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 AxtNf￿1￿S
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 fj￿E 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 M￿dIcal 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 Alr￿8 (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
CH￿RpERsoN.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, m*ditÈl 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 r￿ord 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 Acto￿ntIng 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 PU￿1[ 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
slinificantact￿fleS
al TheThackiay Museum of medic￿e..
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 e*hibitiOMS. 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
m￿se￿m 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 thear*a4 covered by I￿1r othw chalitableobjectives.
FINANCIAL REVIEW
Finanrial position
The assets have Intreased by £400.323. The thaiity r￿￿11%￿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. nuc*ar 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 perfor￿anCe 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
A￿tsaI
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
manageme￿t 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
5*thApril 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 stat￿ents.
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 2￿8 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 reasona￿e 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 3￿regdte, 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 reg￿lations.
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
cRED￿OR5
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 pra￿de 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 unres1r1￿ed 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 med￿lne
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
8￿3
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
unre￿rictpd
fund
INCOMEAND ENDOWMEpifs FROM
Inve5trnent Income
245 495
EXPEND￿LJAE ON
55.173
harftable actly￿e5
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 FINANCIALA￿1vIT1E$. continued
UnTe5tricted
fund
RECONCILIATION OF FUNDS
Total lunds broughl foward
8.695.811
TOTAL FUND5 CARRIED FORWARD
FIXEDASSET INVESTmEP￿s
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
Pa￿e 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
CharIta￿e acilvlties
324.747
205.540
Support costs
G￿ernance{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