Although Ihese reserves are significant, tlie -I'n15tees believe thai the%, continue lo be iitll-plac¢d ￿ react io an). iiicrcased call upon the Trusi should the basis of its research siipport chthge and. pk)rtiLul£￿1￿, il. it beLvmcs dir¢cili ini'oli'¢d rdili¢r ihan simpl}. sponsoring r￿earCh. &s it does at present. The Trusiees consider thai CUTreni conditions in linancial rnark-ets requirc J conscn'ptjir¢ approach to reserves. FL TLIRE PLAN The T￿SIee5 have no specilic plttns to chdnge their prcs¢nt n1¢th￿ or0￿ra[10n and intend (o eoniinue ￿1th their grdnt programme in support of blood pressure research. The Trusiees have eed to COnLinue th¢ir support for th¢ ieam at the Wollson Instilll(e of Prcientive Medicine and for other simslar organisaiions (as sel out aboi'el. SI'RI,'CTURE, GOI'ERN.4NCE.AN'D 11.4N.4GEIIENT Goi'ernin¥ document The Trust is an uiiincorporated twst regisiered ii'iih the Charil). comm555lone￿ uiider nutnber Ioii447. li ￿aS establislied bj, Deed on 13(h Ma)" 1996 Nviih the objeciiles that are set out beloii. Thc fitJan¢ial 51aiements hake been prepared in accordance M'ith tiie a¢counting policies sei out OJ page 8 and compli. i%'ith the Trusi Deed and applicable lai%'. AppoinlmLnl, induction and training ofneH trustees ThL Trusl¢Ls hJndl¢ the appoininienl ol rcplacemeni Trustees and also Nei¥. Tn￿leeS ¥¥here atyas are identified tor i¥'liich additional Trubiees N¥'ould be h¢lptul. B). using their own ￿¢t￿.0T￿5 the Tn￿l¢eS encourage suiiable people to come fonvard. At the lime of appointment Neil, Trustees ate rnade aii.are of their rcsponsibilities aniL from thc outseL are encouraged io understand the ChariLy's objectives. All 'f￿￿teeS are also encoutatsed ts) identitN anN' trnining on appoinuncnt and annually thereafter so Ihai measures can be taken to ensure thai these needb" ate IllLt. Il#n#gement 'Fhe 'l-rusi is conirolled b), the Tjusiees i%'ith the &$Sh￿anCe of professional advÈsors. Details of the prolessional advisers employed by the Trust can be found on pdge l o* the Report and Fknaneial Siaternents. REFERE)CE,ISD.4D.%IINISTR.ITII'E DET.41LS IILxisi¢red Ch#rit)' number 1055447 PrinLipal addre.%5 2 St()ne Biiildinbjs Lincoln's Inn Loiidon WC2A 3TH I'rustecs Prolessor G A MacGtEgor h. P Gile Mrs Il, Jarrelt Auditors Collards Cliart¢rcd Accountanis s￿rUl0r}, Auditor i-9 Edcn Sire¢i Kingsion-upon-Thames Siirre) KTI IBQ Solicitois EdKI'in Coe LLP 2 Sionc Builditjos Liiicoln's Inn London WC2A 3TH Page 2 THE BPR"fRI.ST REPORT OF T14E TRI',STEES FOR THE I'E.IR F.NDED 31 .IIARCH 2024 REFEREJCE AND frlDIIINISTK4TII'E DETAILS lui'e5tment Adi'iser RotlisLliild & Co Nei¥, L()urt St. Sii'ithin's Lane Lfjndon F.C4N SAL STATE.IIENT OF TRL'STEES. RESPONSIBILITIES The trUst￿S are responsible for preparing the Report of the Tru5tces and ihe financial Sla(ern¢nts in accordaiice ￿'ith applicable law and United Kingdom Aceounting Standards (United Kingdom GenerallK ACcep￿d Accouniing Praciicel. )c laiv appliLabl¢ to charitie.% in England and Il'ales. Ihe Charities Aci 2011. ChariiK {Accounts and Reports) liegulations 2008 aiid the provisitsns of the trust deed requires the tru8tee5 to prepare flnancial statcments for eacli financial l.ear ii.hicli oive a trne and fair vI￿V of the Etatc of affairs of the charitN' and of the incorning resources ajid applicaiion of resources. includiiifF tlie income and ex￿ndItUre, of the cl)arity for that period. In preparing those fLn&ncial staiem¢iits. the tru5tecs are required to selcct 5Ultable accounting policies 8Rd then appl). them con515tentlv: ob8crve the methodb and principleg in the Charity. SORP: make judgements and estirnates that are reason3ble and prudent- state i%.l)ether applicable accouRting standards Iiai'e be¢n folloiitd. subject io an}. material departures disclos¢d and explained in the fIiiancial stalcments- prepa￿ the finaneial statements on the going con¢em bL8is unle5S it is inappropriate to presume that thc cliarity" ii'ill continue in business. The tnjstees are re.￿ponsIble for keeping proper accoullting records ii'liich disclo% iiith re&%()nable accurac￿ al an!, liine Ihe fiiiancidl Posilion of the charit&" and io ellable ihem to ensure that thc financial stalenients complj. iiitl) tlic Charitie% Act 2011. tlie Cliaril}' (Accounis and ReporLsl Regulations 2008 and the proN"i5È0ns of the tTUSt deed. Thei. are also rr5pnnsible for %afeguarding t]ie assets of the charit)." and hence for taking reasonable 5tcps for the prci"cntion and dctection of frnud and other irycgularitse5. Approved order of the board of trustees on 20 Notrember 2024 and signed on its tKlialf b!'- N P Giles- Trustee Page 3 RLPORI. OFTHE IjDEPENDEN'f.4LDI'foRS TO THE TRLSTEES OF THE BPR TRLST Opinion K¥c have audited the financial ststements of The BPR Trusi (the 'charii!"'I for the )'ear ended 31 m￿Ch 2024 11.hieh cotnptise the Statemeni ol. Financial Activitics, thc Balancc ShecL the Cash Floil Sialement and notcs lo thc linancial statements, includiiig a summary of sigiiilicani accounting policies. The fin￿1¢1a1 rL'POrtiiig framem.0￿ thai has been applied in their preparniion is applicable law and Uniied Kingdom Accounting Standards Iuniied kingdom Generallv AcCeP￿d Accouniing Praaice}. In our opinion tlie financial staiements= gil'e a t￿e and fair i'iei%' ol- the state of the charii)'s alTairs &s ai i l .March 2024 and of its incoming resour¢es and appli¢aiion ol. resources. lor the l'ear then ended.. haile been piopeil) prepared in accordance i¥'ith United Kingdom Generalls. ACcep￿d Acc4)unting Praciiee- and haiye been prepared in accordance w'ith the requiremen(s of ihe Chari(ies Aci 2011. B#sis lor opinio 'e conducted our audil in accordance iiith Internaiiondl Standards on Audiiino {UK) IISAS IUKI) and applicabl¢ la￿". Our re%ponsibiliEies under those stsndards are further described in the Audiiors. resp)nsibililies for the audii of the lin(￿¢101 siai¢mcnts s¢ction of our r¢port. Il'¢ drL' independent of the ¢harii)' in a¢cordance ii'ith th¢ ethiol r¢quiretn¢nts that are r¢lei'ani 10 our audit of the fJnanLial staitnients. in the UK, including the FRC'S Ethical Siandard. and M"e hai'e fulfilled our other ediical responsibiliiies in accordance these requirements. ￿'e belseve thai the audii evidence w.e haN'e i)btained is suifi¢i¢nt and appn)priai¢ 10 proi'ide a basis lor our opinion. C.onclu5i0ns relating to going £oncern In auditing ihe linanLial siatemenis. i%'e hai'e concluded thai the tmstees, use of the going concern basis of accounting in the preparation of the tinancial slatetnents is appiopriale. Based on the i%ork 1s"e haie perlormed. lie hai'e nol identilied an!" tnaierial uncertainties relaiing io c¥cnt5 or ¢ondthiiL)ns diat, individuall) or LulleLtii'tlN'. ma), Las1 sigriiflL￿j1jt doubl on the charil) s ability Lo continue as a ooing conc¢rn for a period of at least tw'elve tnonths IronTr ii.hen the linanci1c I stat￿¥￿1￿ are auihori5ed for Issue. Our Febponsibilities and the responsibiliiies of the tnJs(ees with respeci ts) going concern aty described in the ￿leVant sections of this report. Othei- iDfoi-m#tion I'he uublees arL responsible for the other irifomiation. The other inlomiauon comprises the infom)ation included in the Annual Repon. oiher ilian the linancial siaiements and our ReFx)rt of the Independeni AudiLors thereon. Our opinion on the ljnancial staleTn¢nls does not cov¢r the other inlorn]dtion ￿d. except to the ext¢nt oth¢rniis¢ cxplicitly sialed i our report. lit do noi ¢Kpr¢ss un). lortR of yssuran¢¢ conclusion thireon. In conneciion iviih our audit of th¢ financial stai¢m¢nW our r¢sponsibilit}' is to rcad th¢ other inforniation and. in doing so. consider ,heiher ihe other intomiaiion is maicrialli. inconsisicni ii'ith th¢ fjnancial stat¢m¢nTS or our knoi¥'l¢dgc obtaiiicd iii the audii or othcr¥¥'isc appears to b¢ mai¢riallN' misststed. If lie ideniili. such mdieridS incongisiencies or apparent snaitrial miSs￿leT￿¢0￿, M'¢ arc iequired 10 detemine i¥hethir this givcs ris¢ 10 a maiLrial missLaienieiii in the fjnancial siai¢nieiits thcmsclvcs. If. bascd on ihe w'ork e have perlomied. ile concliide Ihat therc is a maierial misstaicmeni of this other infom]ation, M'e an required io report thai fac(. We have nothing to report in this regard. l.latteis on li hich lie arc requirLd iu report b). ciceptiu We have iiotliing io report in r¢stKcl ol. the folloiiing nlaiiers iithere the Charitics (Accounts and Reports) RcgulalioDS 2008 rcquires us io report to )'ou it-. in our opinion.. thL iiiformation given in ihe Report of the Trusiees is inconsisieni in anj maierial respect I￿7th the financial statemenLS: or uflicient accounting records hai'e noi beLn kept= or the tin&￿LIk1 st￿llements. " to fraud. their knoTr%'ledge of actual. siispectLd and alleged fraud. considering the intemal controls in platt io mitigate risks of fraud and non-compliance laiiE apd regulations: To address the risk of fraud through management bÈas and oN"erride of contsDls. ii"e'. perfom)ed anal}lical procedures to identiA" an!" unusual or unexpected re131ionship8- tested journal entries to idcniifN" unusual Iransaclions.. assessed i￿hether.1udgeMenis and ￿SUMptIOnS made in delcrniining the accouniing estimates ii'ere indicalive ofpotent181 bias.. investigatcd the rationale behind significant or unusual transaclions: Iii response lo the risk of irregularities and non-cornpliance iiiih laii's and regulations. i%'c designed procedures ￿.hiC17 included. but Ivere not limited to.. itsreeing financial statement disclosures to underl%ing 5UPPOrting documenla(ion: re3dtNg the minutcs of meetings of those charged iiith goi'ernance= cnqyiring of Inanagement as to actual and potential litigation and claims= reviei¥ing Co￿¢SpOndence I￿1th HMRC. relevant regulators and the pension 5clieme's legal advisors. There are inhereni limitations in our audit procedutrs described aknve. The more remoi'ed ihat laii's and rEgulations are from rinancidl transactions. the les5 like1￿. it is that i%"c iiould become aiiarE of noi)-complian¢c. Auditing stgiidard5 a150 limit the audit procedures reqiiired tn ideniifN non-compliance ii'ith laiNs and regulalion5 to enquir) of the tntstces and other management and the inspection of regulatorv and legal corresp(Trndence. if an!.. A fijrther description of our resrxhnsibililies for tlie audit of the financial 5tatcments is locared on thc Financial R¢pY)rt1iig Council's i%'ebsile at IlTr￿v.f￿.org.UkIauditor5resp0n5ibilltIe$. This descripiion fomis part of our Report of the Inde￿ndent AuditOTS. PaEe i REPOR'f OF"I'HE INDEPEJDLST ALDITORS TO TIIE TRLSTEES OF THE BPR TRLST lise of our repoi This report is niade solely to the charity's m]sttts. ￿ a Erf)d)'. in accordance ivith Part 4 of the Chariiies (Accounts and Reports) Regulations 2008. Our audii M'ork has been undertaken so ihai Me might slate lo the charit)'S trustees thos¢ maitcrs are required state to iliem in an auditors, rety)n and for no oiher purpose. To the lullt51 e.xtent petmitted b). lam", do noi accept or assuine responsibilitv io anyone other than the Chari() and the charil)"s tTUStee5 a IXMI).: for our audii Ii'ori for this reporL or for the opinions ¥%'e have fomied. Collardb Chartered Accouniants Staiutorn. Auditor 5-9 Ed¢ii Str¢ei Kingston-Iiwn-Thames Surre} KTI IBQ 20 November 2024 TIIE BPR TRI'ST STATEIIENT OF FIN.4NCIAL Acfii"ITIES FOR TIIE I-E.4R E)DED 3111.4RCH 2024 2n24 l.'nr¢stl-iLted funds 2023 Total funds Notes INCOINIE AND F.NDOII-1IF.NTS FROII Investment income 2)8,$41 15i.816 EXPENDITIRE O Raising funds 71.828 69.237 C.haritablc activitiCS Grant making 272.377 242.189 Total 344,205 311.426 Net gainslllosse5} on investments ,4$7.n23 1444.8921 NET INCOI%lEI(EXPE)'DITliRE) lJ71J59 1602.5021 RECON'CILI,ITIONI OF FI",SDS Totsl funds brouoht fonvdrd 14.$62,()80 15.165.482 TOTAL fiiNDS CARRIED FORII'ARD 15,934.339 14.5()2,980 The notes forni part of these fEnancial staiements THE BPR TRL'ST B.4LI)CE SHEET 3111.4RCH 2024 2024 ?023 Total funds Llnrestricled funds Noics FIXED ASSETS Investhien 16.062,471 14,69J,906 CIIRRENT..ISSET Cash at bank 59 J54 59.g41 CREDITORS Amounts talling due K%'iEhin one yvar 1187.486) 1190,767) N'EI" CIIRRENT.ISSETS {128,1321 1130,9261 TOI".4L.4SSETS LESS CLIRRENT LI.4BILITIES 15,934J3l) 14,i62,980 -NE-I' ASSLI-S IS l)34,331) 14.56?.980 FLINDS Unrestricted funds 10 li,934 J3() 14,i62,9go I"OTAL FLN'DS 15,l)34J39 14,562,980 The financial statenients were approi'ed b%. the Board olTNslees and authorised for issue on 20 November 2024 and w¢rc signcd on lis behalt b),: N P Giles- Trusiee The noies lorni part of these finanLÉal staiements Page 8 THE BPR TRI:ST NOTES TO THE FIN.4NCI.4L ST.4TEIIENTS FOR THE I"EAR ENDED 3111,IRCH 2a24 CCOUNTI)G POLICIES Basis of prepxrtng the financial 8tatement. The financial EtalemenLs of ihc chariti. M'hich is a public bcnefjt entiti under FRS 102. h&ve been preparcd in accord 1.012.131 768.857 TOT.4L FIINDS 412.i57 1655.6i I I 1.012.131 768.857 RELATED PARTI. DISCLOSI:RF.S Includcd ii'iihin the accoun15 iiere fets (inclusii'e of iiatl of £13.560 (202) £12.9601 to Edii"in Coe LLP. a finn of 501icitors in ivhich N P Gi1￿. a Trustee. is a con5uliatit. This sum compTiE£d fees in connectioi) ii.itlJ the administralioi) of tl)e Trust for the year. During the )ear a grant i%'as paid to Queen Mm.. Unii'er5ih' of London from i¥.hich Professor G.A. Ma¢Grcgor deril'ed a salary- the cost of i4hicl) liiicluding associaied costs) amounted 10 £123.720 (2023 £107.3051. ffl)e Il'oifsoii 11i5titute ()f Pre1'entl￿e Medicine opcrgtes u52der the auSpE￿￿ of Queen MaTh". Unikersit¥ ofLondon. Page 13 THE BPR TRL'ST DET.4ILED ST.ATE.IIENT OF FIN.4NCI.4L.4CtIl'lTIES FOR THE I'E.4R ENDF:D 3111.4RCH 2024 2024 ?023 lixCO￿lE AN'D ENDOII'.IIEryTS Ini'¥stment iNeume UK listed ini'Lsttnent¥ Non UK lisied invesiments Inicrest on cash and s¢ttle￿Cnts pending 24,736 47.682 66,765 184,71f 2$8,$41 153.816 Total incomÉng resources 2511.$11 liJ.8I6 EKPLNDITLRE Ini"e%lmenl m#nagLmtnt LOSIS Ponfolio managemeni 71128 69,237 Ch#rit>)ble #Ctiviites Grants to institutions 249.772 219,6)8 Support ¢05ts F inance Insurance Other Teinporary, secretarial stsff Lcgal l¢cs CuTrenc)' losse￿I￿aInS) 487 6,780 3,2)8 928 6,480 2.937 10.345 Gui'LrnuEaee cvsls Aiiditurs, remunLrutiun Legal fees 5,30 6,780 i.160 6,480 12,080 11,640 Total ￿SourceS ¢xpei)d¢d 344,20 )11,426 l%et expendilure betore gains 1055e5 (&i,6641 1157.6101 Realised ii'Lo¥ni5ed gains #nd 10ssCS Rcalised gain&lllosses) on tixcd absci itJi"¢Slments ,457,023 {444,89? } Net income/(expenditure} lJ71,3$9 160? io? ) This page does noi lom) part of the sthiuior%' linancial sthiements Page 14