Charity registration number: 1113421 The Anya Sturdy Charitable Trust for Medical Research Annual Report and Financial Staterncnts for the Year Ended 5 April 2024 The Anya Sturdy Charitable Trust for Medical Rese2reh Contents Reference and Administrative Details Trustees, Rq)ort 2to4 ststement of Trnsteeg Responsibilities Inde￿dent Examiner's Report Sthtement of Finanoial Activities Balance Sheet Notes ￿ the Financial Statements 91015 The Anya Sturdy Charitsble Trust for Medical Research Reference and Administrative Details Trnstees Mr Adam Sturdy Mr Roger Sturdy Mr Casper James Adrien Woods Mrs Joanna Vivien Woods Prlncipal Offie¢ The Foundry 77 Fulham Palace Road London W6 8AF Charity Reglgtration Number 1113421 Independent Examiner Michaelides Wamer 102 Fulham Pa1￿ Road London W6 9PL Page I The Anya Sturdy Charitsble Trust for Medical Research Trustees, Report The trustees present ihe annual report tOg￿her wilh the financial statements of the tharity for the year endcd 5 April 2024. Objective5 and activities Objeets andalms The objectives of the Charity are to: promote medical research and provide or f￿llItate ihe provision of equipment and carc for the relief of sickness or disabling disease5 and conditions for the benefit of the publi¢; and - make donations towards or to otherwise promote or assist such charitable purposes as the trusiees may see fit. This is perfomied through ihe awardin8 of grants, in accordance with the iems of the governing document. The Irusiee$ consider grant making an effective method of delivering these obj¢clives. Grants are aworded at the di￿re110n of the trustees. Publie benefit Th¢ trustees confirn th¢y have ¢omplied with the requiremenis of section 17 of the Charities Act 2011 to have du¢ regard to the public benefit guidance published by the Charity Commission for England and Wales. Achievements And perforniance During the year the Charity made donations to the following organisations totalling £151,340 Barts Healih NHS TTU WIMM Queen Mary Tallow Ch8ndleTS Hall 73.581 63,634 4,125 10,000 The charity believes that the support it has given has a55is*d the bodies supported and they in turn have been able ￿ impmve the circumstance of the beneficiaries of their work. Applications can be submitted to the Trustees by charithble institulions and these appli￿lI0nS are ￿nSidered at the Trustees meetings. Applications should b¢ in writing and incorporate full details of the charity for which funding is requestd Acknowledgements are not generally sent out to unsuccessful appli¢an Pl8ns for fututt periods Ainu aftdkey objeeilvesforfuthreperiods The tTusi¢es intend to continue providing grants ￿ meet the objectives of the cherity bul r¢tsinin8 flexibility gs to the liming and scale of grant making. Finalltial Review The Tru5t'5 income from its investments w&8 £56,707 (2023: £27.764). ￿her incomc from diS￿saI of invesim¢nts was £75,454 (2023: £75.804) and the movement in the value of investments was £267,816 {2023: {£208.794)). The investment income facilitsted ¢haritable expenditure which included grants awarded of £151.340 (2023: £112230). Pa8e 2 The Anya Sturdy Charitable Tnist for Medlcal Research Trustees, Report The Trust's investhients man&g¢d by the inyestment managers in wnsultation with the Trustees. The Trustets follow conservative investment policy with a view to maintaining the capiial of the charity in a mixture of equity and bonds whilst mainlaining suificient liquidity for the Trust's foreseeable n¢ed Reserves poli¢y All of ih¢ ¢harity'S fvnds held at S April 2024 amounting to £3.172,226 (2023: £2,959,949) are general unrestricled funds which are expendable at the dis¢r¢tion of ¢h¢ Trus*es in furtherance of ihe objectives of the harity. As the charity does not cunently seek funding but uses its resources to provide funding for the furthcrance of its objectives, it is the Tru￿e¢,5 wlicy lo rnainiain the charity's reserves at a sufficient leyel to enable it lo conlinue to provide such funding in future years. This is monitored on a regular basis by the TTUStees, who review the level of reserves in the lighi of future funding requirements. Structur4 governance and management The Anya Siurdy Charitable Trusl for Medical Research is an unincorporated Trust and is Constituted under a Trust Deed d￿ed 23 February 2006. The Trust 15 regtstered charity no. 1113421. The TTUSt also operaled under Ihe name Anya's Charity. The Trustees who have serves during the year and since ihe year are set out on Page l. The power to appoint addition￿ trustees is vested in the current tntstees and is exercisable in writing. Should new trustees be appK)inied, the existing trustee would take resrrf)nsibility for their induction. The Trustees mttt at Icast once a year to agree the broad strategy and areas of a¢tivity for the Trust, including consideration of grant makin& investment, reseryes and risk management policies and perfornian¢e. The Truste&8 have examined the major strategic. business and operational risks which the charity face5 and confirni that systems have been established to enable continuous rnonitoring of such risks so that appropriate steps ¢an be taken ￿ manage these risk& Fyndrnising stat¢m¢nt The charity does not currently engage in any aaive fiindraising and as such h&$ received no complaints in relation to any fundraising ￿tivitIeS over the course of the 2023124 year. Finaneial iDstruments Objective5 andpolicie5 The ¢harity'S a¢tivilies exwse it to a number offlnancial risks including credit risk, c&sh flow risk and liquidity risk. The use of financial derivatives is govemed by the charity's policies approved by the board of irustees, which provide writlen principle5 on the use of financial derivatives lo manage ihese risks. The Charity does not use derivative financial instruments for speculative purposes. Cashflow risk The ¢harity'S activities expose it primarily to the financial risks of chang¢s in foreign currency exthange rates and int¢r¢st rat¢s. Th¢ ¢harity uses foreign exchange forward contracts and interest rate swap contract5 to hedge these exw)sure& In￿rest bearing &ssets and liabilities are held at fixed io ensure Certainty of c&%h flow& Page 3 The Anya Sturdy Charitable Trust for Medical Research Trustees, Report Creilit risk 'I'he clidritN' s principal tinancial assLts arL bank balances and cash. trade ai)d i)IhLr re¢eivahlLS. and invLslmLnts. Th¥ chariiv s tyredii risk is primurili, diiribu(ahl¥ (Q its tradL fLCliI.'ahlLS. TI)L ainounls prL5cnied in ilie balance heLt arc nLI ol- alloi¥'anceq lor dc)uhtful rLL¢ivabl¥s. An licics and then appl). them con%istentl),' obsLrve thL methods and prin¢ipl¢s in thL Charitius SORP,. make judgemLnts and cstimates that are reasonable and prudeni: stalL INhLthLr applicable a¢¢ountino standards havL been tolloii'Ld. subjLYi io anv malcrial dcpartures disclosed and explained in the finan¢ial qtatLments', and prLparL ihL linancial siatLments on the going concL'm basis unlLss it is inappropriate to prcsumc tha( th¢ clii1rit) ill Loniinue in businesq. 'rhL iru%tLLS arL rLbponsiblL lor kLLping propur acioui)linLTr r¢tyord5 that disclose ivith rcasonable accuracy at any lime ihe I InanLial position ol. thc Lharit), and Lnabll thLm to ensure ihat thL Iinancial statLinenls comply i¥'ith thc Charili¥s ALI 2011. thL (IppIiLnsiblL for sar¥gU￿d1ng thL assit% ol- th¥ Lharit). and l)enLe lor iak'ing rea50nablL stcps for IhL prci'cntioii and dctection of i-raud and other irregularities. App ved,bv ihe trus eso Ihe charil), on and signed on its bchal l-b),: Ir Adam Sturdv 'I'ruslcL r% Joanna Vivicn Woods I'ru51cc PagL 5 The Anya Stsrdy Cbaritsble Trust for Medieal Research Independent Examiner's Report to the trnstees of The Anya Sturdy Charltabk Trust for Medie21 R￿￿rch I report on the accounts of the ¢harity for the year cnded 5 April 2024 which are sd oui on p8¢s 7 10 15. Respective respoDslbllltleJ (+ftr¥$ltts and examiner The trustees are responsible for the preparntion of the ac¢ount& The trU￿eeS CA)nsidcr that an audit is Mt required for this y¢8r under ￿tIOn l M(2} of the Charitics Aci 2011 (Ihe 2011 A￿) and that an indcpendenl examination is needed. It is my responsibility to: examine the accounts under $¢ction 145 of the 2011 Act: to follow the pro¢edures laid down in ihe 8enerni Dir¢¢tion5 given by the Charity Commission under section 145(5)(b) of the 201 l Act. and lo state whether particular m￿*r5 hav¢ coThe to my attention. B￿13 of IAdeptDdent exAmhn¢r'$ r¢port My exaMin￿10n was ¢arr&ed out in accoThlance with the general D1￿CtionS given by the Charity Commission. An Cxamin￿10n includes a review of the accountin8 records kep¢ by the charity and a comparison of the accounts presentrd with ihose re¢ord& li also includes consider&ion of any unusual items or dI￿105ureS in the counts and seeking explan&ions from you &$ In￿lee$ concernin8 any such matters. The procedures undertaken do not wovide all the evidence that would be required in an audit and consequently no opinion is given as lo whether th¢ a￿VOts a 'true and fair view, and th¢ rewrt is limiied to those matters set oul in the next ststement. Indty¢pd¢nt eMmlDerfs ststement In connection with my examination. no matter has LY>mc lo my &llen¢ion: ( l ) which givcs me reasonable wsc to believ¢ that in any Tnaterial ￿Spe￿ thc requirnents: to keep a¢¢ourning re¢ords in ac¢ordan¢e with section 386 of the Companies Act 2(￿. and to prepare accounts which acL7)rd with accountin8 recud& comply with thc accounlin8 requirements of section 396 of the Companies Act 2006 and with the methods and principlcs of the Ststement of Recommended Practitt: A¢counting and Rep)rtin8 by Chariiies have not been met; or (2) to which, in my opinion. attention should bc drawn in order ￿ enable a proper uthtsndin8 of the accounts lo be reach 102 Fulham Palace Road London W6 9PL 2411012024 Pa8e 6 Tbe Anya Sturdy Charitable Trust for Medical Research ststement of Financial Activities for the Year Ended 5 Aprll 2024 Note5 2024 2023 Income from: Donations end legacies Investrncnts 56.707 27,764 Totsl income 56.707 27.764 Expenditure on: Charitsble a¢tivitie5 151J40 36372 112.230 10,971 SuprK)rt and governance Total expellditure 187,712 123.201 Net (expenditure) / intome before invostment gains and losses Net (losses) I gains on investments (131.005) 343.282 (95.437) (130.739) Net (expenditure) l income and net movement in funds 212,277 (226,176) Reconciliation of fwids Total funds brought forward 2,959,949 3,186,125 TotAI funds earrled forward 3.172,226 2.959.949 All amounts above are derived from continuing operation5 and the charity has no recognises 8ains or losses oiher than ihos¢ passing through the Statement ofFinan¢iai Activities. All income and expenditure in both years is unrestrioted in nature. The no￿$ on pages 9 to 15 fomi an inlegral part of these financi815tatements. Page 7 The Anya Sturdy Charitable Trust for Medical Research (Registration number: l 113421) Balance Sheet as at 5 April 2024 Notes 2024 2023 Fixed assets InvLsimLnls 3.084.81 ? 2.624.747 3.084.81 ? 2.624.747 Current Assets Dibiors Cash at bank and in hand 90.43) 336.702 9ll.435 336.702 Creditors: amounts falling due within one year 3.021 1.500 Net current assels 87.414 335.202 Net assets 3.17? 2?6 2.959.949 Unrestricted funds 3.17? 2?6 2.959.949 'I'hc financial statements on pages 7 10 15 ￿￿'CrC approved bj. thL truslcLS and aiiihorised for issue on and ned on their behalf b￿. Mr Adain StLird>' Mrs Joanna Vivien Woods TrustLC Thc notcs on pagcs 9 to 15 lorm an integrdl parl ol-lhcse IinanLial siatemcnts. The Anya Sturdy Charitable Trust for Medical Research Notes to the Financial Statements for the Year Ended 5 April 2024 l A¢¢ounting poli¢ie5 Ststement of tompjiiJ¢¢ The financial statements have been prep8r¢d in a¢￿rdance with Accounting and Reporting by Chariti¢s: Statement of Recommend¢d Prnctice applicable to charitie5 preparing their accounts irA acwrdance with the Financial Reporting Standard appli¢abl¢ in ihe UK and Republic of Ireland (FRS 102) {effective l January 2015) - (Charities SORP (FRS 102)). lh¢ Fina￿La1 Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Chariiies Art 2011. Basi5 of preparation The Anya Sturdy Charitable Trust for Medical Research meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or trdnsaction value unless otherwise sNed in the relevant accounting policy no1￿. Exemptlon from preparing a Cash flow ststement The charity opted to adopt Bulletin I published on 2 February 2016 and have iherefore not included a flow statement in these financial statements. Going eoncern The 1rust￿5 consider that (here are no material uncertainties about the charity's ability to ￿ntinUe as 8 going The Trust h&8 a significant level of reserve5 and th¢ ability to rcduce distributions &$ appropriate pending the rcsurnption of norn)al adivitie& The Irustees constder that th¢rc are no material uncertainiies about the Trnst's ability to continue as a going concern. The most signifi¢ani areas of un¢ertainty that affe¢1 Ihe carryiftg value of assets held by the Tn￿t are the level of inveslmenl rctum and the perfoTmanc¢ of investment markets. The Trustees. having reviewed cumt perforn)ance and forec&8ts, and the factors listed aiK)v¢. have a reasonable expect￿100 th* the Trust has adequate resources io Continue its operntions for the for¢%eable future. For this reason, they hav¢ ronlinucd io adop¢ the going con¢ern basis ID preparing the financial statements. Incomlng resources All incoming resourccs are re￿gnIsed once the charity has enlitlemenl to Ihe in¢om¢, it is probable that the income will be rcceive& and the monetary value of in¢omc received can be m¢asuTcd reliably. Investment Income Investment income is accounted for in the year in which the tharily is eniiiled to receipL Income is the gTOS$ value of dividends and interest re¢¢ived after reclaiming any I&K ¢redits that are available. The notes on pages 9 to 15 forni an integral part of these financial ststements. Page 9 The Anya Sturdy Charitable Trust for Medical Research Notes to the Financial Statements for the Year Ended 5 April 2024 Do￿ted services and facilitie5 These are recognised as income when ihe charity has control over the item. any conditions &ssociates with the th)nafrd item have ￿en met, the receipt of economic benefit from the use by the charity of the item is probable and the e¢onorni¢ benefit be M￿ured reliably. In accordance with Ihe Charities SORP (FRS 102). any genernl volunt¢¢r time 15 nol r￿Qgnised. On receipt. the donated professional service5 and donated f￿11111¢5 are recognised on the basis of the value of the gift to the ¢harily whith is the amount the charity would have been willing 10 P&y to obtain these services or facilities of equivalent economic benefit on the open marke¢. a corresponding amount is then recognised in cxpenditure in the period of receipt. Resourtes expended Liabilities are recognised as resources expended &8 soon as there is a legal or constructive obligation comrnilting the charity to the expenditu￿ it is probable th￿ Settlement will be required. and the amount of the obligalion can be measured reliably. All expendilure is accounted for on an accruals basis. All expenses including support costs and governance cnsts are allocated or apportioned to the applicable expenditure heading& Irrecoverable VAT is charged against the exFndithre heading as and when it was incurred. Costs of generating funds Costs of g¢nerating funds comprise thos¢ Costs directly attributable to managing the investhient p)rtfolio and rnising investment income. Charitable activity Costs of charitable activities include grant5 madc and an apportionmeni of overhcad 8nd support cost& including governance cost& where applicabl Grants payable are paymenis made to thirst parties in the ￿rthcraft¢¢ of the charttable objectives of the Trust. Single or multi-y¢ar 8rJnts and the tntsiees hav¢ agreed to pay the grani wiihout condition, or the recipieni has a reasonable expectation that they will receive a grant and any condition all8¢hing to the 8ran¢ is outside of the control of the Trust. Govemantt costs comprise costs Telating to the general runnin8 of the charity as opposed io those associ*ed with generating funds or charitable activity. Fixed asset investments Inv¢stm¢nts a￿ slated at ¢losin8 mid-rn8rket value at the balance Sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities. Realised gaiDS aDd losses All gains and losse5 are taken to the Statement of Financial Activities they arise. Realis¢d gains and105scs on investments are calculated as the differ¢n¢e between the s&le proceeds and average unit purchase ¢osl. Unre4li5ed gains and losses are calculated as the difference between the market value at the year end and opening market value {OT purch&8e date if later). Debtors Other debtors are reco8nised at the $￿tlement amount. The nole5 on pages 9 to 15 forni an integral part of these financial ￿atements. Page 10 The Anya Sturdy Charitsble Trust for Medical Research Notes to the Fin¥4ncial Statements for the Year Ended 5 April 2024 Cash at bank and In hand Cash ai bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or openin8 of ihe deposit or similar accounl. Creditors and prnvision$ Crediiors and provisions are recognised where the charity has a pffsent obligation resuhing from a past evenl that will probably result in the transfer of funds to a third party and ihc amouni due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their s¢ttl¢ment amount after allowing for any trade discounts due. Finantial instrum¢nts The trust only h&s financial &ssets and financial liabilities of a kind Ihat qualify as basic financial instrument& Basic financial inslruments ar¢ initially recognised * trdnsaction value and subsequendy measured at their settlement value. 2 IDvestment ltt¢ome 2024 2023 Interest and dividends Th¢ not¢5 on pag￿ 9 to 15 fom) an inlegral part of these financial statements. Pag¢ll The Anya Sturdy Charitable Trust for Medical Research Notes to the FinaDcial Stslements for the Year Ended 5 April 2024 3 Charitable exp¢ndithr¢ Analysis of expenditure on charitable activities 2024 2023 Grants awarded to institutions 151J40 112.230 151 40 112330 Grants by type of charity 2024 2023 Medical re￿a￿h granls Other grants 141340 10.000 151J40 112,230 112330 4 Support and governAnce costs 2024 2023 Independent examiner's fees {including VAT) Investment management fees Foreign exchange (gains) and Ios5e5 Other costs 1070 27,083 7,099 120 .770 27,922 (18,821) 100 36J72 10,971 This page docs not foTh part of the stalulory financial slatements. Page 12 The Anya Sturdy Cbaritable Trust for Medical Research Notes to the Financial Statements for the Year Ended 5 April 2024 S Investments 2024 2024 2023 2023 Market value at beginning of the year Cash invested 2.624.747 2,919,372 69.925 ,341.867 (l J28.079) Cost of a¢quisition$ in the year Proceeds from disp)sals in the year Net cash (withdrawn) l invested in year 1.741,696 (1,905,582) 83,713 2.70&460 (163,886) 1755.486 Net (losses) I gains in the year 343,282 (130,739) Market value at end of year 3.084,812 2,624,747 2024 2023 Investmcnls at market value ￿mpriSed.. Global 703,111 152,138 1,602.813 343,699 283,051 691.2(A 174,655 ,159,913 323.014 275,￿1 Other emerging North America Europe Asia 3.084.812 2,624,747 Historical cost at 5 April 2.486.046 2.308.938 There were 6 (2023: 6) invesknents held at 5 April 2024 which amount to more than 50/0 of the wyrtfolio. Funds include a surplus on revaluation above historical (XJM of £598.766 {2023: £315,809 surplus). This page does not forn) part of the statutory financial slal¢ment& Page 13 The Anya Sturdy Charitable Trust for Medical Research Notes to the Flnanclal Stalements for the Year Ended 5 April 2024 6 Debtors 2024 2023 Other debio 7 Creditor8: amount falling due within one year 2024 2023 Trad¢ ¢redi¢oTS 1,521 1.500 3,021 Accruals 1.500 1,500 8 Finrdncial instrnments The charities financial instruments may be analysed as follows: 2024 2023 Financi21 Assets Financial assets measured at fair value through the Statement of Financial Aclivily Financial assets me&wred at amortised cost 3,162,024 2,957,037 13.223 Flnalltlal Ilabiliti¢s Financial liabilitics measured at amortised cost 3.021 .500 This page does not forni part of the 5talulory financial ststements. P88e14 The Anya Sturdy Cbaritable Trust for Medieal Research Notss to the FiDancial Statements for the Year Ended 5 April 2024 9 Related party transactlons No Trustee received any remuneration or reimbursed expenses during the year. This page thes noi forn) part of the Statutory finan¢ial statements. Pag¢15