THE ANALYSIS TRUST (CIO) REPORT AND FINAliCIAL STATEiE[s YEAR ENDED 31ST DECEMBER 2023 CHARrrY NUMBER.. 1195108
THE ANALYSIS TRUST (CIO) PAGE I FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECBMBER2023 IIEPORT OF fFIE TRUSTEES The Trustees, preseot tILer amual report and fin8llcial statements for the year ended 31st December 2023. The fill¢1 8tAtements bave been prepar¢d in accorth¢e with the accounting lIcIeS sel out in Dote I to the accoullts and comply with the c]wiS trust de£d. the ChaTities Act 2011 alld AccouDring Reponillg by Charities: Statetnent of ReConllneIed Practice appli¢able to chariti¢s preparing th¢Èr accounts in accordance with th¢ Financi R#porttng Stalth applicabb in the UK and Republic of treland iu¢d Oth)r 2019 (effective 1st Jjnuary 2019). CHANGE IN LEGAL STATUS Dumg 2021 the cbaTity cbanged its legal stabjs from an unincorpoTaled TrnsL constithted under a Tt De¢d dated 1974, charity registration nun]ber 325126, to a ClwitLble Oryanisatson {CIOI, cknity gisl0 number 1195108. The ¢hange to(Trk effect on 8th July 2021. at whiehpoint all 5¢. resources amdTights were trJnsfeThed to the CIO. The fonDeT llnillcoTpor8ted Tnt wa5 Closed OTA 8th Jvty 2021. OBJECTS AND ACTIvrtIES FOR THE PUBLIC BENEFrr The main obje¢t is the promotion and dis%]0 of philosophy of the kn1¢5t qualiry thr()ugb supporting systemati study ijf philosophy. The Trustses have published the journal'Anaty5iS' to prnvide additiOD41 fuDding to 5uppon and colltinue the fi]rtbgrance of their objets. There have be¢n no policy ehanges this year. We have ref£rred to the guidance contained ill the Charity Collthjigsion's g¢rL¢ral guidance on public benefit when vIew)g our aitns and objectives Jnd in planning our lUTe activttitr. In rArtioular. the T consider hDW plauied aetiiities will contribut¢ to the aim5 and objectives theyhave seL GRANT mAG POLICY The Trust has eytablished its grdnt rDaking policy to td)ieve its objects for the publi¢ benefiL AClllEVF.MENTS AND PERFORMANCE During the year Tnte¢S noted that they7 made charitable grant pr4yTreDts &9 pu note 6. Dwing this year the TrLLstses are satisfied that they ha continu1 to operate within their objectives. FINANCIAL IiEVIEW The CIO bad inco£ of £81,896 (2022.. £69.396) an exc¢ss of income over expenditure of £24,659 (2022.. excess vf 6xpenditur¢ over income £4.157). The vallle of investsnents Incre by £69,123 (2022.. decrease of £35,056). INVESTMEKf POLICY It is the policy of the T[eeS to invest thEtr eThe$ in a globally div¢rsified invesLment portfolio. Detsils andTatioDalt e gtven iu our policy dument,Alla1yslS Inve5tJnent Poli*. RESERVES POLICY Sufficieut fifftd5 kept in investments to gellerdte adequate recurrÈng income to cover the recurring management aud athninistration costs. In addition surpluses of over expenditure are inve5t¢d in order to increase our fi expenditures on the charitable purpose5 of th¢ Trust Details attd tatiODal¢ are given iu our N)licy d¢xutnent'Analysis tnVe5tment Poli,. RISK MANAGEMENT Trustees periodically rEview risk aDd in the caTe of theirmain exposure (wbich lies in area of advancing technology aThd its iEtipact urx)n delivery) are constantly in touch with their publisbers to monttor the position.
THE ANALYStS TRUST (CIO) PAGE 2 FINANCIAL STATEMENfs FOR THE YEAR ENDED 31ST DECEMBER 2023 REPORT OF THE TRUSTEES ..... PLANS FOR FUTURE PEIUODS The Conrnittee aiJDs to continue its clwitsble expelldith, while se¢uring the TTw¢5 long term incom¢ againstth¢ EiSk of diminiyhing inGome frorn OUP increased runnillg costs for the Journal. STRUCTURE GOvEPANCE AND MANAGEMEN[ GOVERNfNG DOCUMENT The charity was originally forLu¢d under a TTWt De¢d iti 1974. It i5 now constituted as a Charilable Incorporated Organisation. There Shall bo llo more tkn 4 or less than 3 Trustees. Tn]stee5 have re5pon517)ility for thc custody of the assets of the ¢harity. The general Mallagt and wDtrol of the CIO is ve5¢ed in the Comtnittee of Analysis WI appoint an Editor forthe journal'Analysis'. APPOINTMENT OF TRUSTEES The Coromittee of ADaIlS h&$ power5 to appoint or Temove TnEstees. TRUSTEE INDUCTION AND TRAtNtNG The nature of the Clty is such that TnS ar¢ by vistue of ther occupations well versed in its charlS activities. The oDj1tree of Amlysis is responsible for ensuring that Trustees are fxmiliu Cbartiy Law aud regulations. ORGLNISATION The CIO is by the Trus¢ees who e¢l annua]ty delegatAt]g the througb the Sretsry of the management committee. Trustc¢s are appointed from aJry nLKuinations Tceeivbj by the MaeellI committee. Th¢ Tllwement commlttee ke5 practical decisions in Telation to the activilles whi¢b are by th¢ Secretary. The mallY4geuwit ¢Olnittee aT£ •id. Thc CIO is known throughout the athi¢ wDrld fw its work and makes the availability of awards known in its journal. Applications are scrutinis¢d by a C0milIeS and Jnade in aCcord8C with its views. KEY mANAGr RENUTIoN POLICY The TnteeS ¢ollsidcr themselve5 as comprising the key uw)ag¢ment personnel of the CIO. All trustees give of their ti]ne freely and nv r¢munerntion was paid to Trustees. REFERE,NCE AND ADMINISTRATtVE INFORMATtON TRUSTEES.. Professor J Saul (Chair) Professor R Ke¢fe Profr550r N Shaekel COMMITTEE OF Ah'ALYSIS'. Dr C BessoD Dr D Debus Prof&%sor A Hil]s Dr J Holroyd Prof£*oF R HoltoD Dr G Kalwie Dr A Mahtr&ni Protsor H NooJL Professor R P¢ttiwv Drjway Profe&8or R Wedgwood Professor R Willtams Dr F WDvllard Dr J Suikkalle Profrssor M Massuni Dr R Zheng SBCREfARY ro THE TRUSTEES: Professor B Colbum PRtNCIPAL ADDRESS.. 7 Lindsty Pla¢e Gknsgow G120HU CHAEUTY REGISTRATION NUMBEIL. 1195108
THE ANALYSIS TRUST (C]01 PAGE 3 FINANCIAL STATEMEM FOR THE YEARENDED 31ST DECEMBER 2023 REPORT OF THE TRUSTEES .....JCONTINUFD BANKERS.. National WestiniBankP1¢ 10 Ben-y Street Cambridge CB2 3PU AUDITORS: PThti3 & Co LLP 115c Milion Road CambridgB CB4 IXE INVESTNtEifjfbL4NAGERS'. Cbarles knIEy & Co Limitrd RaveDyuoft House 59-61 R¢gent Sts¢¢¢ Cathidge CB2 IAB TRUSTEES. RESPONSIBILITIES IN REIATION TO THE FffvANCIAL STATEMENTS The Trustee5 respon1)[¢ for preparing a TnJste¢s' ADJ)ual Re[ fitwJcia] strteDKnts io a¢¢ord2llce wlth opp]ir&bl law #lld United Kwgdom Accounting Statsdardq (United Kingthm GeDet8lly Acceptd Ac£ountiti8 Practicc). The law applicabl¢ to chariiies ill EnglaDd aud Wales requirc5 th¢ cknaritvTneS to prep&r¢ fjtwici)I stttements for ea¢h ar wbi¢b give a lrne attd fttir view of the 5Late of affairs of the thartty aDd ofthe inwujingresources 3tsd 4)plicatioDS of r¢sources, of th¢ cbarity tr th&t peri¢. In prepaTiDgthe fjDanciai 3ts1Ellts. the Trusttes to: - 5¢1e¢t suitable ac¢oLthtiDg policies and thcn apply the c[si - obs¢rv¢ ¢be inethods 8]0 pric[PIc5 ID ttke 4ylicablt CbltieS SORP - ake judg¢ments aud ¢5tiuLots th81 ate reasonabk and PTudEnt . state whether applicabl¢ coUnting $raDdll% have beell followe¢ subj to any materiBI rf2rArtt dI10S¢d and explaitLed in th¢ fioallcia15trtemetsis . prepare the fnaucia] stat¢Dwnts on tbe going concern b*sis UDle&s ti is tDapprDprÉat¢ to thatthe charity will eoniinue in business. The Trt]st¢es rwon5ible frrkeepiDg a¢¢ovotiog records that disclosewtth r¢asotsable at ally titne fillanGial Posltioll of th cbarityaDdtO ¢DabSe them to ett%ure thal the fjnallcial slatern Mplytthe ChaTitieg Att 2011, the plicable Clwitie5 (Accoullts and Repon5) Regu]atiorLs, and the pn>110$ of the Tr# deed They a]so respoDsibie for Safeguardi the a55ets of the cknrity Fjjd for tsktugr¢35QTwble 5t¢P5 fDrthe P[tv¢]L and ddrBtionof fra1 3ud other irregUllti¢Y. Th6 Trustt¢s are respJTJsiTrle for the mainteD8nce and illwity of thc dwtty and fllJancTal infgmiation yocluded OD the charit)Ps website D awwdaDG¢ With legisl8t1( ID thE United Kiu8dDm gowDiDgtheprcp8Mion alld of financial StteeTrts. Approved by the Tnthtees on and sigDed on Iheir bdw]fby. J SAUL TRUSTEE
THE ANALYSIS TRLST (CIO) PAGE 4 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 INDEPENDEKI AUDITOR'S REPORT TO THE TRUSTEES OF THE ANALYSIS TRUST (cio) OPINION We have audited the finan¢ial statements of The AD&lysis Trust (CIO) for the year ended 315t DecernbeT 2023 wtiich omprise of the Statullent of FiDan¢i81 Activities, tbe Balance She¢L Ststement of Ca5b Flows and Dotes to the SnaTrcial statements. The finela1 reporting frlew0{ thatba5 been applied in their preparation is applic&ble law and United Kingdorn Accoullting Stattd&rds, including Financial Reponing Standard 102 The Finaucial Repofting StaDdard applicable in the UK aud R¢public of Ir¢land' (United Kingth)]n Genernlly Accepted Accountiug Practice). In our opinion, the fit]allcial statemellts: give a true fair view ofth¢ state of the chArilY5 affairs 08 &t 315t DeCeb¢r 2023, and of its swplus for the ar then ended,. - have been properly prepared in accordall withullxted Kingdorn Gffleralty Accept AccDunting Pra¢tice" and - have been prepared in aecordancg with the requirettients of the Chartti¢s Act 2011. BASIS OF OPINION W¢ conducted OUT audit in accordanc¢ with Internati(KAal Stsnilards on Auditing (UK) USAS IUK)) aud applicabl¢ law. Our reswnsibilities underthose Standards are firther desmThed in the AuditoV5 responsibilitie5 for the audit of the frwcial stsiemetLts section of our report. We are i]Jdepeudenl of the thrity in accordance with the etlLical requir¢m¢nts tbat are relevallt to our audit of the fillclaI s(atenKuts in th£ UK including the FRC'S Ethical Sdrt 2Jd the provisions available for small entitAe5, in th¢ c]r¢Untances set out ID note 7 ts) the fjnancial Stat¢ents, and we h&ve fulfilled our other ethical responsibilities in accordance with these requirements. We believe thAt the audit evidence we have obtsined is sufficient and appropriate to provid¢ a b&sis for our opinion. CONCLUSIONS RELATJNG TO GOING CONCBRN Jn auditing tbe fllwcial 5tthments. we have concluded that the tnjstees e of the going concern ba&is of accounting in the prep8rdtiorA of th¢ financial ststernents is appropriate. Based on the work we bave perfoTTD¢(L have not ideniified ally terIal wicertainties relaingto events or condition8 tba¢ individuLY or collectivety may cast Signifi doubt on the charlS ability to continue as a going for a period of at least twelve from th¢ fla1 stalements are authwised foT iut. Our responsibilities alld the responsibilRties of the trustees with TESF¢¢t to going con¢¢rn are described ill the relevdnt sectious of this report. OTHER tNFORMATION The other information wmprises the infornjattoll included in the Trustecs. knual Repor¢ other thaD the fm&ncial SeMentS alld our &uditols retM)rt thereon. The trustees ar¢ responsible for thE other information. Our opinion on the fjnancial statements does not cover the other inform8tion an& except to the extent otherwise explicitly stkted in our repoT( we do not expre55 forni of suranCe conclusion thereon. Ill collDection with our audit of the financial statements, our responsibility 15 tu read the othEr tnformaiion in doiijg so, consider whether the other infoTJllation i8 mat¢rA&lly inconlstent witb the financial ststements or our knowl¢d8E Obtsid in the audit or otherwise appear5 to be ti18[[y misstated. If we idelltify such material inwDSiStettcies or apparent terial misstatements. Th¢ are required to detennine whether ther¢ is a EtRt¥rial misstalemeni iti the financial tht¢ents or a materia] missi8tement of the other iDfoTmation. I£ based on tbe WO we have perforrne we nclud¢ that thEre i5 a rnatrJial misstatement of this otber inforn)&ti we are required to report tbat facL W¢ have nothitig to report in this regard.
THE ANALYSIS IRUST (CEO) PAGE 5 FINANCIAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE ANALYSIS TRUST (cio)..... coNr mAERs ON WEllCH WE ARE REQUIRED TO REPORT BY EXCEFtION We have notbing lo report in respect of the following motteTS whue the Chartties Act 201 I us to Teport to you if, An our opinion.. tbe llrfottttl0ll given ill the Truyt¢es' Annual Report is iDconsistellt ID any material E¢sp¢d with the financial statemellts. or the charity bas not kept adequate accountiDg rKords,' or . tho financial 5tatrm¢nt$ are not in weeukeDt with the accounting rOrdS and returns. or - wc have not received all the Info1 aod explanations we require for our audiL RESPONSIBILITIES OF TRUSTEES As explainedore fully in the truste&s' restx)nthilities statemfflrt iD thc TrsteeS, R¢5ponsli )ilities statenjellt on page 3, the tn]stees ar¢ respoDsibl¢ for the prepatotion of the fiDancial statements and for being satisfied that th¢y give a ttue and fdir view, and foT sucb internal control as the tru¢eg detennine is necessary to e4hAble the preparation of flnancial stsiemeuts that ar¢ free from matcritil misst&temenL whether due to fraud or error. prq)aring the fin8uoia] 5tstemtnts. the are re5poDsible for &85e55ing the charitys ability to continue as a going concern, di$closin& as applible, matteTS related to gotng ¢on¢em and the going concern basi5 of acGWitiug unless th£ trustees eithw intend to liquidate the chartty or to cease operations. or bave no reaiiSEi¢ alternative but to do so. The tnts5 have elected for the finauci&l thtements kn be audited in accord with the Cbarities Act 2011. Ac¢ordingty. we have been appoint¢d 8$ auditor under section 144 ofthe Charittes Act 2011 aDd rEPOn in 0rdallee with regulations under section 154 of that ACL AUDtTOR'S RESPONSIBILIT FOR THE ALTrr OF THE FANCIAL STATEMENts Ow objectives to obtssn [ollable allrnce aEout wheth¢r th¢ fmancial 51atemernts as a whole are free fro material misstatement. whether due to fraud or error, and to issue a Rewt of the Auditors that in¢lud¢s our opinion. ReasoDable ÈS5rnce is a l)igb lev¢1 of &&%ur2llee. but is not a gUe that audit CODductcd in accordance with ISA'S ILIKI will always detect a Tnaterial misstatemeDi when it ¢Xi5ts. Missiatetts can arÈ5e from fraud or error and collsided twiterial if, individualty or in th¢ aggrtgate, they could SOnabl}, be exEcted to Tnflu¢nce thE economi¢ decision5 of US¢TS tak on the basis of these r]nancial Stat¢llts. ITregularities, ill¢ludllw fraud, are iDStances of non-copIallce with laws and regutations. Th¢ primary reswnsJTrility for th¢ PVentiOn ktKI detection of irr¢gularities iucluding fraud rests with the manageujeut 8tMI those thaJged with govertwice of the charity. We de5igll procedures in line OUT respoT]sil)ilitie& outlitrd above, to detect Tnat¢riEd misstatemts in r6spect of irregularities. including fraud. The extrnt to which our pr(KedutES are capabl¢ of detecting irregularities, including fraud is detailed below.. We have considered tbe nature of the industy and sector. control environEnt laws and regul&tiony and busiesS perfo[1¢¢ of the clwity, inclwling the cbaritys rernunerdtion polioies. and regulations cottsidere41 includ¢(L but WEre not lirnited to, the Chariti¢5 Ac¢ and ChariÉi¢s SORP We have enquired with the management ID regards to th¢ir owll asse5smfflt of the risks of itregulartties. incluthng fraud. We a150 enquired of management And those clwged with goveEDauce &g to ally knowo iDStances of non~cornpliw or suspected noD-cowliance with laws and regulatio[. We obtained relevant do¢utnentation and representstioDs in ordet to forni an OPTnion on potential irregulariti&8, including fyaud. We wisideredthe oppoFtimities and incentive5 that may exist within the o[galsatiOn for frau(L Basedon this understanding, we dE5iguEd specifiG audit procethwe5 10 identify instauces ofnon-compliall¢e with laws and regulations, including obtaining additional corroborative evidence as required Examples of proc¢dures included reviewing large $Ual traDsactkoDs and reviewing large and Unexpected vJriallr&s.
THE ANALYSIS TRUST (CIO) PAGE 6 FINANCJAL STATEMENTS FOR THE YEAR ENDED 3 1ST DECEMBER 2023 tNDEPENDENf AUDITORS, ItEPORT TO THE TRU'STEES OF THE ANALYSIS TRUST (CIO)..... CO There are inherent liwTrtations in the audit procedures descnThed on page 5, not least sampling is Used der International Auditing Staudards, therefore not a]1 transactions are reviewThL ThLYefor¢ there is a risk we will not Iktect all irregularities including those leading to a materiaI rnis5taiement ID the fin8n¢ial statements or non-eompli8nc¢ with re8uLatioDS. The risk of not detE¢tillg a material misstatement due to fraud also higberthan th¢ risk of not d¢t¢¢ting one from error. as fraudn involve dehl¢rat¢ contea]]nent by, for example, forgery, Collusio omission or iDtentional misrepresentation. AUDITOR'S RBSPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS In addition, we considered PTONiSiODS of other laws and regulation5 which do not have a direct effect on the financial Stat¢ellts, but ¢ompliance whtch may be fundwentsl for the dwity 10 operate. Relevant identifjed laws alld regulations were cornrnunic8ted Wbthin the ¢llwdgemeTrt tt4m so they rEW4ined Jjert throughout the audit ft)r indications of fraud nott-c0mpllar. A firtber description of our Te5ponsli)ilities forth¢ auditof the financia] 51at¢rnents is located ou the Financial Reportin8 Council'5 wpbsite at wWw.frc.org.uklaudttorsrup)nsiI1ities. Thi5 description forn part of ow Report of the Auditors. This report is llle sol¢]y to the charitys trustees a5 a EM)dy. in cOrdnee with Secti(w 144 and 145 of Clwities Act 2011. Our &udit work has been Undertake so that might sLaE to the ¢h8JTty'$ trustees those matters we aTe required to state to tbem in an auditorf5 rcport and for no other purpose. To the fidlest extent peritted by law, WE do llot acGept or &ssume respoDsibility to anyone other than the ¢haTity and the as abody, for audit worK for this repaffj or for ibe opinions we bave fomied. NtCIEL A PRENTIS FCA {Senior Stafutory Audtior) FOR AND ON BF.HALF OF PIiENTIS & CO LLP CHARTERED ACCOtrNTANTS & STATtrtORY AUDITORS 115G MiltOD Road Cambridge CB4 IXB Prcntis & Co LLP 1% eIigible to act all auditOT ill tem]s of section 1212 of tb¢ CompaDies Act 2006.
THE ANALYSIS TRUST (CIO) PAGE 7 FANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 STATEMENT OF FINANCIAL ACTtV]TtES Notes Unrestricted UnTestricted Totsl 2023 2022 INCOME FROM: Investment incom¢ CkwitablE activities 7.900 73.996 1,414 67,982 TOTAL tNCOME 81,896 69,396 EXPENDITURE ON.. Charitable Activitiss - Journal cxpenditure - Sdentships and gTants TOTAL EXPENDrruRE 27,436 29,801 38,099 35,454 57.237 73.553 NET INCOfrfEI(EXPENDtriJl<E) AND NFf MOVEMENT t FUNDS BEFOBE GAINS ANT) LOSSES ON INVESTMENTS 24.659 (4,157) G4insI(losses) on investtnents 63,606 (69.866) (74,023) NET MOVEMENT IN FUNDS FOR THE YEAR 88.265 RECONCtLIATION OF FUFJDS: Total funds 637,700 725,965 711,723 637,700 Total fi]nds Cled fonvard The notes OD page5 10 to 14 fonD part of t}e accounts.
T ANALYSIS TRUST (CIO) PAGE 8 FINANCIAL STATEPiENTS FOR THE YEAR ENDED 31sr DECEMBER %)23 2023 2022 ASSErs 635.673 566.550 Drbt¢Ys Cth atbaukaudin haiKI 41,738 52.324 46.746 29.922 94,002 76,66 thditQTS: Due within one8r io 3.770 5.518 NET CURRENT ASSETS 90.292 71.150 NET ASSETS 725.965 637.7 THBFUNDS OF THE CHARrrY 725965 637,700 The frL8ncial St0t¢rn wtre approvedbythe on d siglled on its behalf. J SAUL TRUSTEE The notes on ¢S 10 to 14 form p8rt of th&se (oUts.
THE ANALYSIS TRUST (CIO) PAGE 9 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 STATEMENT OF CASH FLOWS Note 2023 2022 Cash flows from operating activities: N¢t cash used in operating activities 20.OI9 2,866 Cash flows from investing artivities.. Interest and dividends Purchase of InvestentS Transferred fronfj(to) capitsl ount Sa]e of investtnents 7.900 (66,028) 34,810 25.701 1383 1.414 (34.810) Net o&sh used in investing activities (33,396) Change An cash andcLsh equivalents in the year 22,402 (30,530) Cash and cash equivalents brought f7¥ard Cash and cash equivalents ¢arried fOrnd 29,922 60,452 52,324 29,922
THE ANALYSIS TRUST (CIO) PAGE 10 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTFS TO THE FINANCIAL STATEMEKrs ACCOUNTING POLICIES (a) BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN Th¢ finEllcial statetnents have been prepared under the bisthrical cost conv¢Dtioll with it¢TllS Te¢fjgnised at cost or transactiOD value llless otherwise stated in the relevant uot¢S to these financial ststements. The aneial ststemeDts hav¢ be¢D prepared ill awrd¥llce with the Ststement of Re£4)m Practice.. Accounting and Reporting by Ciwities prepari their accounts in accordance th¢ Financial Repi)rtiDg Standard app]icable in the UK Repub]ic of JTEland (FRS 102) Issued October 2019 (eff¢¢tive 1st Sanu 2019) and the Financial RwoTtillg Stalldard applicable in the United Kingdo]n and R¢public of Ireland (FRS 102) aod the Clwities Act 2011. The Thist wD*itutes a public benefit entity a5 defiDed by FRS 102. The TteeS consider that there are no mateTial uncert4ittts¢s atrA)Ut the T5 ability to contiDue as 4 goitig C4Jncern. (b) INCOME RECOGNTfIoN All income is recogDised once the cbaTtty has euti¢lernent to the incom4 it is probable that the income will be received andth¢ of tticome can be [ured reliably. (¢) EXPENDITURE RECOGNITION Liabilities ar¢ recogDi5ed as expenditure as soon as the 15 & l¢gAI or wnslrncliye obligation comrnitting the charity to that expenditure. it is pmbable that settlctllent will be requiTed and thE aniount of obligation ca be measured reliably. All expendithre 15 aCcOLted for on an accruals b&sis. Clwitrble support expenses andgovernance co5t5 include all expenditur¢ not dir¢rtly relatillg to the charitable actyvity. (d) IRRECOVERABLE VAT IJTecoverdble VAT is ced against ttLe exFeDd1ttt beadll for which it was illcurred. (e) ALLOCATION OF SUPPORT AN& D GOVERNANCE COST3 Support costs have Ecen a]locAt¢d betw¢¢n governattce costs alld oth¢r sup]xJrt costs. Gov¢rnJnce costs comprise all costs illvolyillg the public accouDTability of the tharity and it compliall¢e with regulation alld good prdctice. These cost5 includ¢ costs T¢lat¢d ts) Strlory audit and legal together with a apportiOlltneDt olovethead attd swort costs. Governance c05ts and support costs relatill8 to charitable activibcs have been apportiQDed based on the number of individual grallt awards made ITr recogDition that the administrative coslE of awardin& mollitoring and &ise&sing research grant% sa]ary support graDts and Stzd8tg 5th018rships ar¢ broadly equivalent. The all¢Kation of sUPWt and governance costs is 8naly5¢d in note 5. (fj CHAKtTABLE AcrivtTIES Cost5 of cbaritable activities include grduts llde. gov¢rnwK¢ cost and an appoTtlonnnt of support costs g showa in note 4. (g) FIXED ASSEf NVESTMEYr Investents arE a fornt of b&sic financial in5try]ment and are initially recogtll5ed at their transaction value and subsequenty measured at their fair value as attbe balance sh¢et dat¢ Using the closing qllotd market price. The Statement of Financial Activities includes the net gains and105se5 arising on the revalu1 and diwsal throug1l the year. The Trust does not acquire put optioll4 derivativ4s or other con)plex fLoancial instnllnent5. The form of financial risk fa1 byth¢ tharity is that of volattlity in equity markets alld investtll£nt nwkets due to wrder cDnditioDs, the attitude of investors to investment risK and changes sentiment concerning equitias and Wthin particular Secto and sub sectOTS.
THE ANALYSIS TRUST (CIO) PAGE 11 FINANCL4L STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTBS TO TIIE FtNANCtAL STATEMEYts (b) REALISED GAINS AND LOSSES All gaiDS and losse5 are tsk¢n to the Strtenrt of Financial Aclivities as they arise. Realised gains and losses on investments are calcuiatrd as the differ¢DC¢ iKtween sales proceeds and thetr opening Cing value or their purchase value if a¢quired sUbs¢qLIt to the SJst day of the fitwicial yw. Uurealis¢d gain5 and105se5 are caleul*ed the difference between the fair vale atthe ye8r eDd their ¢atrying value. Realised alld unr¢alised inves(meDt gaitkS and Ios5e5 are combined in the Statement of Financial Activities. RELATED PARTY TIiANSACTIONS AND TrUSTEFS' EXPENSES AND REMuTIoN The Tnth¢s all give freely their time expertise lthot any forni of remuDeTatioD or other beDeflt i ISh or kind (2022.. £Nil). Expenses paid to the ThL8tees durtug the yelr ÈDtslled £NiL (2022: £Nil). 2023 2022 Intercst Dividet 106 7.794 1,128 7.900 1.414 ANALYSIS OF CHARrrABLE EXPENDITURE The charity undertakes its charitsble tIviti¢5 through grant making and awarded grants to a number of individuals and institutions in full1¢¢ of its charitsble &ctivities. Curreni Year Sw)port . Grallt funded gov¢rnaAce activity costs Total 2023 Funded from Unrestricted Dd5. Studentship awar(ts CollFerellcE grants Total charitabl¢ expditie 17,375 3.048 8,440 938 25,815 3.986 20,423 9,378 29,801 Prior Year Support Grant fimded governauc¢ activity costs Total 2022 Funded frojn unrestricted fitnds: Studentship aNd3 CoDf¢r¢nce grdnts Toial charitable expenditu 17.378 3.202 13,387 1,487 14.874 30,765 4,689 20,580 35,454
THE ANALYSIS TRUST (CIO) PAGB 12 FtNANCIAL STATEMENTS FOR THE YEAR ENDED 3 EST DECEMBER 2023 NOTES TO THE FINANCIAL sTATEMrs ALLOCATION OF GOVERNAN AND SUPPORT COSTS TFAe breakdown of support ¢osts and how these were all{ between governance and other SllPPOrt ct is shown in the table below: CurrEnt Year Other support cost Basis of apportionment Totsl Governan allocatton related Ci)5t Type S¢crel2Tial costs (81Wo) Cornmittee trdvel (1SOh) Mi5¢e1laueoq (5/0) 7.502 1.407 469 1,500 281 6.IK)2 Pro-rat& to support costs 1.126 Prfrrats to support colts 375 Pro*rata to support Costs 7.503 9.378 1.875 (20Vo) (80V.) Prior Year Total GovetTrance allocation related Support cost Bui5 of apportiOTJment Cost Tipe Secretarial ¢th8ts (80%) Committee travel (15Yo) Miscellanwus (5Yo) 11,899 1231 744 1380 446 149 9.519 Prratato 8UPPOrt costs 1,785 PrTtr to support costs 595 Pro-rats 10 SUPPOrt eosts 11,899 (80%) 14.874 2,975 (20Y•) Allocation on Staff time 15 based on a survey of lime spent at meeting5 Oll Each athivity. Software usage is based on items posted as ttcorded in the accouoting system's adninistrAtive auditrecord Govern&Tr¢¢ ¢ogts: 2023 2022 Auditors remuneration 1,948 1,805 The totsl support C05t a¢tributhl¢ to cbyrttable a¢tivitie5 ts then apportioDed pro rats to the value of grallts &warded as slM)wn itt the table below. The rrustees haye decided to meet all governance costs from Unrestricted funds aud so DO all¢xation or charge is made to restricted fijnds or aDy gov¢rnan¢e related AElo¢atiou of governance and other S¥POrt clts. 2023 2022 Sbjdentship awards Conference5 gtants Totsl allocuted 17,375 3,048 17,3?8 3202 20,423 20,580
THE ANALYSIS TRUST (CIO) PAGE 13 FINANCIAL STATEMEKtS FOR THE YEAR ENDED 31ST DECEMBER2023 NOTES TO THE FfNANCIAL STATEMEWIS ANALYSIS OF GRANfs TO INSTrrLrrioNS 2023 2022 - Conference GraDts Paid Nottingham Ulliversty Durh3TTr University Cambridge Uuiversity OxfoTd UDivenity 760 500 325 500 498 540 360 270 Southamption University L¢eds Univer5ty Sheffield University Wan¥hck University Edillbgh Universty Si Andrews KCL UCL Glasgow UDiversty L¢¢d8 University Manchester ULiventy 3(K) 500 1,450 500 880 450 300 500 450 450 700 180 454 5.164 {2.116) 3,048 5,703 (2.501) 3,202 L¢55 un¢l2imed grdDts AUDITORS RENWNERATION Th¢ auditora rnnuneration cOnStitirt an audit fee of £1948 (2022.. £1805). ED rornmon with oth¢r small ¢hw&iies we w our auditors to assist with the preparation of our fllw¢i&I statements. FIXED ASSEI INVESTMEKrs 2023 2022 Movement ill fixed Lsset listed inveslJneDts Mk¢t valu¢ brougbt forward at 1st January2023 Add.. &iditions to investTnents at cost Less.. disposa]s Add (loss)Igain OD revaluation Market value ¥t 3 1st Dember2023 53 1,740 66.028 (2i,701) 63,606 635.673 601.606 (69,8661 531,740 Capital account Totsl investtnents at 3 1st tkcember 2023 34,810 566,550 342,045 635,673 Historic cost at 31st Dewnber 2023 383289 All investrnents are callied attheir fair Val$. Inve5tme]rt in equities and fixed interest securities ore all ttaded in quoted public rnkets. prttwily the London Stock Exchange. Holdings in common inveslllwil fids, ullit tmsts 8]Jd open-¢Dded inv¢son¢nt companie5 are at the bid ]Ce. Th¢ basis of fair value for quoted &DVeStmcnts is equivalent to the rnat valu¢, u5illtt the bid price. Asaet sates and purch&8es are recognised at the date of trade at t (thatts thEir transaction vallle).
THE ANALYSIS TRUST (CIO) PAGB 14 FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 NOTES TO THE FtNANCIAL STATLNENTS FIXED ASSET INVESTMENfs. CA)ntinued SCHEDULE OF FUND INVESTMENTS AT MARKET VALLE The investments Ivhieb individuall> a0Et to 5•h or mor¢ of the mats value 8re as follows.. OrdinY and Preferenc¢ Shares 149 Vanguard Inveslment knies Japan Fndex Instl Plus 885 V8Dguard Investment UK US Eq Insil Plus 289 Vanguard Inveslmellt5 UK txd FTSE Dev fnstl Plu5 275 Vanguard Jnvesllnellt S¢Tie5 EM Stock Ind¢x Plus 2023 5.45°h 2022 5.16Y. 10.73Yo 7.50Dh ANALYSIS OF CURRENT ASSETS 2023 2022 41,738 52,324 46,746 29,922 Casb at bank 94,062 76,668 10. ANALYSIS OF CURRENT LIABILrriES Cr¢d5tors due within one year. Accnth15 2023 2022 3.770 5.518 RBCONCILIATION OF NET MOVEMENT tN FUNDS TO NET CASH FLOW FOR OPERATtNG ACTIVtrIR8 2023 2022 Net movement in fioKIs D¢du¢È InV¢stent income shown in investing activiti£g Deduct gains OD investTnentS Decrease in dd)tor5 (D¢crea5C)lin¢re in CTtditor5 Net cash used in 0ting activities 88.265 (7.9001 (63,606) 5,1)08 (1,748) 20.019 (74,023) (1.4141 69,866 7,919 518 2.866