REGISTERED CHARITY NUMBER.. 1181361 REPORTOF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 FOR THE THACKRAY MEDICAL RESEARCH TRUST Thomas Coornb5 Limlted Statutory Auditor Chartered Accountants 3365 The Pentagon Century Wav Thorpe Park LeÈd5 West Yorkshire L515 SZB
THE THACKRAY MEOICAL RES£ARCH TRUST CONTENTS OF THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 5Th APRIL 2024 Poee Reference andAdminiStiatNe DEts115 Chalrperson's Réport Report of thtTru5tee5 staternentofTru#ees' Responsibilrt1é5 Aeport of the InéependentAuditNs io to 12 5taternent of Flnancial Atuvtfjes 13 8olante Sheet 14 Notes to the Flnanclal Statements 15 to 22 Detsiied Statemert of Rnancial AxtNf1S 23
THE THACKRAYMEDICAL RESEARCH IRUSr REFERENCE ANDADMIN15TRATIVE DET[5 FOR THE YEAR ENDED STH APRII 2024 TRUSTEES l iampbell H Fryer5 DI DSTornpkiDs C Thackray E Podvsl Dr i H Cèmtrion Profe550r B M Doyle PRINCIPAL ADDRESS TheThackrayMuseum of Mg.dltin& Leeds LS97LN REGISTERED CMARITY NUMBER 1181361 AUDrroRS Th¢ma5Coomb5 Limiied Chartered Atcountants 3365 The Penla8Qn Century Way ThorpePark Leed5 Westyorkshire L515 8ZB BANKER5 UniiyTrusi PO BOX 7193 Plan¥lary R03d WVI 9DG 50LICITORS 3Wellingron Place LEed5 L514AP INVESTMENT MANAGER5 LGT Wealth Mand£emenl London EC3V JNR Page I
THE THACKRAY MEDICAL RESEARCH TRUST REFERENCE AND ADMINISTRATIVE DET[s FofiTHE YEAR ENDEDSTH APRII 2024 John Campbell John Campbell btcawe a trustee of the foTmeT IhaTily in 2008. Hp 15 a foimer laN rtner with KPMG LLP. He Is ? Chariered A¢¢ouniani and a member of The Charteied In5lltuie of Taxation. He was Involved In a profession JI capacity wilh Cha5 F Th8ckray Limited for a number of years prior 10 the formation ol the Charity. Flt hold5 a BSC (Hon51 in Physi15 from University ol Su54ex. lan Mallin5on lan Mallinson becatne a iru5tEP of the IDrmer charity in March 2013. He 15 a Chartered Environmeni31 Health Practitioner Wllh a tarper In Envir¢Dmental Health managoment with Loed5 City Council spanning more ihan 35 years. Since ieiiremeni Ir¢rn Lepd5 Citv Ilelen Fryer5 Followine Llegref 5 in ADcipnt History and Latin, and Industrial Archae.ology. Hplen spent fourteen ye3rs a¥ tuiator and then depulv director of The Thaikray Museum of Medicine. Helen holds a Post Giadvate Diplornd In Mu5eutn Siudle5 and 15 an Associate of The Thackray Museum of Medicine As50CI?Iion. She was part ol Iht tcdm that sel up The Thackr3y Museum of Mp.dicine and wa5 then communiiy groups. Dr Dawld Tompklns Public Heakh L3boraiory11995-20031 and regional Microblologist lor the Health Protection Agoncy12003-20101. and advised the Departtnenl of Health and BUPA N05Pitals on infection control matters. Since reliremeni In 2010 he ha& undèrtakpn voluntdly work Ch•rlesThxkrèy Charles Thatkray bpe2m a trusiee of thv foimEr charity in 2016. Hg WAS a spnior analyst 3t Capital Group for o¥ei 11 year5 and a Ed Podesta wriies fjE iextbooks for Edcxtcl and AQA. Ed wa5 fortnerly a h15tory toachcr at The Gr2mm3r SchDoI at Leeds. Hp Rainpd his Ipg41 Dr ian Carneron Prolessor8arry Doy Barry Doyle is Professor of Healih History ai the University of Hudderslitld and has Served as Head ol Departrnent and Director of Page 2
THETHACKRAY MEDICAL RESEARCH TRU CHAIRPERSON'5 REPORT FOR THE YEAR ENDED STH APRIL 2024 This is the fifth Annual Repori of Ihp Thatk13y MdIcal Rv%•3r¢h Trusi "TMRT" IRe815tration number 11813611 as a Charitable Thatkrèy Modical Besoarch TTU5t IRe8isiralion nurnber 70289GI. whith was removed fiom the ChdFitie5 Register on 2nd September During Iheyear the rnain Coniern of theTrust has been to meet ils primary objective. to suppori The Thackray Museum of Medi£ine (tho Musouml which was formerly c3lled The Th3ckr3y M&dic81 Museum. The Museum continue% to rtteivt a high propoTlion of the Tru%t'S net invEslment incotne. Durirys 202312024 TMRT coniinued io fund the Museum wlih a support grani ai an annual ratc ol £165,000. Continuation of this arran8ement was approvod at quarterly Trustee meeiin8s. The aim Is 10 provide Securty Ot tundinR iothe Musevrn aiid also avoid rhe 3dminisirationof handling small grant reque515 from the Mu5pum. The continuation of the fundin8 support also re¢ogni2es tht tfftcts Df financial and income uncertainly follawin8 re-openlw olthe Museum in 2021 after closure loi The Trusiee5 are sat15fied thèt thc Museum employs the sUPPOrt Erant ID furtherinR Objective l of TMRT In 'bYinging greater Ihe evoluiion of the medicil trades" TMRT monitors the aoplicatioD gf this giant by receiving reports from the Museum Chief MusEum'5 busines5 plan In addition, TMRT ha5 a repre5entaiiveon a sub-¢oiMmiitee of the Museum Board. Ihe Colltrciions. Restdrch 2nd LoJrning Cornmittee. and they report back at thp. mp.etings ol oui 8oard. The relaiionship betwetn the Trust and the Museum wa5 enhanced by the renegDt12liDn tsf the previOu51y e5tdbliAhed Memor3ndutn of UDderstandinglMoUI. whKh describes the rElatioDship the information roquirod by the Trust In return fDf Dur ongoing support. This agreement iva5 Subsequent signed off formally on 17th May 2021 and ran for a 3-yetr period JI new Fund1nB A8reemeni between the Tru51 and the Museum to Cover Ihe period 151 April 2024- 315t Mar¢h 2027 was forrnally signed off on 121h Au%u5t 2024. This replaces the MOU 3nd also describes IhErtlèiion5hip between thetwoorgani5atlDll5 and requiremenrs regardingitte provision of Information to the Trust bytho Museum. The TMR T B03rd CDntinues to enjoy a sirong rclatiothship with Iht Museum's tcafn, a5 indicated above. I meet reRularly with the Chdirmdn of thF Mu%pum'5 Boaid and there are occ65ional meetln85 between TMRT Iiustees and ihe Museum's x@cutIV9 Slair DIsCU$5ions with both the MustUTII'5 Chief Executive and Chairperson indicate thai Income continues i¢ be uncprtAjn, 75 indicated bove, and external grant lundinR Is attively Sought by Ihe Museum. The Museum wa5 iucces5ful In acquiring 5ignific3nt support from tho Arts Council England as a National Portfolio Organi2aiion lor 2023-26. In 2023 secured È Èrènt of £250K from the takin8 5tep5 to engage a Wider 8udience and impiove organisaiional resilience.. This latter Er3nt wa5 achicved wilh £12.5K maiched fundin8 frDm TMRT. The TMRT agreed 10 tund an Archive Development Projeci at The Museum over atwo year period commencing September 2022. Including the employmeTrl of an archivist Iparl-lirnel. Thi5 arnounted to £30,5(Xl for the first yP.dr and £22.384 for the second This year. TMRT awaided a grant of £25.WQ lQ the Museum forlhe transformation ol Ihe Iibraryto enable the Mv5eum to irnprove education 3nd research. In 3ddiiion. TMRT provided • erani ol E87.962.95 to the Mu5eutn lo enable the early 5ettlempnl ol a Coron2vifuS Busill*5s Interventlon Loan. 18ken out in 2021 10 run for five years, to remove the burden of repayments ai high Inieresi rJtL'S. TMRT'5 web511e www.Imrt.CD.uk Is attlve In promoiing Ihp Objects of the Tru51 and providing guidance to prospeciive applicanr5. In addirion io suppori l)rthe Museum sevcral Brant appli¢ation5 weie roccived during the year. The Board felt Ihat it wa£ In 3 PDSltion ecyiled prosthpEgE- 'Gpt leg5 to Africa 2024. ILe854Africa £Y.OWI. 'Di38nosing a heart condition earlier so newborn babies c8n be treated fasierf (Actlon Medical Roso3rch £5,9QOI Training for medic31 engineerin8 te¢hnitians In Alr8 (The Amalthea Trust. £3.CO)I LGT Wealth Mana8emeni acquired Ihe discreiionary fund management bu&ine55 of abrdn lour previou5 Investment manager51 i 5epiember 2023 andwpretained their %eriiice4. This year ha5 seen a rist In tht value of the inveslmonl portfolio from E7.94M on 5th affecitd the valut of our Invtsimtnts. Howover. they iontinue to perform well In comparison with thp benchmarks. In order 10 monitor and repori Ihe perfoTm2nce of our portfolio m3na8emeni companv. There have befn no changes in membership of rhe Tru51 Board and the aiiend8nce and partlclpalion of Iru&tee5 at rneetings coniinues lo be veiy goDd. Sadly. PaulThackray. the founder of this Trust Passed awiy On 14V Au£u512D23. PaRe 3
THE THACKRAY MEDICAL RESEARCH IRU5t CHRpERsoN.5 REPORT FOR THE YEAR ENDED 5TH APRIL 2024 An endurinRle8acy ol Paul'5 life, workand interests, TMRTwas founded by Paul In 1990. Th15wasachieved by Paul'5 personal funding from ihe sdlv of the fbtnily-Own.d, Lèèd&-ba%v.d, mditÈl produ¢1% 8nd supplies compdny Ch35 F Thhrkray Ll(I 10 Depuy ThE first task ol the Trust was to ostablish a modical mu5oum and Tho Thackray Musoum of Medicine was successfully oponod In Lieds In 1997. Thank5 to Paul, TMRT continues to allocate 8rants ro sUPPOrt medical re5e3rch proiett5 and chariiable International medi131 supply Of¥3nisaiions In 3ddition to supporting fèsedich. d*velopmpnt. and projects at lh+ Mu49um. Paul toniinued 10 activply follow and to our grani applic8iions and research. This also reflects 50me concern regarding the low numbèr of applications received. We are The B031d mainiains a risk reeister and a register ol confiicis ol inieresi. both ol which aye reviewed and updaied 81 the ouarterlv meeiiDg5. DLJrin£ theyear the Board decided to initiate a changeto online banking and this proce55 was cofflpleted iii August 2023. In tontlusion, l should like lo rord my Ihanks to the olher Iru51fe5 whp havp supportpcl tnp 4nd WDrked diligFnlly Igr thp Trust duflngthe pd5t ygdr. Dr David Tompkins Date.. 2nd Decpmber 2024 PaBe4
THE THACKRAY MEDICAL RESEARCH Tru REPQRTOF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 adopled ihe provi%ion% of ActontIng and Repoitin8 by Charilies., Statement of Recommellded Prartice appliiable to charities leffective I January 20191. OBJECTIVES ANDAcfiwNES Oblertlves and alms The charity'sconstitution sds out ils objEctive5 and these are listed below.. Iil"tQ 5UPPQrt tho o5tablishrnoni of a fflu5eum in or near Leeds which h3s as Its objective brifigin83 gip3ter3v13rene5Stothe gener81 publicof advances In medical treblmenl, stiencp. fEsÈarth and dpvglopmenl with particulai relerencpto Iheevolution of ihe rnedical the public in atterS ielaiing to ihe medical techni(31 and soci31 aspects of medic21 PToduJ5 an(J procedures,. liiil ttr relitrvc ènd prevent di5ea5e and 5ickne55 in under-developed OT third world countrie5 by Supporting lor ihe PU1[ bpnofit ppropipate research and manufatture of mEdical product5 calculaied io achieveihai aim.. livl to promoie research for the publit bgn&.fil in thè •v3luaiion of ffledical pro¢edure5 and produrt5,' Iviil to providp graTht£ tOT l•ctur95hip5 3nd pri2e money for es5a¥ competitions on the Subjects of medir21 Supplie5. value lor money so far as the Dlher aciivitie.£ are toncerned sh?11 concentrate on such areès where. In thÈ opinion of the TrusltQ5, adequate funding slinificantactfleS al TheThackiay Museum of medice.. cl Rfsearch Inio 3nd public3tion of the history of medical procedures and woducts. Over the last few ye3T5. the Majority of the funds av8ilable have been devoted 10 supporting the Thackidy Mu5eUfll gf Medicine in Leeds. In the North of England. The Museum is a ¢harily largely Independent olihe Trust and with its own boaid of trusiee5. Page S
THE THACKRAY MEDICAL RESEARCH TRU5r REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL2024 OBJECtIVESAND ACtIWllES Publlt benefit trade has played In the development ol medical products, aDd procedur+% And cyrrpnl concern5 on the delivery of health provision. This is of considErable value tg the public for a nutDber of reason5, Including the educational lue ol under5tonding h04v we have arrived ar modern d•y medicine ind the le55onswhich can be learned from the past. thiou8h ehibitiOMS. conferences. papers and books It tufrently providei fundinB tD The Museum Iregi51ered charity Dumber The8rant makin8 pol¥ ol the Trusi 2nd guidance 10 appli¢an¢s is detailed on thL' webslte wwiw.tmrt.co.uk Key management personnel The board of tiusiecs ale coniideredto btrthtr kty manageTnenl personnelof the charity. Key mana8ement pp.r50nne.l Df thp charity ACHIEVEMENT AP4D PERFORMANCE Charltable aCt[lIeS msem and io date ihis is ihe major a¢hievemeni ol the Trust The financial Support 0vided to Ihe Museum by the Tru51 is detailed ID nolE 5 01 the financial siaiernenis and in The Ch3lTman's review The Museum in Leeds. En8ldnd was opened io the public In 1997 and was nomin4t¥d foT the award of European Mu5Eum of ihe YeaT In 1999 and has reccivcd several awards since that date. 11 Is dcvottd tD thc hI5tory ol medicine 3nd the medical supply rradp%. Thc di5play5 show in a vivid way ihe Story of medical discoveries from the middle of Ihe nineteenth cenivry 10 today In addiiion to its large colleciion ol obietls. tht Muscuffl pos&cs51TrS a substantial libiary devoied to ihe h15tory ol medicine. This The Trust has provided matched lunding in suppDrt ol a tr8nsloYmaiional redevelopmeni of The Museum 3nd it's Èallerios. More Inlormation about The Museum tan bt obtained by visiting Ihcir websile www.Ihackfaymuseum.or8 TheTrustee5 are now actively looking to achieve the same suctes% In theara4 covered by I1r othw chalitableobjectives. FINANCIAL REVIEW Finanrial position The assets have Intreased by £400.323. The thaiity r11%d and unipaliSed gain5 on inve51Tnent5 of f.543,684. PaEe S
THE Th ACKRAY MEDICAL RESEARCH TRVST REPOR TOFTHE TRUSTEES FOR THE YEAR ENDED5TH APRIL Z024 InvÈstmentpolityand oblertive5 s defined In the ConstituliOTh ihere are no restrictions on the charily's power to invest The Trusiees have thE gEner81 power of Invesimeni to invesi iiu5185sets as Il Ihey Kyere absolutely entiiled 10 rhe 85set5 conferred on them by the Trustees Act 2000. Thc Trustees treat thc whole of the capital of the trust fund as peimaneTrt endowfflenl. Given the objective5 Df Ihp charity the Tru51ee5 have lakpn the view that no inve5tTnenl should be tnade in.. Diiect Investtnent in tobacco production or any direct invÈ5ttn@nt in compaThie5 that derive more than Ioytr of turnovÈr froTn tobacco production. No Invesimtnt in mdnulActurers ¢1 clustpi mvnitions. mlnes. nucar weapons components or weapons support system5 ènd Services or ¢ompÈniÈ5 involved in global we8pon5 productioD. These restriciions h)ve been conveyed 10 Ihe investmeni managers. The inve51menl objeilive isto achieve an appropTiate level of income and Ihere3fter Ions lerm iapital erowth. Two perforanCe bEDchmark5 are utili5ed, a new primary Index of rhe ARC Steady Growth Charity Peer Group ¢£1 and the secondary Index of the LGT income-ton4irained beTrchmark (£1 which 15 coMposedof-. 22.5% FfsE All Sh3re FTSE GOVL All siock5 52.5% 5% FtSE World ex UK srerling ID% ThÈAttual perltsrmance ol thè invf.Slment porilDlio compdred wilhthe benchmark ht5 been-. 202312024 202212023 Investrnentlrowth B¢n¢hmork-ARC Benchmark- Income constrained AtsaI 99% 9.4% -2.4% -s.i% TheFru5tee5 Lrti115ethe5ervices of EnhancelDvesttnent Reporting LirnitedtomoDitOT the performance of the investment wrtfol on 3 quarteTly ba515. The Trustees are sari5fied with the perform3nce on the portfolio and the investment mana8eT5. The previous Investment mdnd¥eis. 2bTdn. have beèn tskenover by LGT Wedlth Mdnaeemeni. Thp historichl vilue ol Trust A55p15 and Incorne ha5 beeD'. Bank balance and otherAssets Income (after managemet Ci15ts1 Investmènt portfollo £8.337.531 É7.941.764 £.6.401 £E.18a 272 Grants Awarded S-hAptil 2024 £L90.322 £178,077 £1SJ.070 F?15,995 £219,660 £23fi,557 £209,9L6 £2?5,888 £202.436 £295.540 f89.87% £425,750 £16,308 £11,752 £92.441 5thApril 2021 SthApIII 2019 £8.386.747 £7.96B.271 £7.952.070 E6.928.672 £7,449.78? E352.790 EF94.55Q £361,299 £253.000 f180,000 £201,800 £161,500 £34,S32 £64.213 £13,954 5thAprll 2017 5thApiil 201 SthApril 2014 £6.647.334 £8,LM7 t200.647 FUtVRE PLANS -The Museum In Leeds toniinuesto receive 5ubstaniièl support from the Trust In the fofm of grants for rèseèrth ènd projects. buildin8 on lis many recent 2chievenient5 such a5 renewed displavs following renovation. a dynamit new management team. Arts Council England 2nd other funding. and development ola credible busirtess plan which is shored with our board The Memorandum Df Unclersrandifjg betweED the Trust and Museum Board and Executive was revisecl in 2021 and wa5 replaced in 2024 by a FundinE Agrppmpnt to run lor 3 years. with Similar CODdition4 to Ihe prpviou£ MDU. under Objectives 2 ond 3. -The iru5tees Will ioniinue to ImpTove 8overnance by reviewiTh8 policies and havin8 adopted online bankine for our currenl account. Pa8e 7
THE THACKRAY MEDICAL RESEARCH TrUST REPORTOF THE TRVSTEES FOR THEYEAR ENDED 5TH APRIL2024 STRVThURE. GOVERNANCE AND MANAGEMENT Governinidocumeni 2018 and is ree15tered in En8land as a charity. number iig1361 and tomp3ny number CE016051. Recrultment and appolntment of new trustees The Constitution provides framework and Instruction regardin4 3PPDintment and retirement of Trusiees. A maximum 018 Trustees The trustees meet regularly. usually fouT limes per year. lo 38iee the. br02d Strate and area5 Df aciivity lor ihe chèrity. intludin8 consideration of 8r?nt m?kin8, investment. res£rves ancl risk m?na8emcnt policies and pcrfDrmanct. Addiilgnal mcclings arc hcld to distuss urgent issutsas reovirtd. Bttwetn mtetin8Sthe Trustttsdi5CU55tht activitiesol IheTrust by correspondence and email. Due to the nature and 5iie of the charrty thpre arp no pmvoyees Irldurtlon and tralninB of newtrustees The trustee5 have a lormal policy With reEard to ihe induclion of new tfuStee5 2nd the continuing training of board members. Relatedpartie5 The Museum is a significant beneficiary of the charity in terms of graTrts awarded as detailed In note 14 to the Iinancial statents. Rlsk management Thp trusieps have e*amined rhe major siraieBiC. business and operational risks which the tharity lace% and confirm ihat Systems have been e5tibli5hEd to enable regular reports lo be produieLI 50 that the necessary step5 can be taken to le55eD these ri5k5. Approved by ordpT ol the boafd DttlU5tee5 on Decefflber 2024 51ETred on 115 beholf by. Dr David Tompkins- Chair of Tru51oe5 PhEP A
THE THACKRAY MEDICAL RESEARCH IRLIST STATEMENTOFTRVSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5TH APftII 2024 The trustees are re5pon5ible for preparin8 the Annual Report and the financial Statements in accoidance wth applicable law and United Kingdom AccouTrtin& 5tand3rds (United KinRdom Geneially Accepted Accounting Practicel. The law applicable 10 charilies In En8land aTrd Wales. Ihe Charitie5 Acl 2011, Charity IAccounL5 and Report51 Regulations 28 and m8kejvdgement5 estiméles thai ire reasonable and prudent.. busines> P3ge 4
REPORTOFTHE INDEPENDENT AUDThORSTO THE TRUSTEES OF THE THACKRAY MEDICAL RESEARCH TRUST Opinion We have 3udiied the frnanci31 st3ternenis of The Thackray Medic31 Research Trusi Irhe'charity'l for the vear ended 5th April 2024 whith compiise the Stiiement ol Finpn¢i81 Adivitifs. the Bdlince Sheet and Dotes io the linancial 5tatemEnt5, Including a 51JmTrlary Unitod Kingdom Atcounting StandaTds Iunited Kingdom Generally Accepied Attounting Practicel resources, forthe yehrthen ended-. h3¥p bppn properly prepared In accordince %%illh United Kingdom Generally Accepted Accounting Prattice.. and have bee.n prepared In attordance With the iequirementsolihe Charilies Atl 2011. 8a515for opinjon 3¢cordènce with these ieqvirement5 We believe Ihèt the audit evidence we have oblained 15 5uificienl and appropriate io provide basis for our opinion. CDncIu51ons relatlngto goln£ contem In auditiDg Iht financial stttteTnents, have con(luded thai the tru5tee5' USE of the going concern basi5 of accounting in the B15ed Ihp work ¥ve h3vE perforffled. we have not idEntified any materi31 uncertainties relaiing to event5 or condition5 that. twelve months from when ihe finantial statements are authorised fDf issue. thi5 report. Other informatlon The Iru5tees are iespon5ible for the othei information. The otheT information cornpri5es the informarioTh included in the AThnu31 Report, otherthan the linanrial statements and our Report of the Independent Auditors thereon. our repE>rt, we (b pxprps.% aDy form of assurance coDclusiDn thpreon work we have performed. we tonclude Ihat Ihere IS a material misstatement ol Ihis oiher Inforrnaiion. we ale required to iepori that tact. We have nothing 10 report In this regard. Matter5 on which we are requlredto report by exceptlan We have nolhinE lo repori in respect of the following matter5 where the Ch21111es IAccounis and Report%) RegulaiK)ns 21)08 iequires 5ufficieni accountin8 records have not been kept,. or WP. hAvP not ie¢¥vpd all thp infaitnatipn explanatiUn5 we require loi Dur audrt. RespDn5ibilitie5 of trwtees P8Ee 10
REPORTOF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE THACKRAY MEDICAL RESEARCH TRUST Our respon$Sbilitles for theaudltof the flnanclalstsfements We have been appointed a5 auditors under Section 144 01 the Charities Aci 2011 and rgport In ac¢ord8nce With Ihe Act and relevani regulation5 or havin8 effect Ihèreunder. Our objectives are 10 obtain reasonae assurance aboui whether Ihe financial staiements as a whole are free from maieii?I mi5Statement. whelhpr due lo fr3ud 01 error, and to 155ue a Report Df the Independent Auditor5 that includes our opinion. Rea50nable the 3regdte, they could re650nably be expEcled lo influEnce the Economic decisions ol user5 taken OD the basis of ithe5e finin(k41 statements. Our objoctive5 arc to obtain reasonable assurance about whethoi tho financial 5tatement5 a5 a whDlo aro freo from material misst3lemeni. whether dueto fraud or error. andto i55ue a Report of ihe Aud¢LOTS that Includes our opinion Reason3ble assurance is a hi8h Icvel of assurance. but Is not a guaronttt that an audit condu¢t¢d in J¢cordance with1SAS IUKI will always d¢ictt a maieiial aggregate. they cauld reasonably be expetted to influente ihe etonomlc decisions ol usery taken on Ihe basis of the%e financi21 statements. We as5e55ed the susceptibiliiy of the company'5 fiThanti21 statemen15 ID maierial misstatementand how fraud rnight ottur. Includin8 mdnipu12te profits, 2nd m2na8ement blas in atcountinB eslimaies, especially accrtsed Income. To address the risk Df fraud through fflana8ernent bia5 and override of controls. we.. Pertorffled analytical proceduresto identify any unusual or unexpected relationships. Challengpd assutnptions and judgements by rndnagemenl in detvimining signili[anl a(rounlinE v51imile5, in partirular in relatlDll to accTued incomp. greeing financial staiement5 disclosuresto underlying supportin8 document3tion. Discussions With maTragementof known or su5pe£ted insiance5 of non-compliante with law5 and reglations. Readin8 the minutesof meeiin8s of those Lhareed with gi)verTh2nce. Al the completion stage ol the audit, the engAgement parlner's rpview included ensyring that the team had ippro•ched iheif work There are inherent Iimitaiion5 in the audit procedures described above and the further femoved non-compliance of laws and errDr, a5 fraud may involve deliberate concealment. Paee 11
ftEPORTOFTHE INDEPENDENT AUDITOR5 TO THE TRUSTEESOF THE THACKRAY MEDICAL RESEARCH TRUST Use ofour rÈw>rt This ieporr is made solely 10 Ihtr charity's tru51ee5, 35 a body, In accordance Wllh Part 4 of the Charities IAccountS 2nd Reports) Regularions 2008. Ouf auditwork has beeTh undertaken sothaiwP tnighl 518leto the charity'5tru5tee5those maiters we dre rpquirpd to slate lo them in an auditors repari and lor no other purposc. To the fullest exteni permilled by law. we do not occtpt or assumt responsibility to 3nyonp other than the charity and tho charitV'5 IruStee.s a.4 a body. Ioi our audit work. for thi5 report. or for Ihe opinion5 we havE formed 'ljl45 Thom35Coombs Limiied Chartered Aicountant5 3365 The PeTriagon Century Way Thorpe PaTk LeÉds We5tYork5hire LS15 8ZB Date.. Oetomber 2024 P38e 12
THE THACKRAY MEDICAL RESEARCH TRVST STATEMENTOF FINANCIAL ACnVITIES FOR THE YEAR ENDED 5TH APRIL 2024 2024 Unrestrfcted fund 2023 Tolol fvnds Notes INCOMEANO ENDOWMENTS FROM ltyvesim¢ni Incomc 245495 EXPENDrruRE ON 55,381 55,173 CharitableactNitles GoverndDce105t5 The Thackray Museum ot Mpdicine 8,533 312,847 3,0 5,900 3,000 9.272 188.540 Attion Mcdi¢31 Research Thv ArnaltheB Trust Lepr MotivationCharitable.Trust Total Nel g3ins111055e51 on Investments 745 692 NET INCOME/IEXPENOThUREI 400.323 1770,1821 RECONCILIATION OF FU14 Total funds broushi loward 7,925,629 8,695,tiii TOTAL FLINDS CARRIED FORWARD PèRe 13
THE THACKRAY MEDICAL RESEARCH TRUST BALANCESHEET 5TH APRIL2024 20Z4 Unrestnc fijnd 2023 Totol fvnds Nolo5 FIXEDA5SETS Investments 8.JJ7,531 7.941.764 CURRENT ASSFrs Debtors Cash ai bank io 1.023 22 2,376 23A87 J3.010 cREDOR5 Amoun15 lallingdu¥ within year li 135,0651 129,1451 NETCURRENT ASSETS TOTALASSETS LE55 CURRENT UABILtnE5 8.325,952 7,925,629 NETLSSETS FUNDS Unfesiricied furbds 12 7 925 629 TOTALFUNDS The financ121 statemp.nt5 were approvgd bythe Board of Tru5ree5 and author15ed lor i55ue on Detembèr 2024 and werE signed sc_ John Campbell- Trustee Dr David Tompkins-chair of Trustees Page 14
THE THACKRAY MEDICAL RESEARCH TrUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL2024 ACCOUNTING POUCIE5 Ba515 0lprepèrln8the flnan¢lal statements Tht financial 51atements of the charity. which is a public benefit entity under FRS 102. have been prepared in dCCDrdanc with ihe Chariti¥% SORP IFRS 10?I'Accounting and RepDriinA by Ch3riiies'. StaieineDI of Recommtnded Practice applicable of Ireland IFR5 ID21 leffettlve I january 20191,, Financihl Rpporting StJnilaid 102'The Financial ReportinB siJndard applitsble The financial 5tatement5 have been prepared to 8IVÈ d 'irug and fair, vlew and hèvè departed frorn the Charities IAtCOunts Ind Roport51 Regulation$ 2(K)8 only 10 the emieni reouired io prade a 'true and f3Ir view,. This deporturc has Involved Rtporting by Charities.. Statemeni Df Recommended Prartice ettectlve from 1 April 2DD5 which ha5 51nce been withdrawn. G¢ln8 coKert) exist. The trustees hive considercd thc levtl of funds held and iho expecied level of intDmp and eipenditure for 12 months rrom auihor151ng tnp5e rnanciai st3iementS The bUdEeteo Income and expendltuie 15 surnclenl wllh the leve1 of reserves for Ihe charity to able to ¢oniinue Js i ¥oiTrg concErn. Inrorne purposes Iretsted as restricted income. All rnonoiarydonaiions and gifts aietrpdited to the Income and expenditure tCCOLJnl In the year of receipt No valve 15 Donhlion5 under deed of covenant ioBether With the associaLP.d Income lax recoverie> are credited io Ihe income and exponditure actount whon tho tovenant payments are received. Covenant p3yments which are due but havE Dot bpen PaiLI at the balance 5hpet date are Shown as deblgr5. Ii¥l Investment Incofflc accruals basis. together With the associated tax ciedit. A¢tubl inve5tmeThl income received 1.4 gros%ed up lor management leÈs deducted direitly by Ihf inve5tTnent mana6er5 from the underlyin8 Investmenis. Ewndi(ure aye attountpd lor where either the tru5tee5 have aRreed to pay the grani Wllhovt condilion and the Tecipient has a charity Attoidingly thp total sum awarded in the year 15 char8ed to the Statemeni ol Finantial Activiligs. and unspent awards are rreoied 3$ creditors, aryaly5ed beLween those due Wiihin one yeai and Ihose due after mort than ono Year. Grants offered subject to conditions which have not been rnet at ihe year end date are noted as a commitment but not accrued asexpenditure. Page 15
THE THACKRAY MEDICAL RESEARCH TRUST NOTESTO THE FINANCIAL STAfEMENTS- continued FOR THEYEAR ENDED 5TH APRIL2024 ACCOLINTING POLICIE5- tt)ntlnuÈd ChèritaFJle Ktivitie5 Valuatlon otlnve5tmEnts cosl le55 impairmeni. Taxation The trust i& a registered Ih3riiy and therefore Is not liable toi income tax or corporation tax on in¢ome derived fvom it5 Fund atcountln8 The restricted Ivnds (if ènyl arefutsdlwhich h3vt boon rai5edfor, and thp.if userpstri¢ted to, a specific purpose. ordon?Iions subject ID donLTrr irnposed conditlOn5. Designaied lunds111 any) are lunds sei 8side out o18eneral fund5 2nd desi8nat¢d tgr Specific purp05e5 by the Trusrees. The unres1r1ed lund5 consisl of Ihose funds which thecharity may use In furtherante Df its charitable Dbjcctive5 al the INVEsfMENTINCOME 2024 2023 RAISING FUNDS InvestmÈntrnan•iement¢osts 2024 2023 PortfDlio management CHARifABLEAUIVITIESC05TS fjrant funding of Support ntle61 Governance ¢ost5 ThpThdckrdV Museum of Mediiine 8.533 8,533 312,847 312.847 Action Medicol R£soarch ThpAm311he3 Trust 5,9 P3ee 16
THE THACKRAYMEDICAL RESEARCH TRUST NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2024 GRANTS PAYABLE 2024 2023 ThF. Th6ckr3y Mu5euffl of medlne 312,877 188,540 Action Medical Research The Amalthea Trust Lept3 Motivaiion Charit3bleTrts 5.91Y) Awarded 2023 Grants unpaidat Awarded in the year ended 2024 Grants unpald at 0510412024 vearended 1024 06ILw123 TheThackrayMedlcal Museum Company Ltd Irrading as The Thatkray Museum of fvledicinel 165.tx) 165,WO 1165.twi rchive DevelDpmeni Project 30.500 7.625 22,384 5,596 Thackr3y Medical CBILS Loan 87,963 187.9631 rnana8emenr sysiem 16.6WI Thackray Medical HLF PTojeci 12.500 112.5ml TraD5formin6 ihe Thatkray Librory 2S.000 9.329 OTHER FUNDING The Amallhèd Trust 3.WO Leg5 lor Africa 2.0 2,0 3,CQO IS,(KiOI s,oc 15.9001 Lepi Total Grtnts Awarded Page 17
THE THACKRAY MEDICAL RESEARCH TRUST NOTE5TO THE FINANCIAL STATEMENTS-contlnued FOR THEYeAR ENDED 5TH APRIL Z024 SUPPORT COSTS Governance costs Governance cost5 Support costs, Intluded in the above. are as follows-. 2024 Governance 2023 Tot61 Trustee Meeting ExpeTh4es 1,382 74 Le8al fros Auditors Remuneration 83 TRUSTEES, REMUNERATION AND BENEFtT5 There were no trustees, remuntrètion or othpT benefits lor Ihe year ended JlhApril 2024 noi for the yeor ended TrustsÈs' eNwen5e5 Theie were no Irusiees, expenses p3id foT theyear ended sih April 2024 nor lor thc year ended 5th April 2023. Kèy mana£emEnt personnel Th2 board oltrusices are considered lo be the key mana8pment per50nnelof the chaTily. Key management ppr5onnel ofthè thaiity rpcpive no rernuneration or other benefits. COMPARATIVES FOR fHEsfATEMENTOF FINANCIALACTivrriES unrerictpd fund INCOMEAND ENDOWMEpifs FROM Inve5trnent Income 245 495 EXPENDLJAE ON 55.173 harftable actlye5 Govpinancv cost% Thp Thackray Museum of Mcdldnè Leg54 Alri 9,272 188.540 2.0 5.0 5.0(X) Lep Total 74a 6921 NET INCQMEIIEXPENDITUREI Page 18
THE THACKRAY MEDICAL RESEARCH YRUST NOTES TO THE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 5TH APRIL 2D24 COMPARATIVES FOR THE STATEMENT DF FINANCIALA1vIT1E$. continued UnTe5tricted fund RECONCILIATION OF FUNDS Total lunds broughl foward 8.695.811 TOTAL FUND5 CARRIED FORWARD FIXEDASSET INVESTmEPs Cash and settlernent5 pending sled inVe51ment5 Tota15 MARKEfvALiIE At 6th April 2D23 AddrtlOn5 7.221.213 1.352,107 11,098,$301 720,551 1318.8491 7.941.764 1.033,25 11,LV38,5301 461 039 Revaluations 7 935 829 337 $31 NEF BOOKVALVE Therewere nOinv¥%tment B55e15 Outside the UK. l invp5ttnpfjt5 are valued with reference lo UK and non-UK Inve5tment5 li51ed on iecogni5ed stock exchanges. and can be anèlysed 35 follows.. 12.5% 71.3% 9.1% Atternaiwes Prpperty A5 at 5th April 2024 no individual noD-cash invesirnents represented more than 5% of Lhe iDial Investment portfolig Thp hi510fic31 t05t at 5th April 2024 i5£5.637.95812023. £5,369.5721. Ann Page 19
THE THACKRAY MEDICAL RESEARCH TRUST NOTES TOTHE FINANCIAL STATEMENTS-continued FOR THE YEAR ENDED 5TH APRIL 2024 FIXEDA55Ef INVESTMENTS- ¢ontinued Currentyir?nsl?Ilon risks iemèin for those companie5 and bonds that are exposcd to OVE15ea5 oarnings and85sets. volumes. The Chari1y'S Porttolio has no material investment holdings in markets 5ubjeit to exchange contro15 or trading The Charity m3nige5 inve51meni risk by OPPDinling profe55ional investment m8nagers ind operating an investment poli¢v Ihat prDvides for a high degree of diveTsifiEatlDn of holdings wllhln investment 3sser clèssÈS that are quoted On re¢ogn15ed stock ex¢htDges The Charity does not make use ol derivoiwe5 and 5imilariomplex financial Instruments è& it lake5 the view ih3t investments DEBTORS.. AMOUNTS FALLING DUE WtrHIt4 ONE YEAR 2024 2023 Other debtors ii. CREDITORS-. AMOUNTS FALUNG DLIEWtrHIN ONE YEAR 20Z4 2023 A¢¢rued exwn5PS Grant5 payable 10.140 19.520 12. MOVEMENT IN FUNDS Net movement At $14124 At 614123 Llnrestrlcted fund5 General lund 7.925,629 400,323 8,325.952 TOTAL FUNDS P3ge 2D
THE TIIACKRAY MEDICAL RESEARCH TRUST NOTES TO THE FINANCIAL STATEMENTS- wntiDued FOR THEYEAR ENDED 5TH APRIL 2024 MOVEMENT IN FUNDS-contlnued Met movefflenl In funds, included In IhÈ abDVÈ arÈ 2s lollow5' Incomin£ resources Resources expended G31n5 and Movempni In fund5 Unrestritted lunds 245.300 138B,6611 543.684 4,323 TOTAL FUNDS 543,6S4 Comparatives forrnovement In funds Nel ovement Al 514123 At 614112 Vnre5trirtedfvnds Genpral fvnd 8,695.811 7.925,b29 TOTAL FUND5 Comparative nei movemeni In funds. included in the above are as follows.. In¢oming resourtes Resource5 gNpp.ndÈd Gains and 1055è5 Movement ilnresirlrtedfunds General fund 245.495 1770,1821 TOTAL FUNDS 24 174S,6921 RELATÉD PARTY DISCL05URE5 The charity 15 Connected by Virtue of overlèppinÈ objtcts, aclivilies, admLn151raiiDn to The Thackray Museurn of Medicine (The Thackray Medical Mu%gum Company Limiledl, a registered chaiily. No 1016169 dnd a tompany lirniied by guarantee. No 2772412. ordeT to as£i£t it In Ihe achievement of thoi objective, neter3nt501£312.84712023 £188.5401 wpre3warded byTMRT durin8 Ihe yedr The Trusi and The Thatkray Museum ol MÈdicinp hAd 3 hAemorandum of Understandin8 in operaiion during 2023-24, which was replaced by a Funding Agreement for i April 2024- 31It March 2027, which was lorm311y signed on 12, August 2024. These document5 deline matter5 such a5 expectations of the relaiionship between the chariiie5. The CDre support grant pfovidod bi the. Tlusi 15 reviewed by the Tru5ree5 31 each Board Meeiing. essenlirflly quartf rly Thp. unde.rlyiThg supwrt provided by these gran15 to ihe Thackray Museum of Mp.diCinp remains Ji the afjnu31 rate of £165.000 Pae 21
THE THACKRAY MEDICAL RESEARCH TRusr NOTES TOTHE FINANCIALSTATEMENTS- contlnued FOR THE YEAR END£D 5TH APRIL 2024 FINANCIALCOMMITMEfiT end December 2025. Afrer reccni uigetht requESts from tho Museum the tru5tp.es hève (with conctrn, but noting that ihe Ipvel had bpen un¢hanEgd for several yea151 a8reed io inciea5e ihe SUPPOrt Eranl 19 £50,OW quarterly from April 2025 oDwdrd5. The new funding agrEemeni commit5 to an ?Dnu81 rcwew of this 5UPPQrt grant. In addition during the finoncial year cndod 5th April 2025 the Trust advanced a loan of £IOO,000 a5 tcmporary ca%h- flow as515tanct to The Yhockray Medi(Al Museum. Subsequently thE Tru51 waived the reqLJiremenl for rep£ymeni. Pase 22
THE THACKRAYMEDICAL RESEARCH TRUST DETAILED STATEMENT OF FINANCIAL ACnVITIES FOR THE YEAR ENDED STH APRII 2024 1024 2023 INCOME AND ENDOWMENTS Investmentlntome invesimenis Total Incoming Fesource5 245,300 245.49S EXPENDThURE Investment tnanagementC05ts PDrtfolio mana8emeni $5,381 55,173 CharItae acilvlties 324.747 205.540 Support costs Gernance{0Sts Trustee Meeiin8 EYpèn4e5 IA68 74 445 1,382 Legal IE*.% Auditor5 Remuneration Total resourcesexpended Netlexpendlturellincome before galn5 and losses 1143.3611 124.4901 Reali5ed recognlsed aalngand losse5 461.039 1492,5371 Net leMpendtturelllncr#Me PaEe 22