REGISTERED CHARITY NUMBER: 1055447
"
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE BPR TRUST
Collards Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
THE BPR TRUST
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CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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|Page|
|Report of the Trustees|1|to|3|
|Report of the Independent|Auditors|4|to|6|
|Statement of|Financial|Activities|7|
|Balance|Sheet|8|
|Notes|to|the|Financial|Statements|9|to|13|
|Detailed|Statement|of Financial|Activities|14|
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THE BPR TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims for the public benefit
The objective of the Trust is to research into the causes, mechanisms and treatment of blood pressure and associated human conditions and the dissemination of the results of such research for the benefit of the public in relation thereto. The Trustees consider how their grant making policy will contribute to the aims and objectives that they have set.
Raised blood pressure is the largest contributor to deaths worldwide. In the United Kingdom it ranks alongside or possibly exceeds other causes of deaths. The public benefit of the work ofthe Blood Pressure Research Trust falls into five categories:
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. _ Education, where the Trust seeks to educate and inform the general public regarding the dangers of raised blood pressure, including encouragement to reduce their intake of salt; similarly health professionals are encouraged to know more about the dangers of raised blood pressure and pass this onto their patients.
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. Research, which is aimed at achieving a better understanding of the mechanisms of raised blood pressure and encouraging the development of better treatments.
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. Treatments for raised blood pressure, which focus on non-drug treatments where possible and in particular issues such as lifestyle and diet where a reduction in the salt intake is encouraged and the benefits of increasing potassium intake is made known.
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. Supporting similar organisations with similar aims, namely Action on Salt which runs campaigns to educate the public on the danger inherent in an increased salt intake.
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Obesity is also an important underlying mechanism to cause a rise in blood pressure as well as having many other major harmful effects on health. Excess sugar like salt is an important cause underlying blood pressure and support is also being provided to help Action on Sugar in it's to endeavour to get sugar intake down in the United Kingdom in the same way as salt intake has been reduced.
Thus, the public benefit can be clearly seen from the education and research activities of the Trust and the considerable success there has already been in encouraging a reduction in salt intake both in terms of educating the general public and in persuading manufacturers of food products to reduce the salt and sugar content of the foods made by them.
Grant making policy
The Trust has, in keeping with its objective, given substantial support to research into the causes and treatment of hypertension and the Trustees monitor very closely any research which is being supported. The Trustees are particularly well-placed to consider if existing funding should continue and to decide on the merits of any new applications received.
ACHIEVEMENT AND PERFORMANCE
Review of developments, activities and achievements
During the financial year the Trust gave grants to organisations and individuals which follow the Trust's objective and particulars can be seen in note 5.
The Trustees approved grants to the Wolfson Institute of Preventive Medicine, which operates under the auspices of Queen Mary, University of London to assist with its ongoing research work.The Trustees have committed to funding this work for a further 5 years from 1 August 2023.
FINANCIAL REVIEW
Investment powers, restriction and policy
The Trustees have wide powers of investment which they have delegated to their Investment Advisers in accordance with the power given to them under the Trust Deed. The Investment Advisers have been instructed to follow a policy balanced between income and capital growth. Their investment policy remained cautious during the year to 31 March 2025.
The Trustees regularly receive reports from the Trust Stockbrokers and the performance of the Trust portfolio is monitored by them and their advisers against the relevant market indices.
Page 1
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THE BPR TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Reserves policy
The Trustees have considered the level of free reserves (that is those funds not tied up in tangible fixed assets) that the Trust requires to continue its activities.The total unrestricted reserves at 31 March 2025 were £16,244,798 a level which the Trustees consider sufficient to provide financial flexibility over the course of the foreseeable future. Although these reserves are significant, the Trustees believe that they continue to be well-placed to react to any increased call upon the Trust should the basis of its research support change and, particularly, if it becomes directly involved rather than simply sponsoring research, as it does at present. The Trustees consider that current conditions in financial markets require a conservative approach to reserves.
FUTURE PLANS
The Trust was set up almost 30 years ago by Professor MacGregor to provide financial support for his pioneering work of combatting the causes of high blood pressure. Under his leadership, considerable public health benefits were achieved, especially in reducing the levels of salt and sugar in food and drink manufacturing. The death of Professor MacGregor is a major turning point for the Trust, which is being considered by the Trustees. However, the Trustees have no specific plans to change their present method of operation and intend to continue with their grant programme in support of blood pressure research. The Trustees have agreed to continue their support for the team at the Wolfson Institute of Preventive Medicine and for other similar organisations (as set out above).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is an unincorporated trust registered with the Charity Commissioners under number 1055447. It was established by Deed on 13th May 1996 with the objectives that are set out below. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Trust Deed and applicable law.
Appointment, induction and training of new trustees
The Trustees handle the appointment of replacement Trustees and also New Trustees where areas are identified for which additional Trustees would be helpful. By using their own networks the Trustees encourage suitable people to come forward.
At the time of appointment New Trustees are made aware of their responsibilities and, from the outset, are encouraged to understand the Charity's objectives. All Trustees are also encouraged to identify any training needs on appointment and annually thereafter so that measures can be taken to ensure that these needs are met.
Management
The Trust is controlled by the Trustees with the assistance of professional advisors. Details of the professional advisers employed by the Trust can be found on page 1 of the Report and Financial Statements.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 1055447
Principal address
2 Stone Buildings
Lincoln's Inn London
WC2A 3TH
Trustees
Professor G A MacGregor (deceased 1.9.25)
Dr C A J MacGregor (appointed 29.4.25)
NP Giles Mrs W Jarrett Professor F He (appointed 29.4.25)
Auditors
Collards Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
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THE BPR TRUST
;
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Solicitors
Edwin Coe LLP
2 Stone Buildings
Lincoln's Inn
London
WC2A 3TH
Investment Adviser
Rothschild & Co New Court
St. Swithin's Lane
London EC4N 8AL
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
“ilofthe board oftrustees on20 November 2025 and signed on its behalfby:
N P Giles - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BPR TRUST
Opinion
We have audited the financial statements of The BPR Trust (the 'charity') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 ofthe 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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BPR TRUST
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 a Report of the Independent Auditors 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions;
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
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investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation;
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reading the minutes of meetings ofthose charged with governance;
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enquiring of management as to actual and potential litigation and claims;
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reviewing correspondence with HMRC, relevant regulators and the pension scheme's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BPR TRUST
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Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Collards
Chartered Accountants Statutory Auditor 5-9 Eden Street Kingston-upon-Thames Surrey KT1 1BQ
20 November 2025
Page 6
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THE BPR TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
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||||||
|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|INCOME AND ENDOWMENTS FROM|
|Investment income|2|239,996|258,541|
|EXPENDITURE|ON|
|Raising|funds|3|78,458|71,828|
|Charitable|activities|4|
|Grant making|145,570|272,377|
|Total|224,028|344,205|
|Net gains on|investments|294,491|1,457,023|
|NET INCOME|310,459|1,371,359|
|RECONCILIATION|OF|FUNDS|
|Total|funds brought forward|15,934,339|14,562,980|
|TOTAL FUNDS CARRIED FORWARD|16,244,798|15,934,339|
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The notes form part of these financial statements
Page 7
:
THE BPR TRUST
BALANCE SHEET 31 MARCH 2025
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|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED ASSETS|
|Investments|8|16,224,599|16,062,471|
|CURRENT ASSETS|
|Cash|at|bank|58,667|59,354|
|CREDITORS|
|Amounts|falling due|within one year|9|(38,468)|(187,486)|
|NET CURRENT ASSETS|20,199|(128,132)|
|TOTAL ASSETS LESS CURRENT LIABILITIES|16,244,798|15,934,339|
|NET ASSETS|16,244,798|15,934,339|
|FUNDS|10|
|Unrestricted|funds|16,244,798|15,934,339|
|TOTAL FUNDS|16,244,798|15,934,339|
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The financial statements were approved by the Board of Trustees and authorised for issue on 20 November 2025 and were signed on
itsVi)
NP Giles - Trustee
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The notes form part of these financial statements
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THE BPR TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
¢ the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants made for the purpose of the Trust are made at the discretion of the Trustees. They are charged to the Statement of Financial Activities as they fall due, and are recognised from the date approved by the Trustees
Governance costs
Governance costs comprise those costs which relate to compliance, constitution and statutory matters.
Taxation
The charity is exempt from tax on its charitable activities.
Unrestricted funds
These can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Donations specified for the purchase of capital equipment will remain in restricted funds for the period during which the asset is held by the Trust.
- INVESTMENT INCOME
| INVESTMENT INCOMEINCOME | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| UK listed investments | 27,242 | 24,736 |
| NonUK listed investments | 70,944 | 49,090 |
| Intereston cashand settlements pending | 141,810 | 184,715 |
| 239,996 | 258,541 |
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THE BPR TRUST
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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
| 3. | RAISING FUNDS | |||
|---|---|---|---|---|
| Investmentmanagement costs | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| Portfoliomanagement | 78,458 | 71,828 | ||
| 4. | CHARITABLEACTIVITIESCOSTS | |||
| Grant | ||||
| fundingof | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 5) | note 6) | Totals | ||
| £ | £ | £ | ||
| Grantmaking | 133,533 | 12,037 | 145,570 | |
| 5. | GRANTSPAYABLE | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Grantmaking | 133,533 | 249,772 | ||
| The total grants paidto institutions duringtheyearwas as follows: | ||||
| 2025 | 2024 | |||
| £ | £ | |||
| QueenMary, UniversityofLondon | 133,533 | 249,772 | ||
| 6. | SUPPORT COSTS | |||
| Governance | ||||
| Other | costs | Totals | ||
| £ | £ | £ | ||
| Grantmaking | (393) | 12,430 | 12,037 | |
| Support costs, included inthe above, are as follows: | ||||
| Other | ||||
| 2025 | 2024 | |||
| Grant making |
Total activities |
|||
| £ | £ | |||
| Temporary secretarial staff | 687 | 487 | ||
| Legal fees | 7,230 | 6,780 | ||
| Currency losses/(gains) | (8,310) | 3,258 | ||
| (393) | 10,525 | |||
| Governance costs | ||||
| 2025 | 2024 | |||
| Grant making |
Total activities |
|||
| £ | £ | |||
| Auditors' remuneration | 5,200 | 5,300 | ||
| Legal fees | 7,230 | 6,780 | ||
| 12,430 | 12,080 |
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P
THE BPR TRUST
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
TRUSTEES' REMUNERATION AND BENEFITS
See note 11 for details of payments made.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTSINVESTMENTS | ||||
|---|---|---|---|---|
| Cash and | ||||
| Listed | settlements | |||
| investments | pending | Totals | ||
| £ | £ | £ | ||
| MARKETVALUE | ||||
| At 1 April2024 | 12,593,296 | 3,469,175 | 16,062,471 | |
| Additions Disposals Revaluations |
1,207,027 (1,572,327) 161,809 |
3,771,788 (3,538,851 ) 132,682 |
4,978,815 (5,111,178) 294,491 |
|
| At31 March2025 | 12,389,805 | 3,834,794 | 16,224,599 | |
| NETBOOKVALUE | ||||
| At31 March2025 | 12,389,805 | 3,834,794 | 16,224,599 | |
| At31 March2024 | 12,593,296 | 3,469,175 | 16,062,471 | |
| Analysisofinvestments (all generalfunds): | 2025 | 2024 | ||
| £ | £ | |||
| UK quoted equities | 1,696,116 | 1,680,027 | ||
| NonUKquotedequities | 6,183,064 | 6,868,885 | ||
| UK quotedbonds& fixed income securities | 1,487,412 | 1,210,998 | ||
| Non-UKquotedbonds & fixed income securities | 1,300,420 | 1,032,640 | ||
| Hedge funds | 1,675,053 | 1,795,413 | ||
| UK cash funds | 3,897,737 | 3,314,569 | ||
| Forwardexchange contracts | (62,942) | 154,605 | ||
| Otherfunds | 47,739 | 5,334 | ||
| 16,224,599 | 16,062,471 | |||
| The value of individual investments considered material in the context of the investment | portfolio are | as follows | (values | |
| exceeding5%ofthe investmentportfolio): | ||||
| £ | ||||
| Rothschild&Co - Inflation Focus FundUSD Shs | 1,300,420 | 8.02% | ||
| Rothschild&Co - Investment GradeBonds Shs | 1,487,412 | 9.17% | ||
| Money Market - Institutional Cash SeriesPLC - BlackrockICS | ||||
| SterlingGovernmentLiquidity FundTO PremierShsGBP | 3,109,056 | 19.16% | ||
| Costorvaluation at31 March2025 isrepresentedby: | ||||
| Cash and | ||||
| Listed | settlements | |||
| investments | pending | Totals | ||
| £ | £ | £ | ||
| Valuation in2025 | 3,220,576 | (394) | 3,220,182 | |
| Cost | 9,169,229 | 3,835,188 | 13,004,417 | |
| 12,389,805 | 3,834,794 | 16,224,599 |
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THE BPR TRUST
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Accrued expenses|38,468|187,486|
|10.|MOVEMENT|IN FUNDS|
|Net|
|movement|At|
|At|1.4.24|in|funds|31.3.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|15,934,339|310,459|16,244,798|
|TOTAL FUNDS|15,934,339|310,459|16,244,798|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|239,996|(224,028)|294,491|310,459|
|TOTAL FUNDS|239,996|(224,028)|294,491|310,459|
|Comparatives|for movement|in|funds|
|Net|
|movement|At|
|At|1.4.23|in|funds|31.3.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|14,562,980|1,371,359|15,934,339|
|TOTAL FUNDS|14,562,980|1,371,359|15,934,339|
|Comparative|net movement|in|funds,|included|in the above|are|as|follows:|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|258,541|(344,205)|1,457,023|1,371,359|
|TOTAL FUNDS|258,541|(344,205)|1,457,023|1,371,359|
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THE BPR TRUST
,
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025
10.
MOVEMENT IN FUNDS- continued
A current year 12 months and prior year 12 months combined position is as follows:
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1.4.23|in|funds|31.3.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|14,562,980|1,681,818|16,244,798|
|TOTAL FUNDS|14,562,980|1,681,818|16,244,798|
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A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|498,537|(568,233)|1,751,514|1,681,818|
|TOTAL FUNDS|498,537|(568,233)|1,751,514|1,681,818|
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- RELATED PARTY DISCLOSURES
Included within the accounts were fees (inclusive of vat) of £14,460 (2024 - £13,560) to Edwin Coe LLP, a firm of solicitors in which NP Giles, a Trustee, is a consultant. This sum comprised fees in connection with the administration of the Trust for the year.
During the year a grant was paid to Queen Mary, University of London from which Professor G.A. MacGregor derived a salary, the cost of which (including associated costs) amounted to £108,806 (2024 - £123,720). The Wolfson Institute of Preventive Medicine operates under the auspices of Queen Mary, University of London.
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THE BPR TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOMEANDENDOWMENTS | ||
| Investment income | ||
| UK listed investments | 27,242 | 24,736 |
| NonUK listed investments | 70,944 | 49,090 |
| Intereston cash and settlementspending | 141,810 | 184,715 |
| 239,996 | 258,541 | |
| Totalincoming resources | 239,996 | 258,541 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfoliomanagement | 78,458 | 71,828 |
| Charitable activities | ||
| Grants to institutions | 133,533 | 249,772 |
| Supportcosts | ||
| Other | ||
| Temporary secretarial staff | 687 | 487 |
| Legal fees | 7,230 | 6,780 |
| Currency losses/(gains) | (8,310) | 3,258 |
| (393) | 10,525 | |
| Governance costs | ||
| Auditors' remuneration | 5,200 | 5,300 |
| Legalfees | 7,230 | 6,780 |
| 12,430 | 12,080 | |
| Totalresourcesexpended | 224,028 | 344,205 |
| Netincome/(expenditure) before gainsand losses | 15,968 | (85,664) |
| Realised recognised gainsand losses | ||
| Realised gains/(losses) onfixedasset investments | 294,491 | 1,457,023 |
| Netincome | 310,459 | 1,371,359 |
This page does not form part of the statutory financial statements
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